Nirmala Sitharaman to address media at 4 pm today to announce fourth tranche of Rs 20 lakh cr stimulus package
New Delhi | Jagran Business Desk: Finance Minister Nirmala Sitharaman on Saturday will address the media again at 4 pm to share further details about the Rs 20 Lakh crore economic stimulus package announced by Prime Minister Narendra Modi earlier this week, to support an economy battered by a sweeping weeks-long lockdown to fight the novel coronavirus.
This will be the fourth tranche of the economic package which will likely to focus on the hospitality sector. In the previous announcements, the finance minister had announced number of relief measures and schemes for the MSMEs, NBFCs, farmers, urban poors, and migrant workers, who are the most affected by the coronavirus-induced lockdown.
Yesterday, Sithraman had announced a number of relief measures for the agriculture sector and its aliied activities, like animal hubandry, fisheries and micro food enterprises. Sitharaman announced a total of 11 measures yesterday -- eight on strengthening of infrastructure and logistics and the remaining three on governance and administrative reforms.
The 11 measures include, Rs 1 lakh crore for aggregators, FPOs, primary agricultural cooperative societies, farmer produce organisation and start-ups; Rs 10,000 crore scheme for Micro food enterprises, promoting PM Modi’s vision of ‘vocal for local with global outreach.
She also extended all COVID19 related deadline relating to fisheries activities, many of them involving overseas contracts, have been honoured. She also made an announcements of Rs 20,000 crore Pradhan Mantri Matsya Sampada Yojana for development of marine and inland fisheries.
Of the remaining, the government has made two tranches of announcements with a cumulative package of Rs 9.1 lakh crore, comprising largely of credit lines to smaller firms, concessional credit to farmers and support to shadow banking and electricity distributors.
Most of the first two tranches of the package are off-budget and the government cash outgo is limited to just Rs 16,500 crore on free foodgrain and affordable housing to migrant workers as well as limited tax relief and marginal dole to some companies on employee retrial benefits.
The announcements from the finance minister came after PM Modi on Tuesday announced Rs 20 lakh crore stimulus package for the coronavirus-crisis hit Indian economy. PM Modi while addressing the nation he had said that it will be around 10 percent of the GDP and "will play an important role in the ‘Atmanirbhar Bharat Abhiyan' (self-reliant India campaign), adding that the "announcements made by the government so far, the decisions of the RBI and today's package totals to Rs 20 lakh crores".
Posted By: Talib Khan