Auto components manufacturers' body ACMA on Tuesday welcomed the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi to overcome the impact of coronavirus pandemic, saying it will bring relief to many stressed sectors.
The announcement of the economic package is indeed very welcome and is the need of the hour, Automotive Component Manufacturers Association of India (ACMA) President Deepak Jain said in a statement.
"This will bring much needed relief to several stressed sectors and industries, especially the MSMEs," he added.
Stating that a significant proportion of the industries in the auto components sector are MSMEs, Jain said, "ACMA is committed to making the Hon'ble Prime Minister's Vision of self reliance through localisation,global competitiveness, vibrant local manufacturing and a robust local supply chain a reality."
Reforms in land, labour, liquidity and laws are critical to make India a driver of global economy, Jain said.
In his address to the nation, prime minister said the special economic package will amount to Rs 20 lakh crore, which is nearly 10 per cent of GDP.
It is for "labourers, farmers, honest tax payers, MSMEs and cottage industry," he said.
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