Nirmala Sitharaman to announce details of economic package at 4 pm today
NEW DELHI : 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.
“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.
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.