The Prime Minister only yesterday hinted that the package would be beneficial for small, medium and marginal enterprises, agriculture and expatriates. The Finance Minister and Nirmala Sitharaman, who leads the task force to investigate and resolve the financial collapse caused by Covid, will be notified from today. The country is now waiting for the finance minister’s announcements. The country is very much looking forward to the hint that the package has everything to emphasize the rise of the various layers to build a self-sufficient India. To find out what the Finance Minister intends to do to fully reopen the financial sector.
PM’s Package UK model
Experts call Prime Minister Narendra Modi the UK’s model of stimulus package to tackle the financial crisis created by Kovid. Addressing the people of the country, he announced last night’s financial package of Rs 20 lakh crore. It is estimated to be similar to the Rs 27 trillion economic package announced in the UK in March to stimulate the labor market and the health sector. The UK also announced a £ 33,000 billion package of loans for entrepreneurs.
Sources say that the long-awaited financial package by the Prime Minister will be a comprehensive package for small and medium-sized businesses that will ensure income for all workers.
The Prime Minister explained that the package would cover 10% of GDP. This would include interest concessions, generous loans and fast approvals for industry. Workers, taxpayers, the middle class and the cottage industry will be treated. Emphasis will be placed on land, employment, money supply and laws. The Prime Minister said in his speech that the welfare of the migrant workers will be given priority. The package is stated to be equal to the revenue revenue of the Union Budget. The country’s revenue revenue stood at Rs 20,20,926 crore.
By the time the lockdown reaches seven weeks, the country’s economy will be hit hard. With the loss of industries and the stagnation of revenues, the financial position of the Center and the States is in jeopardy. New announcements are expected to bring change in the economy, which has been plunging into recession for months. Earlier in the day, the chief ministers had pressed the central government for a share of the revenues and a financial package.
