Nirmala Sitharaman to announce details of Rs 20 lakh crore economic package

ST Staff
Wednesday, 13 May 2020

Finance Minister Nirmala Sitharaman will announce details of the Rs 20 lakh crore package on Wednesday 

A day after Prime Minister Narendra Modi announced Rs 20 lakh crore special economic relief package, Finance Minister Nirmala Sitharaman will declare details of the package in a press conference which is scheduled at 4 pm on Wednesday.

In his address to the nation on Tuesday, PM Modi had announced that the Centre has planned new financial encouragements in the count to ones already announced. The stimulus package stands at Rs 20 lakh crore which is about 10 per cent of India's total GDP.

PM Modi had said, “Starting tomorrow, over the next few days, the Finance Minister will give you detailed information about this economic package inspired by the 'Self-reliant India campaign.”

The Finance Minister on Tuesday in a series of tweets said, “This shall not be just a financial package, but a reform stimulus, a mindset overhaul, and a thrust in governance.”

“Indian economy has acquired strength in its various dimensions. Now, we can confidently engage with the world. We aim at overall transformation & not incremental changes. We shall convert the pandemic challenge into an opportunity. #AatmanirbharBharat will integrate not isolate,” she added.

Apart from relief measures announced by the Reserve Bank of India (RBI), the finance ministry in April announced Rs 1.74 lakh crore package to deliver welfares to the poor, including cash transfers, Rs 50 lakh insurance cover and stages to ensure food security.

Meanwhile, on Wednesday, Sensex jumped over 1,400 points in the opening session as PM Modi’s Rs 20 lakh crore incentive package to recover the COVID-19 hit economy.

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