Rajnish Sareen
Ludhiana, May 14, 2020: Pawan Dewan, chairman of the Punjab Large Industrial Development Board, called the Central Government's economic package merely an attempt to gawk and garner applause and will never be executed.
Dewan said that the whole country was sitting in the hope to get relief from the central government amid the lockdown implemented due to Corona infection, but this did not happen. The economic package, by Union Finance Minister Nirmala Sitharaman, has become packy, which seems to have failed to bring micro, small and middle class industries out of the crisis. The government has chosen only 45 lakh MSMEs out of around 6 crore 30 lakhs across the country. What will happen to the rest of the industries?
Punjab has only 1000 large industries out of 2.52 lakh industrial units so he should have thought about them too.
Similarly, loan guarantee for MSMEs appears to be only paper procedure, which banks do not accept. The government did nothing for the migrant laborers forced to flee. Ludhiana's bicycle and hosiery-textile industry is already in a recession. But the 20 lakh Crore economic package announced by the Center seems to be merely an attempt to garner eyes and applause just like he had promised to bring 15 lakh rupees to every Indian bank account six years ago from foreign banks, which seems stuck in a country like Belgium and could not reach India yet.