Quick Reaction on Finance Minister’s Rs 6 lakh crore Booster package: Piyush Somani, CMD ESDS

These past three months have been trying times to say the least, our  economy eroded further, there was a  substantial price drops in the consumer market and absolutely muted demand for products other than essentials. While this has been the constant for many industries, services such  Data center, IT services, Saas (Software as a service) saw big demand for their products and offerings as much as 700% increase in demand for Data services( registered by Microsoft Azure Multi- cloud platform). This was owed to the fact that many IT services companies help streamline Work from home, Cyber security, Data and disaster recovery services for a seamless work from home environment. Overall, the nation has been playing a long waiting game and waiting for a rush of positive news financially and morally.

Earlier this week on  Wednesday, the finance minister did just that and announced economic boosters worth Rs 6 lakh crore, that included Rs 3 lakh crore collateral-free automatic loans for small and medium businesses (MSMEs). This impacts industries such as Banking, Insurance, Agri, manufacturing and Medium sized enterprises. Overall the news have ushered a wave of positivity and ray of new hope.

ESDS Software solution, a nashik based Multi-Cloud service data provider who work closely with Maharashtra government, over 300+ cooperative banks and various Infrastructure such as Pune Smart City Projects has been vocal about how the government bailout would go a long way to stabilize the banks and the economy. Commenting on the booster package,  Piyush Somani, Founder and MD, ESDS Software Solution, said that

“The booster package announced by the finance minister is a much needed move for the Indian economy. This positive step is one step closer to normalisation in these trying times. The role of digitisation has increased multi fold in the lockdown and continues to be crucial even while implementation of this package. Banks would play a vital role in the smooth execution of distribution of funds and technology would play an even bigger role to seamlessly achieve the defined objectives. The relevant softwares would enable the banks to endorse and ratify payments to the right and deserved set of people of India. The need for migration to digitalisation is now, more than ever, and we stand by the government to offer our complete support and endeavour that we as a nation, shall overcome this crisis at the earliest”