Union Finance Minister Nirmala Sitharaman Wednesday will unveil the finer points of the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi last night, at a press conference at 4 pm.
The mega stimulus plan has already lifted the markets, with the benchmark equity market indices on the BSE and National Stock Exchange (NSE) opened nearly 4 per cent higher. At 9:15, the S&P BSE Sensex was trading 1,214.15 points (3.87 per cent) higher at 32,585.27, while the broader Nifty 50 was at 9,544.30, up 347.75 points (3.78 per cent).
The details of the Rs 20 lakh crore package, which would help every section including workers, farmers, middle class and industrial units, would be announced by Finance Minister Nirmala Sitharaman in the coming days, the Prime Minister said.“I announce a special economic package today.
This will play an important role in the ‘Atmanirbhar Bharat Abhiyan’ (Self-reliant India Campaign). The announcements made by the government over Covid earlier, decisions of RBI, and today’s package totals to Rs 20 lakh crore.
“This is 10 per cent of India’s GDP,” Modi said.
According to him, self-reliance would be based on five pillars — an economy that takes quantum jumps, not incremental gains; modern infrastructure; a technology-driven system; vibrant demography; and a demand and supply chain.