Stimulus Package 3.0 to help accelerate economic activity, says SIAM

Auto industry body SIAM on Thursday said the stimulus measures announced by the government would help in accelerating economic activity in many critical sectors.

The industry body said it appreciates the proactive role being played by the government for supporting a quick and sustainable revival of the economy.

"The stimulus measures announced today (on Thursday) by Finance Minister (Nirmala Sitharaman) has specific policy interventions for job creation, credit guarantee and would also be pivotal in de-stressing and accelerating economic activity in many critical sectors," SIAM President Kenichi Ayukawa said in a statement.

The auto body would like to thank the government for the continued focus on infrastructure building and providing an additional line of credit to EXIM Bank for project exports, including projects of automobile industry, he added. It is expected to positively impact the automobile sector, he said.

Sitharaman on Thursday announced tax relief on select home sale deals, enhanced credit guarantee programme for small businesses and provide incentives for new job creation as the government widened stimulus measures to boost the economy.