Entrepreneurs, billionaires speak out on economic stimulus package

Gautam Adani, Chairman and founder of the Adani Group, termed the 'Aatmanirbhar Bharat' initiative "historic" and and approved of it

Gautam Adani (left), Kiran Mazumdar Shaw (centre), and Vijay Shekhar Sharma (right). Photo: Wikipedia

In response to Union Finance Minister Nirmala Sitharaman’s press conference about the economic stimulus package announced by Prime Minister Narendra Modi, numerous entrepreneurs and businessmen/women spoke up on Twitter on Wednesday (May 13) to show their approval or give further suggestions to help with the revival of the economy.

Gautam Adani, Chairman and founder of the Adani Group, termed the ‘Aatmanirbhar Bharat’ initiative “historic” and and approved of it, saying it showed “diverse vision focusing on land, labour, liquidity, and laws”.

“This could be a defining moment in PM @narendramodi and his govt’s vision to transform India,” he added.


Kiran Mazumdar Shaw

Meanwhile, Kiran Mazumdar Shaw, chairperson and managing director of Biocon Limited, said on Twitter that we were being “stunted and shackled with archaic laws” and over regulation which denies us “global competitive advantage”.

“The fiscal stimulus package must go hand in hand with regulatory, legal and legislative reforms if we want non linear growth. We are being stunted and shackled with archaic laws and over regulation which denies us global competitive advantage,” she said.

“With such a generous stimulus package, we can’t afford ‘business as usual’. Let’s leverage this to deliver nonlinear growth. Half the regulations must go. Laws must be changed and digital platforms must be used for transparency n governance. Trust deficit with Pvt sector must go,” she added.

Vijay Shekhar Sharma

Vijay Shekhar Sharma, founder of mobile payments app Paytm, heartily appreciated the move by finance minstry to offer collateral-free automatic loans worth ₹3 lakh crore for Micro, Small and Medium Enterprises (MSMEs).

Harsh Goenka

On the other hand, Harsh Goenka, chairman of RPG Group, took up metaphors to explain the level of importance and priority given to each sector in the stimulus package.

Taking to Twitter, Goenka said, “Prescription for Economy – Injections for MSMEs, sanitiser for NBFCs, masks for discoms, gloves for real estate. Other sectors placed in containment zone till other tranches are announced.”

“Hoping FM #NirmalaSitharaman will not do social distancing for manufacturing sector,” he added.

He further said, “From Lock Down to Lift Up – FM #NirmalaSitharaman injects vaccines with unprecedented set of stimulus measures replacing Corona with Karo na. The right blend of nationalistic pride is instilled through #AtmaNirbharBharatAbhiyan.”

Rajiv Kumar

Niti Aayog Vice Chairman Rajiv Kumar lauded Finance Minister Nirmala Sitharaman’s “outstanding follow-up” to the Prime Minister’s stimulus announcement, saying the measures taken for MSMEs will boost their size as well as resolve many other problems.

“#MSMEs are crucial for the creation of an #AatmanirbharBharat and the measures announced today will surely lead to a boost in the size & scale of #MSMEs as well as resolve problems of bankruptcy and insolvency faced by many enterprises,” Kumar tweeted.

“The slew of measures announced by #FM @nsitharaman are an outstanding follow-up to #PMModi’s announcement yesterday,” Kumar said in another tweet.

Among the economic measures, Sitharaman announced about ₹6 lakh crore package comprising ₹3 lakh crore of collateral-free loans for small businesses and a ₹30,000 crore lifeline to non-bank and housing finance companies to help the economy tide over disruptions caused by the COVID-19 lockdown.

The government has also cut the tax rate on non-salary payments by 25%, extended support to companies to meet statutory liability on employees retirement fund, provided a ₹90,000 crore bailout to cash-starved electricity distribution companies and gave construction firms up to six more months to complete government projects.