As announced by Prime Minister Narendra Modi yesterday, finance minister Nirmala Sitharaman is now releasing details of the Rs 20 lakh crore economic package to revive the economy hit by the coronavirus pandemic. Aimed at all sections of the society, including the middle-class, SMEs, labourers, farmers and the industry, the economic package is themed around the ‘Self-reliant India campaign’.
Sitharaman is expected to announce details of the full economic package gradually over the next few days with the first tranche being announced today. Both the Reserve Bank of India (RBI) and the finance ministry had already announced some relief measures in the first phase of the lockdown which began from March 25.
Nirmala Sitharaman press conference LIVE Updates:
-This will enable 45 lakh MSME units to resume business activity and also safeguard jobs
-Collateral-free loan for MSMEs upto Rs 3 lakh crore: Sitharaman
-6 major steps for SMEs: FM
-15 measures to be announced today – EPF, small sector enterprises, MFIs, discoms, contractors, real estate and tax measures.
-Income tax refunds of Rs 18,000 crore expedited to improve liquidity: FM
-Beginning today, for the next few days, I will release details of the vision which the PM has put out yesterday: FM
-Self-reliant India does not mean cutting off from rest of the world: Sitharaman.
-The PM has always been on the side of reforms: FM
-Given pillars based on which we seek to build ‘Aatma nirbhar Bharat’, our focus would be on land, labour, liquidity and law. A global value chain integration is a part of this vision: FM
-India’s economic package is among the largest economic stimulus package announced by nations around the world but would rank behind Japan, the US, Sweden, Australia and Germany.
-The intention is to take local brands and take it to a global level: FM
-Essentially, it is to spur growth and built a self-reliant India: Sitharaman
-FM press conference begins.
-Ahead of the FM’s presser, the Sensex settled 637.49 points or 2.03% higher at 32,008.61 while the NSE Nifty jumped 187 points, or 2.03 per cent, to finish at 9,383.55.
-Sitharaman has said that the financial package is a reform stimulus, a mindset overhaul, and a thrust in governance.
– PM Modi has also hinted at major economic reforms.
-Sitharaman had yesterday said that the ‘Aatma Nirbhar Bharat’ or self-reliant India campaign does not imply isolationism or becoming exclusionist. “We’ll build capacities, skill people and compete globally acquiring strengths. We’ll build the local. After all, every global brand began with their local strength. We shall integrate with GVCs,” she had said.