Finance Minister Nirmala Sitharaman announces ₹20 lakh crore economic package.
Finance Minister Nirmala Sitharaman held a press conference on Wednesday.
She said that Prime Minister Narendra Modi laid out a comprehensive vision yesterday. “That was laid out after wide and deep consultation, with several sections of society, and different levels of govt up to the PM. Essentially, this is to spur growth and to build a very self-reliant India (Atmanirbhar Bharat) — which will be resting on 5 important pillars — economy, infrastructure, technology, demographics and demand.”
Prime Minister Narendra Modi on Tuesday had announced an economic stimulus package for ₹20-lakh-crore (estimated at 10% of the GDP), with a clearly defined leap towards economic reforms that will, in his words, lead to Atmanirbhar Bharat, or a self-reliant, resilient India.
Ms. Sitharaman said she will address issues of land, labour, liquidity and law. The intention of the Ministry is to build local brands, and integrate them into global supply chain and not meant to look inwards and cut India to be an isolated country, but to continue contributing to the globe.
“Many reform driven steps are successfully taken by this govt, from 2014-19. For the poor, brought in DBT based reforms, based on Jan Dhan, Aadhaar and mobile technology, which has helped deliver to migrants now,” she added.
The Minister listed a number of reforms.
Agriculture reforms: PM Fasal Bima Yojana, PM Kisan Yojana, new fisheries department, krishi sinchayee yojana
Business reforms: PSB clean-ups and recpitalisation, IBC reforms, GST reforms, FDI reforms, ease of doing business, electricity and airport reforms, cleaning up coal mine sector.
“All that we are announcing now is based on this existing foundation of reforms.
Within hours of lockdown, PMKGY was announced. So far, 18,000 crore worth grain and rice transfers have happened, and also, pulses. Ration also distributed to non-card-holders. Ujjwala gas connections were given, and cash transfers were made to Jan Dhan accounts,” she said.
With inputs from The Hindu