Finance Minister Nirmala Sitharaman will address a press conference at 4 pm today to share details of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi yesterday to tackle the impact of coronavirus and weeks of lockdown on the economy.
This is the first of a series of press briefings by the Finance Minister in the coming days.
The coronavirus-triggered lockdown has pushed an already-ailing economy into a standstill, hampering businesses and landing thousands jobless. Economists say details of the package will be watched closely for assessing its effectiveness to aid the economy's fight against COVID-19.
Many groups of economists have lowered their growth projections while some have even warned of a recession in view of the economic fallout from the coronavirus.
In a televised address to the nation on Tuesday evening, PM Modi announced Rs 20 lakh crore - equivalent to 10 per cent of India's GDP -- in fiscal and monetary measures to support an economy badly hit by the 50-day lockdown to fight the spread of COVID-19.
The package includes Reserve Bank of India (RBI)'s assistance and a Rs 1.74 lakh crore fund announced earlier, days after the country went into lockdown to slow the spread of coronavirus.
PM Modi had said the details of the package would be shared by Ms Sitharaman.
In a series of tweets after the address, the Finance Minister called it not just a financial package but a "reform stimulus and a mindset overhaul".
A special economic package is being announced- for an Atma Nirbhar Bharat Abhiyan with nearly 10% of a GDP (approx Rs 20 lakh) getting committed. MSMEs and the honest middle class help build a #selfreliant India, says @PMOIndia@narendramodi— Nirmala Sitharaman (@nsitharaman) May 12, 2020
Indian economy has acquired strength in its various dimensions. Now, we can confidently engage with the world. We aim at overall transformation & not incremental changes. We shall convert the pandemic challenge into an opportunity. #AatmanirbharBharat will integrate not isolate.— Nirmala Sitharaman (@nsitharaman) May 12, 2020
"#AatmanirbharBharat Abhiyan to include everyone-a hawker/street vendor, a trader, a MSME, an honest tax paying middle class,a manufacturer etc. This shall not be just a financial package, but a reform stimulus, a mindset overhaul, and a thrust in governance," Ms Sitharaman posted.
Self-reliant India "does not imply isolationism or becoming exclusionist," she posted.
"We'll build capacities, skill people and compete globally acquiring strengths. We'll build the #Local. After all, every global brand began with their #Local strength."