Atmanirbhar Bharat 3.0: Job booster likely to trigger consumption

Under the stimulus package, an additional Rs 10,000 crore has been set aside for the PM Garib Kalyan Rozgar Yojana in the current financial year, while Rs 73,504 crore has been released for rural jobs guarantee scheme NREGS and 251 crore person-da...

Agencies
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New Delhi | Kolkata: The stimulus package announced by finance minister Nirmala Sitharaman on Thursday under 'Atmanirbhar Bharat 3.0' will have a trigger impact on consumption, specially across stressed sectors, accelerate economic recovery and incentivise job creation, executives of large consumer goods companies said.

Under the stimulus package, an additional Rs 10,000 crore has been set aside for the PM Garib Kalyan Rozgar Yojana in the current financial year, while Rs 73,504 crore has been released for rural jobs guarantee scheme NREGS and 251 crore person-days of employment have been guaranteed. Consumer electronics and mobile phone manufacturers said they expect a surge in consumption due to the direct and indirect sops provided to the industry for job creation. Vijay Babu, vice president of India’s largest appliance maker LG India, said the announcements will improve sentiments.

“The job creation will boost consumption of first-time buyers and sales of entry-level products,” he said. Mohit Malhotra, chief executive of packaged fast-moving consumer goods maker Dabur, said, “Creation of jobs will lead to more money in the hands of rural consumers and we expect that will bring in many first-time consumers. With reverse migration of workers coupled with the stimulus, we expect consumers to switch to branded products.”

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