Auto Industry Lauds PM Modi Announcement On Rs. 20 Crore-Lifeline

Welcoming the announcement made by PM, the Indian auto industry believes the Rs. 20 lakh crore- package strengthens the dream of a resilient India and is a progressive step towards a great India. Most of the industry stalwarts have also expressed hope that the contours of the package to be announced by Finance Minister Nirmala Sitharaman (at 4pm on 13th) will address the needs of the poor and needy, MSMEs and also the industry and common man on the whole. The industry feels that the focus on land, labour, laws and liquidity is what is required to make India self-reliant in the long run.

At 8pm 12th May, 2020 announced that the government would unveil a Rs. 20 lakh crore packages in its bid to resuscitate the ailing economy and also unleash a set of reforms centred on land, labour, liquidity and legal frameworks that would power India’s push for self-reliance. 

While commenting on the address of Hon’ble Prime Minister, Rajan Wadhera, President, SIAM, stated that, “India has delivered in the fight against COVID 19 on the medical front. Now the promise of Rs. 20 lakh crore comprehensive economic package announced by the Hon’ble Prime Minister, focusing on economic activities and an overall aim of a self-reliant India, will provide the right boost to demand and growth of our economy once again. Indian Automotive industry is a strong pillar of Make-in-India with huge contributions to GDP and employment and relies on its highly indigenized supply chain. We are hopeful that a focused package to support the Indian Automotive Industry would be announced by the Finance Minister, when she announces the details of the package.”

“Announcement of the Rs. 20 lakh crore economic package is indeed very welcome and is the need of the hour. This will bring much needed relief to several stressed sectors and industries, especially the MSMEs. A significant proportion of the industries in the auto component sector are MSMEs. ACMA is committed to making the Hon'ble Prime Minister's Vision of self-reliance through localisation, global competitiveness, vibrant local manufacturing and a robust local supply chain a reality. Reforms in land, labour, liquidity and laws are critical to make India a driver of global economy,” Deepak Jain, President , Auto Components Manufacturers Association (ACMA).

Nagesh Basavanhalli, MD & CEO, Greaves Cotton Limited maintained, "Prime Minister's special package of Rs. 20 lakh-crore focusing on #MakeInIndia and local manufacturing is a good step for economic revival. The quantum of package has come across as a pleasant surprise and does have the potential to jumpstart the manufacturing sector among others. Any effort to get us self-reliant is a welcome one and one that can insulate India from the economic impact of Covid like situations to a large extent. "