Nirmala Sitharaman, the Finance Minister (FM) of India, is expected to announce the breakdown of the financial package announced by Prime Minister Narendra Modi.
PM Modi, on the 12th of May, during his address to the Nation, announced a financial package of Rs. 20 lakh crores for labourers, farmers, small enterprises and others to support India to enhance the economy. This package includes the previous package of 1.7 lakh crores, announced by the Central Government during the pandemic crises, the Novel Coronavirus or COVID-19.
This time, the huge amount creates a lot of curiosity for all Micro, Small and Medium Enterprises (MSMEs,) farmers and labourers in the society.
Emphasising on self reliance, Mr. Modi said, “The package will be doled out in 2020 and aimed at minimizing the impact on agriculture, attracting investments and ensuring self-reliance.”
Agreeing with the Prime Minister, Nirmala Sitharaman also took to Twitter and said, “Indian economy has acquired strength in its various dimensions. Now, we can confidently engage with the world. We aim at overall transformation & not incremental changes. We shall convert the pandemic challenge into an opportunity. #AatmanirbharBharat will integrate not isolate.”
The Finance Ministry of India is expected to announce the details of the financial package worth Rs. 20 lakh crores. According to PM Modi, the package would focus on small industries and MSMEs, as these small businesses are the ones affected by the pandemic crisis the most .
The financial package would be equal to the 10 % of India’s Gross Domestic Product (GDP.)
Meanwhile, Mr. Narendra Modi also announced lockdown 4.0, starting from the 18th of May. However, this 4th lockdown would be different from the other three lockdowns announced previously.
This time, the lockdown would have a new set of guidelines for the citizens of India and is expected to be announced before the 18th of May.
The ongoing lockdown 3.0 is proposed to end on the 17th of May.
Stay tuned for further updates.
