Finance Minister Nirmala Sitharaman to announce details of stimulus package today at 4 PM. It will not just be a financial package but a “reform stimulus and a mindset overhaul”, says FM.
The lockdown of months has pushed an already-ailing economy into a standstill, hampering businesses and starting a wave of recession. Economists say details of the package will be watched closely for evaluating its effectiveness to aid the economy’s fight against COVID-19.
Earlier PM Modi announced the 20 lakh crore stimulus package yesteray. Modi also announced that the government has planned new financial incentives in addition to ones already announced. The package stands at ₹20 lakh crore about 10% of India’s GDP.
Sitharaman may announce the details of lucrative package in stages instead of one-go. The lucrative package will help the cottage industries, small scale industries, labourers, farmers, middle class population.
Apart from the stimulus package, earlier a month ago RBI announced ₹1.74 lakh crore package to provide benefit to the poor.