Government unveils fresh Rs 1.2 lakh crore booster
NEW DELHI: Finance minister Nirmala Sitharaman on Thursday announced a fresh set of measures, involving an estimated outgo of Rs 1.2 lakh crore, to boost demand, help create jobs, augment infrastructure and ensure growth is back on track.
At a news conference, she pegged the value of the package at Rs 2.65 lakh crore, including the nearly Rs 1.5 lakh crore production-linked incentives (PLI) for 10 sectors that was cleared by the Union Cabinet on Wednesday. The PLI scheme is spread over five years, while several of the announcements made on Thursday, such as enhanced allocation for fertiliser subsidy and PM Aawas Yojana in urban areas, will see spending during the current financial year itself.
This is also a departure from the past when the go nment was accused of providing little by way of budgetary support and instead piggybacking banks and other intermediaries to deliver the goods during the pandemic. The go nment is keen to support the recent recovery, as evident from a string of economic data.
The economy has borne the brunt of the Covid-19 induced lockdown and contracted a record 23.9% in the June quarter.
Including the steps announced by the Reserve Bank of India since the lockdown in March-end, Sitharaman said, the go nment and central bank have together provided a stimulus of around Rs 29.9 lakh crore — which is almost 50% higher than the budgeted revenue receipts for the year. The size of the stimulus now adds up to 15% of the GDP, the minister estimated.
“Today’s Aatmanirbhar Bharat Package continues our efforts to help all sections of society. These initiatives will help in creating jobs, alleviate stressed sectors, ensure liquidity, boost manufacturing, energise real-estate sector & support farmers,” Prime Minister Narendra Modi said on micro-blogging site Twitter.
Madam respectfully, please hand over this job to someone who really knows to handle an Economy that has the challenges that India has.
Too little, too late.
20 lakh crores
Whenever this FM announces a stimulus, stock markets go down.
Most useless FM of all history.
Again wastage of money Their target is their voter chunk and not economy.
Policy planning of Modi Govt indicates no funds with this Govt.But they can borrow provide relief to come out of mess.Poor governance , no vision , unrealistic measures are hallmark of this govt.
This is amazing congis will be eliminated by people now. Lot of money guzzling and flowing in to pockets of poor Indians. Each citizen will get a minimum 1 crore
Government is no more than a bank or finance company...offering loans.... that is it
Just like previous package nothing will be avail for middle class.
The fastest way to improve economy would be to painlessly euthanize all poor people in India. ~ There will not be any major negative impact. Its mostly around you wont so find many laborers, maids, farmers, etc. The fact is there will be surplus in everything if all poor people which is more than 30% population of India disappeared~
Madam please stop this Jumlebazi and come back to reality. People don't trust you and your go nment anymore.
Did Gov. Cut Down the Taxes on Medicine During This pandemic ?
god knows who is getting the benefit from all these papers add schemes.
Better she handle women and child welfare dept instead of finance.
Lock down was big mistake.Now India became more backward than Bangladesh
Does she know what is meant by economy!?
1.2 lakh crores is too small . It must have meant 1200 lakh ctores
all are fake boosters to mislead the people of this country