The fresh economic package focuses extensively on supporting MSMEs that have been worst hit by the lockdown to contain the spread of coronavirus in the country. MSMEs have been worst-hit due to the nationwide lockdown in India.
Finance Minister Nirmala Sitharaman. (Photo: Reuters)
Finance Minister Nirmala Sitharaman is sharing the details about the key stimulus package announced by PM Narendra Modi to revive the economy. The prime minister on Tuesday said India has prepared a comprehensive relief package of Rs 20 lakh crore or 10 per cent of the Gross Domestic Product (GDP), including those already announced by the Reserve Bank of India and government earlier.
The government said India’s economic relief package is one of the highest in the world and will focus extensively on getting the Micro, Small and Medium Enterprises (MSMEs) back on their feet. The package also focuses on farmers, small companies, honest taxpayers from the middle class besides providing additional liquidity support to help restart the economy.
Follow Live Updates from Nirmala Sitharaman’s conference on stimulus 2.0:
04.05 PM: Prime Minister Narendra Modi in his speech yesterday outlined his vision for Aatmanirbhar Bharat which has been crafted after taking inputs from all sectors of the Indian economy. This vision for self-reliant India is based on five pillars – economy, infrastructure, technology-driven systems, vibrant demography and supply chain: NIrmala Sitharaman
04:04 PM: The Finance Ministry press conference on stimulus package 2.0 begins
03:45 PM: It may be noted that economic package, as specified by Prime Minister Narendra Modi yesterday, will focus extensively on MSMEs, but it will also include relief for honest taxpayers besides giving a much-needed liquidity push to the economy. FM Sitharaman is expected to break down the details of the economic package during her press conference at 4 pm.
03:40 PM: Finance Minister Nirmala Sitharaman is expected to announce a credit guarantee scheme for Micro, Small and Medium Enterprises (MSMEs). MSMEs have been worst-affected due to the nationwide lockdown since March 25 in the wake of coronavirus outbreak in India.