Finance Minister Nirmala Sitharaman will address a press conference at 4 pm today to share details of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi yesterday to tackle the impact of coronavirus and weeks of lockdown on the economy.
This is the first of a series of press briefings by the Finance Minister in the coming days.
The coronavirus-triggered lockdown has pushed an already-ailing economy into a standstill, hampering businesses and landing thousands jobless. Economists say details of the package will be watched closely for assessing its effectiveness to aid the economy’s fight against COVID-19.
Many groups of economists have lowered their growth projections while some have even warned of a recession in view of the economic fallout from the coronavirus.
In a televised address to the nation on Tuesday evening, PM Modi announced Rs 20 lakh crore – equivalent to 10 per cent of India’s GDP — in fiscal and monetary measures to support an economy badly hit by the 50-day lockdown to fight the spread of COVID-19.
The package includes Reserve Bank of India (RBI)’s assistance and a Rs 1.74 lakh crore fund announced earlier, days after the country went into lockdown to slow the spread of coronavirus.
PM Modi had said the details of the package would be shared by Ms Sitharaman.
In a series of tweets after the address, the Finance Minister called it not just a financial package but a “reform stimulus and a mindset overhaul”.
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