PM Modi and Finance Minister Sitharaman meet to discuss economic stimulus package amid COVID-19 outbreak
New Delhi/ IBNS: Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman met on Thursday to discuss the much-awaited financial package to mitigate the negative impact of COVID-19, said media reports.
The meeting ran into several hours. However, the announcement on the decisions is likely to come in the next few days, reports added.
The government has attracted criticism for not doing enough for the industries and wage earner. The Rs 1.7 trillion package announced earlier by the government was targeted at the women and the people below the poverty line.
Reports said the government is working on a package to salvage the economy amid COVID-19 outbreak as it realises the need to prevent a further decline in employment.
The package could include macroeconomic stimulus, tax deferrals, cheaper credit, sector-specific interventions supplemented by reforms in the future months, they said, adding that this could be part of a bigger plan involving two or three packages.
As it is, micro, small and medium enterprises minister Nitin Gadkari has already discussed that a Rs 10,000 crore MSME equity infusion fund is possible and the need to create a framework to directly infuse funds directly in companies to stimulate the sector in the sagging economic scenario.
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