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Published On: Sat, May 2nd, 2020

PM Modi meets FM for 2nd economic stimulus package

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modi cabNEW DELHI : Prime Minister Narendra Modi on Saturday met two senior ministers and civil servants from the economic ministries to prepare a second stimulus package for the economy hit by a nationwide lockdown triggered by the coronavirus pandemic.

Ahead of the scheduled end of the extended nationwide lockdown, Prime Minister Modi on Friday met key ministers including Home Minister Amit Shah and Finance Minister Nirmala Sitharaman with key economic ministries such as Micro, Small & Medium Enterprises (MSME), aviation, labour and power ministries PTI reported quoting unnamed sources.While there was no official word on the meeting.
Small businesses, farmers, women, poor, migrant workers and other marginalised sections are likely to benefit from the second stimulus. Industries worst hit by the lockdown–aviation, hospitality, automobiles, real estate, and logistics to name a few—will have to wait. Any support for these sectors and big industry will only happen later down the line, once economic activity normalizes to some extent, officials said.
The government said on Friday(01 May) it would extend its nationwide lockdown for another two weeks after May 4, but would allow “considerable relaxations” in lower-risk districts marked as green and orange zones under a plan to fight the coronavirus outbreak.
To mitigate hardships faced by the bottom of the pyramid, the government in late March had announced a Rs 1.7 lakh crore stimulus package comprising free food grains and cooking gas to poor and cash doles to poor women and elderly.
Sources told newstrack24x7.com that the government is considering to announce a second dose of relief measures for the segment and a stimulus package for India Inc shortly.
The government had first imposed a 21-day nationwide lockdown beginning March 25 and later extended it till May 3.The lockdown shut businesses, stopped air and rail travel and restricted movement of people and goods.
Beginning May 4, the government has decided to ease certain restrictions including opening of industries for green and orange districts which either have nil or low number of cases. The easing of restriction in specified districts is till May 17 with strict vigil by local administration.
(With Agency Inputs ).

 

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