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May 17, 2020

FICCI, ASSOCHAM and CII welcome 5th tranche of Atmanirbhar Bharat economic package

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Industry body FICCI, ASSOCHAM and CII have welcomed the fifth tranche of the Atmanirbhar Bharat economic package.  ASSOCHAM Secretary General Deepak Sood said, the amendments in the IBC Act and the Companies Act , which would be effected through Ordinance routes, reflect a sense of urgency. He said, a huge increase of 40 thousand crore rupees in the outlays for the MNREGA taking the total to one lakh crore rupees for the current fiscal should provide immediate relief to the rural labour and  economy.

He said, it is becoming clearer that the bounce back is going to be led by the rural economy comprising agriculture and allied sectors. Mr Sood said, the announcement on the Public Sector Policy, clearly spelling out the role of the government-owned companies within a broad frame work of strategic sectors would help both the private sector as also the state firms.

Director General, CII, Chandrajit Banerjee, said, the quantum jump in MNREGA will add to relief for workers and also sustain demand for the economy and is a very positive step in the current situation. He said, the Finance Minister has rightly targeted state level reforms which is really the need of the hour.

In a statement, FICCI said that the extra room given to state governments for market borrowings will help them discharge their responsibilities effectively in this difficult phase and was one of the most striking features. The additional boost of 40 thousand crore rupees towards MGNREGS above budgetary estimate will help provide work to the those who have returned to their homes and support rural demand. FICCI said, reforms in Public Sector Enterprise policy and giving more space to private sector is a very bold measure and in long run will have very positive impact on the economy. It said, the government also needs to plan for more support for the migrant workers and the more vulnerable sections of society.  

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