Aatmanirbhar Bharat: Nirmala Sitharaman laya out five pillars of growth | Live Updates
Finance Minister Nirmala Sitharaman's on Wednesday shared the details of the Rs. 20 Lakh crore economic relief package- equivalent to 10 per cent of India's GDP — announced by Prime Minister Narendra Modi to soften and to support the economy badly hit by the 50-day lockdown to fight the spread of coronavirus. Sitharaman's press conference comes a day after Prime Minister Narendra Modi announced USD 265 billion fiscal stimulus to deal with COVID-19 situation in the country. The package is the second largest in Asia after Japan.
The focus on the economic package is to save jobs in the MSME sector and help it to get back on track; the labour-intensive sectors like textile and food processing industries; services sector that have been badly hit by COVID-19 and assistance for the poor.
Nirmala Sitharaman press conference: Live Updates
- In a major initiative, we announce Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs. Borrowers with up Rs 25Cr outstanding and Rs100 Cr turnover are eligible.
- Collateral free automatic loans to MSMEs worth Rs. 3 Lakh Crore. These have 4 year tenor, valid up to October 31st, 2020.
- We shall not forget that we do have a responsibility towards the poor, needy, the migrants workers, divyang and the aged of the country.
- Beginning today, over the next few days we will come before you (media) with team to put forth PM's vision.
- Atmanirbhar (self-reliant) India does not mean India is to be an isolationist country.
- Five pillars of 'Atmanirbhar Bharat- economy, infrastructure, system, demography and demand.
- Essentially this is to spurt growth and to build a very self reliant India and that is why this whole initiative is called Atmanirbhar Bharat Abhiyan.
- PM laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society.
In a televised address to the nation on Tuesday evening, The Prime Minister had announced the Aatma Nirbhar Bharat package that will focus on making India self-reliant.
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.during his national address on Tuesday.
