PM Modi has announced Rs 20 lakh crore economic support package, intended to help the economy tide over the Covid-19 crisis. His strategy for the Aatmanirbhar Bharat was presented by the Finance Minister Nirmala Sitharama in four tranches.
Finance Minister Nirmala Sitharaman detailed the package in five tranches, the last of which was announced on 17 May. She made major announcements regarding, MSME, NBFC, TDS, TCS, EPF, and much more…
Here’re the industry reactions on Centre Government’s Rs 20 lakh crore economic support package.
Manoj Agarwal, Co-founder, Chief Product & Operating Officer, Xoxoday– The Indian government has been proactively handling this disastrous situation created due to Covid19 very well. The economic package is a great step to boost confidence in businesses and consumers. This package will definitely induce consumption, demand, and growth on all fronts of the Indian economy. The package is holistic covering most of the sectors and demographics and would reduce any chances of economic disparity due to the pandemic. We should use this adversity towards an opportunity and use this relief package to build long term economic advantage for the nation.
Vikas Kakkar, Founder & CEO, hireXP -The pandemic Covid-19 has brought the economy to a complete standstill. The recently announced relief package by the finance minister lacks the impetus to revive the startup world, which is inherently young, less resilient, and most vulnerable. Without adequate support from the Government during the lockdown, several industry leaders fear there could be a lot of fatalities in the startup space. Moreover, the availability of credit in the form of loans and minute reduction in the rates of TDS and TCS will not achieve much until demand witnesses a surge and bottlenecks removed from the supply chain.
Ankur Mittal, Co-Founder, Inflection Point Ventures– The government has come up with some good policies to support MSMEs in these dire economic times, and it’s heartening to see openness to leveraging fin-tech to enhance transaction-based lending using data. It will be important that the policies & processes to avail the schemes are also well-defined and hassle-free for the enterprises so that these initiatives translate into activity on the ground as soon as possible.
Anuj Garg, Co-Founder & CEO, Inscripts– Prime Minister’s call for Aatma Nirbhar Bharat and our Finance Minister’s announcement on the Rs 20 lakh crore package has come at a time helping MSMEs survive the Covid-19 wave. With major tax reliefs, a revised MSME definition, similar benefit brackets for manufacturing and service MSMEs, the govt. has created a pathway to ease doing business. Also, Global tenders up to Rs 200 crores being disallowed in Government procurement tenders will give Indian companies and products such as SayNamaste a big boost to participate and maybe even win lucrative government contracts. We hope the procedure to avail these services and benefits are less complicated.
Pankit Desai, Co-Founder & CEO, Sequretek-The fiscal package announced by the FM is a comprehensive one as it addresses the root of the problem being faced by small and medium companies which is cash flow and working capital issues. The collateral-free loan which is essentially an emergency line of credit will help SMEs infuse fresh capital into the system and resume their operations as we slowly come out of the COVID-19 led lockdown. A long-standing request of the industry to remove the distinction between manufacturing and service business have also been addressed which will further make ease of doing business better. The major announcement for startups like ours is the fund of funds which is Rs 10,000 crore will help new-age companies acquire a much-needed runway.
Subscribe to our newsletter!
