Finance Minister Nirmala Sitharaman will address a press conference on Wednesday 4 at National Media centre to give details of the special economic package of Rs 20 lakh crore.
In a televised address to the nation, Prime Minister Narendra Modi on Tuesday announced massive new financial combined stimulus of Rs 20 lakh crore to revive the COVID-hit economy.
Apart from the Reserve Bank of India (RBI) assistance, the government had last month announced a Rs 1.74 lakh crore to provide benefits to the poor, including cash transfers, Rs 50 lakh insurance cover and steps to ensure food security.
Modi also said there will be a fourth phase of the lockdown which will be very different from the earlier three phases. The third phase of the 54-day lockdown is scheduled to end on May 17.
Modi said that the financial package will be around 10 percent of the GDP.
The special economic package will have emphasis on land, labour, liquidity and laws, and will be for “our labourers, farmers, honest tax payers, MSMEs and cottage industry”, Modi said.
Modi also hinted at big-ticket economic reforms in coming days, and said beginning Wednesday, Finance Minister Nirmala Sitharaman will announce details of the special economic package.