Lockdown 4.0: After PM Modi’s stimulus speech, all eyes are on FM’s press meet today
Following Prime Minister Narendra Modi’s announcement of relief package of Rs.20 lakh crores on 12 May evening, all eyes are now on the Finance Minister Nirmala Sitharaman’s press conference on the same issue today at 4.00 pm.
In yesterday’s televised address to the nation, the prime minister announced the extension of lockdown and an economic stimulus plan to the tune of Rs.20 lakh crores.
The highlight of his speech was the attempt to foster “Atmanirbhar Bharat Abhiyan,” or India, for self-reliance. The economic stimulus is likely to revive the economy and unleash labour, liquidity, and legal reforms.
The package is expected to address the concerns of MSMEs, cottage industries, farmers, labourers, and other crucial sectors of the economy. The announcement came after much anticipation about delays in such a decision.
The highlight of the PM’s speech was also to strengthen the global and local supply chain. Due to the ongoing corona pandemic, all economies have got hit by the disruption in the supply chain.
His self-reliant India vision will focus on five core areas – infrastructure, technology, demography, demand, and the broader economy.
Stock markets gained, and Twitter and other social media platforms went abuzz with the latest package, which is equal to India’s 10% GDP.
In the past 24- hours, India has reported 3,525 positive cases of coronavirus and 122 related fatalities. India’s total infected cases have risen to 74,281.
Congress was quick to criticize Prime Minister Modi’s fifth address to the nation. The former Finance Minister P Chidambaram, in a series of Tweets, said the prime minister gave a “headline,” and a “blank page,” hinting that details were not announced.
He also added that the party would keep a count of every rupee that is spent on economic revival and aid.
The lockdown 4.0, which starts from 18 May, will have different rules. The new arrangement will include suggestions made by state chief ministers.
Prime Minister Modi also added that the fight against coronavirus would continue in the coming months.
The lockdown, which was imposed since March 2020, has caused severe hardship to farmers, migrant laborers, and those associated with the informal economy. Companies, too, have reported a loss of business due to the shutdown.
Earlier the Finance Minister and the RBI Governor had announced changes in specific policies to help the severely hit sectors of the economy.