India Inc welcomes Rs70,000-cr package

Hyderabad: The captains of the Indian industry have termed the latest announcement of Rs 70,000-crore package by the Centre as a timely decision. The India Inc has thanked the Prime Minister Narendra Modi-led NDA government as the package was in the line of expectations.

Union Finance Minister Ms Nirmala Sitharaman has announced an exports revival package involving Rs70,000 crore funding support including Rs20,000 cr for housing projects. The major benefit for exporters is reimbursement of taxes paid on exports. The package includes higher insurance cover, monitoring export finance and turnaround time at the ports and airports.

Confederation of Indian Industry (CII) in a statement said it was a timely help from the central government.

Assocham has welcomed the announcement saying package revive the economic growth. The chamber said that the package address the problems of exporters and stressed residential real estate.

CII director general Chadrajit Banerjee in a statement said that “the package is comprehensive and would propel the economy gowth in the near term. Urgent measures were needed to support exports, which have been declining. The new package will compensate exporters on all duties.”

Ms Nirmala further added that the Rs10,000-cr stress fund can be leverage up by Rs40,000 crore, and it’ll fill in the gaps in funding for incomplete projects in the real estate sector.

CAIT (Confederation of All India Traders) appreciated the Centre for its decision. “The best part of the announcement is the creation of various inter-ministerial working groups to monitor the implementation of the package in a time-bound manner. Remission of duties or taxes on the export product will remove the ambiguity of the exporters,” said BC Bhartia, national president, CAIT.

The electronic refund system in GST and e-assessments will also benefit traders across the country. It'll also protect the traders from harassment, discretion and corruption in the country, said Chambers.