Nirmala Sitharaman to announce details of economic package at 4 pm today

Nirmala Sitharaman to announce details of economic package at 4 pm today


A day after Prime Minister Narendra Modi announced a ₹20 lakh crore economic relief package, finance minister Nirmala Sitharaman would announce details of the stimulus at 4 pm today.

In his address to the nation yesterday, PM Modi had announced that the government has planned new financial incentives in addition to ones already announced. The combined stimulus package stands at ₹20 lakh crore, about 10% of India’s GDP. The FM has said it will not be just a financial package, but a reform stimulus, a mindset overhaul, and a thrust in governance.

“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’,” PM Modi had said.

Nirmala Sitharaman might, therefore, not announce the entire details of the economic package in one-go but in stages. The economic package has been designed to keep in mind various segments of the society like the cottage industry, small-scale industry, MSMEs, labourers, farmers, middle-class taxpayers and Indian industries.

PM Modi has also hinted that some big-ticket reforms might be in the offing. “Now the scope of the reforms has to be broadened, giving a new height,” Modi had said adding that the reforms would be related to supply chain related to farming, rational tax system, simple and clear rules-of-law, good infrastructure, capable and competent human resources, and building strong financial system. “These reforms will encourage business, attract investment and strengthen our resolve for Make in India,” he had said.

Apart from relief measures announced by the Reserve Bank of India (RBI), the finance ministry had last month announced a ₹1.74 lakh crore package to provide benefits to the poor, including cash transfers, ₹50 lakh insurance cover and steps to ensure food security

Rohith Kukkadapu

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