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India Inc. hails package, but expects much more

NEW DELHI: India Inc. on Sunday welcomed the stimulus package announced by the government, but said they expected much more. The realty sector players too gave a mixed reaction. Some termed it good while others said it was a total disappointment.

By and large, India Inc. said the duty cuts and other sector-wise incentives would help generate demand. Automobile major Maruti Suzuki announced that it would pass on the benefit of 4 per cent duty cut to consumers.

FICCI secretary-general Amit Mitra said the package had enough punch to re-start the overall economic activity.

Assocham president Sajjan Jindal said he was not satisfied with the Rs. 20,000 crore package and industry was expecting a stimulus of around Rs.70,000 crore. “I hope the government will take more drastic measures to create demand....”

Realty players DLF and Unitech said the measures would have a good impact but there was nothing to boost the demand in metros and super metros. They felt that the package for home loans by banks should have been for borrowings up to Rs. 50 lakh instead of Rs. 20 lakh.

Parsvnath Developers’ chairman Pradeep Jain said the government should have a re-look at the package. Omaxe chief Rohtas Goel said it was totally disappointing.

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