Finance Minister Nirmala Sitharaman will deliver a press conference at 12.30 pm today.
India plans to announce a new round of stimulus totaling approximately ₹Rs 1.5 crore lakh this week to help lift the economy out of its historic contraction, Reuters reported.
The package would follow Wednesday’s previous announcement of Production Linked Incentives (PLI) worth approximately ₹Rs 2 million lakh) for five years for manufacturers in 10 sectors.
Finance Minister Nirmala Sitharam said the cabinet decided to create more PLI to ensure job creation takes place, emerging sectors get a boost, India becomes part of the global value chain and becomes self-sufficient.
“We make sure that India is part of the global value chain and that the critical sunrise sectors get the necessary support from the government so that we can build an India that is strong enough to serve its own domestic market. Also we are making sure that we can link with global value chains, “he said.
Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and other senior officials will finalize the plan today, said the sources, who asked not to be named.
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