28 July, 2021

Recovery Route?

Recovery Route?

In a take-off from Prime Minister Narendra Modi’s new ‘self-reliance’ mantra to “become vocal for local products and make them global”, finance minister Nirmala Sitharaman unveiled an expansive ‘Stimulus Package—Part 1’. It provides a wider window for MSMEs’ bailouts and funding of infrastructure projects. It also aims to give additional social security to farmers and workers and put more money in the hands of middle-class consumers.

“The (Rs 20 lakh crore) package is bold and comprises 10 per cent of the GDP, which makes it the fifth-largest announced by any nation. This is the opportunity for India to emerge as the second factory to the world, a dependable manufacturer of quality products and an important part of global supply chains,” claims Rajiv Nath of the Association of Indian Manufacturers of Medical Devices. Sharad Saraf, president, Federation of Indian Export Organisations, feels that the automatic collateral-free loans of Rs 3 lakh crore to MSMEs will help 4.5 million units.

K.E. Raghunath,...

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