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New Delhi: Finance Minister Nirmala Sitharaman will address a press conference Wednesday at 4pm at the National Media Center to give details of the special economic package of Rs 20 lakh crore.
In a televised address to the nation, Prime Minister Narendra Modi announced on Tuesday a new combined massive financial stimulus of Rs 20 lakh crore to revive the economy hit by COVID.
In addition to assistance from the Reserve Bank of India (RBI), the government had announced last month a Rs 1.74 lakh crore to provide benefits to the poor, including cash transfers, Rs 50 lakh insurance coverage and measures to ensure food security.
Modi also said that there will be a fourth phase of the block that will be very different from the previous three phases. The third phase of the 54-day shutdown is scheduled to end on May 17.
Modi said the financial package will represent about 10 percent of GDP.
The special economic package will have an emphasis on land, work, liquidity and laws, and will be for “our workers, farmers, honest taxpayers, MSMEs and the craft industry,” said Modi.
Modi also hinted at major economic reforms in the coming days, and starting Wednesday, Finance Minister Nirmala Sitharaman will announce details of the special economic package.
This Rs 20 lakh crore package is expected to give a fresh boost to the downturn economy.
This is the prime minister’s fifth speech to the nation and came a day after he held a marathon meeting with the chief ministers on the way after May 17, when the 54-day national shutdown is nearing completion.
Modi emphasized that bold reforms are needed to make the country self-sufficient so that the impact of crises like COVID can be negated in the future, ranging from supply chain reforms to agriculture, a rational tax system, simple and clear laws. . He also pointed out that there must be measures to attract investment and further strengthen ‘Make in India’.
With PTI inputs
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