New Delhi: Finance Minister Nirmala Sitharaman will address a press conference on Wednesday at 4 pm at National Media centre to give details of the special economic package of Rs 20 lakh crore.
In a televised address to the nation, Prime Minister Narendra Modi on Tuesday announced massive new financial combined stimulus of Rs 20 lakh crore to revive the COVID-hit economy.
Apart from the Reserve Bank of India (RBI) assistance, the government had last month announced a Rs 1.74 lakh crore to provide benefits to the poor, including cash transfers, Rs 50 lakh insurance cover and steps to ensure food security.
Modi also said there will be a fourth phase of the lockdown which will be very different from the earlier three phases. The third phase of the 54-day lockdown is scheduled to end on May 17.
Modi said that the financial package will be around 10 percent of the GDP.
The special economic package will have emphasis on land, labour, liquidity and laws, and will be for "our labourers, farmers, honest tax payers, MSMEs and cottage industry", Modi said.
Modi also hinted at big-ticket economic reforms in coming days, and said beginning Wednesday, Finance Minister Nirmala Sitharaman will announce details of the special economic package.
This package of Rs 20 lakh crore is expected to give a new impetus to sagging economy.
This is prime minister's fifth address to the nation and it came a day after he held a marathon meeting with chief ministers on the road ahead after May 17 when the 54-day nationwide lockdown is due to end.
Modi emphasised that bold reforms are needed to make the country self-reliant so that the impact of crisis such as COVID can be negated in future that ranges from supply chain reforms for agriculture, rational tax system, simple and clear laws. He also pointed that measures must be in place to attract investment and further strengthen 'Make in India'.
With PTI Inputs
