Finance Minister Nirmala Sitharaman addressing press conference on May 13, outlined the economic package of the contours of India’s massive Rs 20 lakh crore fiscal stimulus announced by Prime Minister Narendra Modi.
FM Sitharaman said the announcements will be made in tranches. Today’s economic package will include measures as follows: 6 are for MSMEs, 2 are for EPF, 2 for NBFCs and MFIs, 1 for discoms, 1 for contractors, 1 for real estate sector, and 3 tax measures.
In a major relief to contractors, all Central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts: Finance Minister Nirmala Sitharaman
Prime Minister Narendra Modi Tuesday said his government will spend an amount equivalent to 10 per cent of the nation’s gross domestic product to help the economy get back on its feet after weeks of stay-at-home restrictions to beat the pandemic. The resultant halt to non-essential consumption set up Asia’s third-largest economy for its first annual contraction in four decades as businesses collapsed and jobs were lost.