Indian Economy Got 20 Lack Crore Boost
Prime Minister Narendra Modi announced a mega economic package in addition to giving hits at Lockdown 4 in his Tuesday night address to the nation. The Union Finance Minister Nirmala Sitharaman will give more details about the financial package in the coming days.
Highlights of the PM’s speech
• Announcement of 20 lack crore package for all sectors. A task force under the leadership of Finance Minister is studying the economic fallout of the pandemic. And it will soon come out with a solution.
• The 20 lack crore package also includes the 1.7 lack crore announced in March. The fiscal package is 10% of India’s GDP.
• It is said that the fiscal package is inspired by the 30-billion-pound fiscal stimulus announced by UK government.
• The PM said that the fiscal stimulus was aimed to lessen the financial burden of Micro, Small and Medium Enterprises (MSME).
• The government will allow paying wages for the firms that retained their labor force throughout the lockdown period.
• The PM mentioned that the package would focus on land, labor, liquidity and law. It would help small businesses and farmers.
• The PM also included well-being of the migrant workers in his speech and said that the financial stimulus would be a real help for the workers.
• Lockdown 4 will start on May 18 but this time there will be more relaxation for the areas that are almost free from the virus. It is to be noted that lockdown has brought the economy to a grinding halt.