Coronavirus impact: Naredco seeks $200 billion stimulus package from govt

Naredco president Niranjan Hiranandani calls for six-month suspension of insolvency law, wants stimulus package for all industries put together to be at least 10% of GDP

Realty body National Real Estate Development Council (Naredco) has sought a $200 billion stimulus package to revive the economy which has been reeling under the Covid-19 crisis.

Naredco president Niranjan Hiranandani pointed out that global investors are waiting for Indian stocks to fall in value so that they can take over listed companies at throwaway prices. “Hence in order to protect Indian companies, suspension of NCLT law for at least six months is imperative to salvage capital erosion” he said.

Estimating the losses to real estate at Rs 1 trillion, he suggested that the economic stimulus package for all industries