Here's how India's industry and economists reacted to Finance Minister Nirmala Sitharaman's $22.5 billion economic stimulus

  • India’s top industrialists took to Twitter to applaud the move which will help 800 million Indians who lost their jobs and livelihoods.
  • Senior Economist Arun Kumar told a news channel that the package “was expected a little earlier but better late than never.”
  • However, many believe that the package might not be enough as the economy which was already slowing down, has gone into a shutdown mode.
Finance Minister Nirmala Sitharaman today announced a ₹1.7 lakh crore (over $22.6 billion) package to help the urban and rural poor and the disadvantaged who will be affected by the lockdown.

Under the Pradhan Mantri Gareeb Kalyan Yojana, the government will transfer cash transfers along with food grain for poor Indian households. Sitharaman added that “nobody will go hungry” during the pandemic saying that the poorest of the poor will be helped like women, senior citizens and the disabled.


The FM announced a ₹50 lakh per person insurance cover for medical workers who are at high risk of contracting the disease. “They are being called Gods in white costume,” she said.

India’s top industrialists took to Twitter to applaud the move which will help 800 million Indians in want of help.

Former Infosys director and startup investor Mohandas Pai too joined in on the praise but also urged for a deferment on loan repayments.



Many called it a generous package but admitted that implementation is key.

“The package is very generous, a lot more needs to be done. There’s so much panic and so much uncertainty. The efforts say you are not alone, the government is with you, the next is implementation,” Brinda Jagirdar, a senior economist told NDTV.

Senior Economist Arun Kumar told a news channel that the package “was expected a little earlier but better late than never.”

“My one worry would be how supplies reach people. With prices of essential goods rising, one step that should be done is assuring that supplies will reach everyone. A package on the health front is also required. One of my questions is, is this ₹1.7 lakh crore is for the whole year, will it be enhanced later?” asked Kumar.

However, many believe that the package might not be enough as the economy which was already slowing down, has gone into a shutdown mode.



READ ALSO: These are the highlights of the Finance Minister’s speech on financial stimulus to battle the impact of coronavirus lockdown
{{}}
Add Comment()
Comments ()
X
Sort By:
Be the first one to comment.
We have sent you a verification email. This comment will be published once verification is done.