Measures such as direct benefit transfer and distributions of grains at the doorsteps to the most vulnerable sections of the society are being discussed as the government prepares the lockdown to be strictly followed by the citizens in the wake of a health emergency triggered by COVID-19.
Such steps along with stimulus package to help industries fight the epidemic will be announced within days, an official involved with the development told DH, assuring the government will escalate measures to fight the pandemic, which may explode the budget deficit, but that is not the concern at the moment.
Meanwhile, Finance Minister Nirmala Sitharaman is about to address the media in a few minutes on statutory and regulatory compliance matters.
“Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2 pm today, specifically on statutory and regulatory compliance matters, the finance minister said in a tweet.
With the economy expected to witness a deep slowdown in 2019-20, India Inc has demanded a host of measures such as tax cuts, delay in debt repayment by companies and sectors of the economy, fiscal stimulus to citizens and direct benefit transfers.
India's economic growth has plummeted to a six-year low of 4.7% in the October-December quarter of FY2020. The fears of global recession amid COVID-19 has slowed it further.
Prime Minister Narendra Modi is going to address the nation at 8 pm tonight. That will mainly emphasise on the need for people to remain indoors in order to fight the pandemic in a better way. This is the second address by the Prime Minister in the past five days.
(Published 24 March 2020, 08:57 IST)
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