Published On : Wed, May 13th, 2020

Sitharaman to unveil Rs 20 lakh cr stimulus at 4 pm


Union Finance Minister Nirmala Sitharaman will address a press conference in New Delhi at 4 pm on Wednesday.

The information regarding the press conference by the Union finance minister was given through a tweet by the ministry of finance in the morning.

Sitharaman’s press conference comes a day after Prime Minister Narendra Modi announced USD 265 billion (Rs 20 lakh cr) fiscal stimulus to deal with the COVID-19 situation in the country. The package is the second largest in Asia after Japan.

“I announce a special economic package today. This will play an important role in the Atmanirbhar Bharat Abhiyan. The announcements made by the government over COVID, decisions of RBI and today’s package totals to Rs 20 lakh crore (USD 265 billion). This is 10 per cent of India’s GDP,” the prime minister said in his address to the nation on Tuesday.

“This economic package is for our small-scale industries, MSMEs, which are the means of livelihood of crores of people and is the strong base of our resolve for self-reliant India. To prove the resolve of self-reliant India, the emphasis has been given on land, labour, liquidity and laws, in this package,” he added.

The PM had also said that the economic package is for “the country’s workers, farmers, who are working hard day and night for the countrymen in every season. This economic package is for the middle class of our country, who pays tax honestly and contributes to the development of the country.”

He had announced that the fourth phase of the nationwide COVID-19 induced lockdown would be in “new form with new rules”.