Finance Minister Nirmala Sitharaman will report to the media at 12:30 pm on Thursday. His speech comes a day after the government approved a Rs 2 lakh crore package of production-linked incentives (PLI) to boost demand in the country.
To boost domestic manufacturing in the identified sectors, the Center authorized a package of Rs 2 lakh crore and launched a Viability Gap Financing (VGF) scheme of Rs 8,100 crore to encourage private participation in social infrastructure such as supply of water and solid waste management.
Union Minister Prakash Javadekar said the purpose of the PLI scheme is to make the country a global manufacturing hub, adding that VGF’s second decision will usher in a public-private partnership (PPP) in the infrastructure sector. Social.
In addition to the package announced on Wednesday, the government plans to announce a new round of stimulus totaling about $ 20 billion this week to help lift the economy out of its historic contraction, the Reuters news agency reported, citing government officials. government.
Although details of the package were not disclosed, the official quoted by Reuters said Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and other senior officials will finalize the plan on Thursday. It would be aimed at stressed sectors with a focus on job creation, they added.
In a tweet, Prime Minister Narendra Modi said that the cabinet decision will boost manufacturing, provide opportunities for young people and make India a preferred investment destination. “This is an important step to improve our competitiveness and achieve Aatmanirbhar Bharat,” he wrote on Twitter.
It should be noted that the finance minister had said on October 19 that the government had begun a mid-year review of the economy and is open to offer another stimulus package after demands from various sectors and industry bodies.
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