A comprehensive economic stimulus package is set to be approved by the Federal cabinet on Wednesday. The package will offer support the poor in the form of cash and guarantee industries and companies which are largely affected due to the lockdown commenced by the Indian government so as to contain the spread of the deadly COVID-19 outbreak. A couple of officials said that the package is focussed on transforming the nation beyond a potentially lucrative consumer market to one in which investors share value with its people and create jobs for the people.
The nation’s PM Narendra Modi addressed the nation on Tuesday and announced the extension of the national lockdown in a televised speech and gave information about the package. He said that the worth of the package with the announcements made earlier by the finance minister, is around Rs 20 lakh crore. This amount is almost equal to 10 percent of the nation’s output of goods and services. He further added that every Indian must become a vocal for their local and promote the products produced locally.
Nilaya Varma, co-founder and CEO of consulting firm Primus Partners said that this announcement made by the PM beats most optimistic estimates and reflects the seriousness of the challenge and resolve of the government to make the crisis an opportunity for India during such difficult times.
– Christo Freddy, NMTV News