Prime Minister Narendra Modi announced a Rs 20-lakh-crore stimulus package, equivalent to about 10% of India’s GDP, aimed at making the country self-reliant and reviving the stalled economy. Details of the plan, dubbed the Atmanirbhar Bharat Abhiyaan, which will focus on the importance of local manufacturing, local markets, and local supply chains, saying the coronavirus crisis had taught India the importance of these key elements. “All our demands during the crisis were met locally. Now, it is time to be ‘vocal about local’ products and help them become global,” he said.
He said the definition of self-reliance had undergone a change in the globalized world and stressed that it’s not the same as being self-centered.
“India’s culture considers the world as one family, and progress in India is part of, and also contributes to, progress in the whole world,” he said. “The world trusts that India has a lot to contribute towards the development of entire humanity.”
MediaNews4U spoke to a few people on the phrase, “Vocal about Local”.
Berges Malu, Director -Public Policy, ShareChat says, “What better place to be vocal about local? We at Sharechat strongly believe the next century will be India’s and our dominance in the global digital economy will further grow in the coming years and the Hon’ble PM’s call to make an #AtmanirbharBharat would play a major role in achieving this vision. As a domestic company, we look forward to contributing to the clarion call by our Prime Minister of promoting local brands. We all are in this together and we want to thank our Hon’ble PM Modi for guiding us through these difficult times.”
Kapil Arora – Co-Chairman & CEO 82.5 Communications, said “I love the thought. Our economy needs local brands to find global stature. But equally, we need to stress on quality so we can compete at global standards. For too long we’ve treated jugaad as an excuse for delivering ‘okay’ standard products. We need to adopt excellence.”
Basis the economic stimulus package announced by the Finance Minister Nirmala Sitharaman today to boost the MSME sector in the country and help build the Indian economy to pick up the pace once.
Kunal Lakhara – VP of Finance and Operations – Pocket Aces said, “During the current COVID-19 lockdown, we applaud the timely and strategic announcements made by the Government of India in the form of the INR 20 lakh crore economic package. With MSMEs being at the center of the storm, the INR 3 lakh crore collateral-free automatic loans announced by the Finance Minister will provide a timeline of credit to these companies, helping them tide over the crisis sooner. Additionally, by redefining what constitutes an MSME through the increase in their investment and turnover limits, we will see a lot more organizations benefiting from the Government’s schemes. What is even more inspiring is the INR 20K crore subordinated debt for stressed MSMEs, which will provide these companies with adequate time to stabilize themselves in the midst of a challenging economic situation. We believe that all of these measures together will not only ease the financial burden of these enterprises but also pave a way for business growth, expansion, and innovation. This, in turn, will help India get back onto its feet and continue its high growth trajectory in the years to come.”
Umesh Revankar, MD and CEO, Shriram Transport Finance, said “We welcome the stimulus announcement made by the Finance Minister. The package addresses the concerns of both the NBFC and MSME sectors. Under the full and partial guarantee scheme, we expect a boost to liquidity into the NBFC ecosystem which in turn would help MSMEs to resume their operations. All in all, it is an excellent package and we hope to see the quick revival of the economy in the coming few quarters.”
Nikhil Furia, Key Organiser, Apparel Manufacturers of India said “It’s such a powerful thought of going vocal for local. Post covid is going to be an era of fresh start. But imagine a market which is already READY to go VOCAL for LOCAL, brands will have a different high to feel established soon. They will make conscious efforts of giving the best in everyone, as they know their own people are going to make them big soon. With that hope and faith and cross industry support for LOCAL, INDIA can definitely be the new super power.”