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India Inc wants Rs 1 lakh crore stimulus package

India Inc wants Rs 1 lakh crore stimulus package

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  10 Aug 2019 7:24 AM GMT

take the economy and industry out of slowdown. Finance Minister Nirmala Sitharaman on Thursday met industry captains to seek consultations for boosting industrial growth in which India Inc placed a demand for stimulus package of over Rs 1 lakh crore to beat the slowdown.

Industry top officials said the government has assured them to take steps soon to boost the economic growth.

In a meeting with top industry leaders, called by Finance Minister Nirmala Sitharaman to discuss ways to revive the growth, Assocham president BK Goenka said amid the current slowdown in global and domestic market, there is a need to have quick-fix solutions.

“The economy requires a critical intervention by introducing a stimulus package. We have suggested for a package of over Rs one lakh crore,” he said.

After the three-hour meeting, India Inc also said the government has assured them that it would take action soon to revive the industry and push economic growth, he said.

JSW Group Chairman Sajjan Jindal said: “It was decided that the government is going to take action very soon to revive the industry and it is a matter of sentiments. We got positive feedback from the finance minister”. The industry is suffering from issues in sectors like steel, NBFC, and automobile. Piramal Enterprises Chairman Ajay Piramal said that the industry raised several matters such as reluctance of banks to lend to the industry. “It is not that there was a lack of liquidity in the banks, but lending is not taking place. There is stress on the economy as far as NBFC sector was concerned,” he told reporters after the meeting. (IANS)

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