14 May 2020, 12:19 pm By Rohit Sindhu
Finance Minister to categorise 20 Lakh Crore Package to the sectors Today

Union Finance Minister Nirmala Sitharaman is set to again categorise the Prime Minister Modi announced 20 Lakh Crores package to different sectors Today. FM on Thursday to roll out again sector wise relief package going through each and every aspect which has been hit by Coronavirus Lockdown. After announcing 3 Lakh Crores loan package for MSMEs on Wednesday, Finance Minister again on Thursday to hold Press Conference at 4PM for more package announcements to different sectors. The details of the package which will be announced by Union Finance Minister Nirmala Sitharaman on Thursday, would be published at website of Ministry of Finance.

The Prime Minister however did not share details saying Finance Minister Nirmala Sitharaman will roll out in next few days details for each sector. FM Nirmala Sitharaman unfolded phase one on Wednesday for MSME sector wise part distribution & ways to rebound back sectors on track..

Finance Minister to Categorise 20 Lakh Crores Package Today

Delhi: Finance Minister Nirmala Sitharaman will address a press conference today at 4 PM. This will be the second Conference of Finance Minister over Atmanirbhar Bharat Mission package announced by PM Modi. Earlier .Prime Minister Modi in his 33 minutes long address stressed to curb economic crises by becoming self reliant and with the support of local manufacturing & local reliability. PM also hinted to roll out new guidelines in coming days for another phase of lockdown which would be Lockdown-4, but PM alongside of this said, 'this would be of new color as states are asked to prepare blueprint at their local level. It is being said that Finance Minister Nirmala Sitharaman along with other members of department has started brainstorming and likely to bring out with sector wise relief from Wednesday.

However in his address PM didn’t directly announced any relief and guidelines for poor, hungry and devastated migrant workers who have walked hundreds of kilometres to their home states.

Read- 3 Lakh Crores Package & Different Announcements to MSME Sector

Sectors under 20 Lakh Crores Package

In his fifth address amid lockdown, Prime Minister Modi announced a one of the biggest economic package of 20 Lakh Crores ($ 270 billion) on Tuesday. PM dropped hints that the economic package may include tax relief for small, micro and medium enterprises and incentives to boost domestic manufacturing as well as attracting Foreign Direct investments under Make In India. The 20 Lakh Crores package will focus on land, labour, liquidity and laws. It will cater to various sections, including cottage industry, MSMEs, labourers, middle class, and Industrial sector, said PM Modi. As per anticipations FM may likely bring up following reliefs-

finance Minister categorises 20 Lakh Crores Package Today

  • Finance Minister may propose full tax exemption to companies making new investment of a minimum threshold in sectors such as medical devices, electronics, telecom equipment and capital goods was said to be under consideration of the government. Investments in infrastructure are may also form part of the package.
  • Easy access to land as well as labour reforms may also form part of the package to lure companies leaving China.
  • According to estimates, may take decision to save jobs as 12.2 crore people found losing their jobs in April.

Prime Minister Narendra Modi announcing one of the largest financial package also stressed on four Ls (Land, Labour, Liquidity and Law) with an aim to make India self-reliant. According to PM, the earlier decisions of the Finance Minister and RBI with the new package totals to RS 20 lakh crore, which counts 10% of India's GDP.

Should Read- What PM said announcing 20 Lakh Crore Package

finance Minister categorises 20 lakh crore package

ASSOCHAM on 20 Lakh Crores Spl Economic Package

ASSOCHAM had reasoned with the Indian industry, the govt & had made this request about a month&a half back for a package of US$ 200-300 Bn. We're delighted that we were able to foresee this & we're glad that it's in alignment with the Indian thinking, said ASSOCHAM Secy General Deepak Sood on Economic Package. Speaking on the economic growth, he said with this announcement, we can very clearly say the estimations of 0-1% growth are now defeated &we're very clear that if all this money is pumped into the economy we should see 2-3% or 4% growth as we move along &as early as March of next year.