The business and industry of the country, troubled by economic slowdown, have demanded a relief package of Rs 1 lakh crore from the government. Industry stalwarts met Finance Minister Nirmala Sitharaman and demanded that this is necessary to further the Investment cycle and revive the economy. The Finance Minister has also given him confidence that steps will be taken soon to give speed to economic growth.
Finance Minister Nirmala Sitharaman called these representatives on Thursday to take suggestions about the economy. After this meeting, Chairman of Industry Chamber Assocham, B.K. Goenka said that in view of the sluggishness of the current global and domestic market, some measures need to be taken immediately.
He said that in this period the economy needs significant intervention like relief package. We have demanded a package of one lakh crore rupees. Representatives of the industry, who came out after a nearly 3-hour meeting with the Finance Minister, said that the Finance Minister has given assurance to take action to improve the condition of the industry and revive the economy.
Sitharaman and other officials of the Finance Ministry spoke in detail with representatives of the industry on the sluggish economy and slowing growth. Sajjan Jindal, chairman of JSW Group, said that it has been decided that the government will take some action soon to revive the industry. We have received positive signals from the Finance Ministry.
He said that the Finance Minister has given a clear assurance that a solution will be found. He said that especially steel, non-banking financial company (NBFC) and automobile sector is facing many problems. Ajay Piramal, chairman of Piramal Enterprises, said that many issues were raised by the finance minister before the banks hesitated to give loans to the industry.
After this meeting, he told journalists that it is not the case that there is a cash crunch in banks, but the pace of lending is not increasing. As far as the NBFC sector is concerned, due to this the economy is under pressure. I was told that action will be taken soon. So we will wait for it.
He said that it has also received an assurance from the government that under the Companies Law of punitive punishment for those who do not follow the CSR spending rules, the rule will not be extended further.