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Finance Minister Nirmala Sitharaman Union finance minister Nirmala Sitharaman will address a press conference shortly. Though the central government has not officially disclosed anything, it is expected that she may announce another 'economic relief package' amid devastation caused by the second Covid-19 wave. The new stimulus package may include measures to boost health infrastructure in tier 2 cities and increase the limit under the Emergency Credit Line Guarantee Scheme (ECLGS) to Rs 4.5 lakh crore. The FM may also announce financial support for the setting up of a 'bad bank'. The economic impact of the second Covid wave has softened to a large extent, but the Centre's relief measures may be intended towards keeping the country ready in case of the emergence of the third Covid-19 wave.
Catch all the latest details on finance minister Nirmala Sitharaman's press conference on BusinessToday.In live blog.
The finance minister announces Rs 1.1 lakh crore loan guarantee scheme for Covid-19 affected sectors. Around Rs 50,000 crore health sector guarantee announced for upgrading medical infrastructure in non-metro areas. Around Rs 60,000 crore will be allocated for other sectors.
"We will announce some relief measures today," says the FM, adding that eight measures to be announced, 4 of which are new
Both the Centre as well as the Reserve Bank of India (RBI) have announced measures worth Rs 29,87,641 crore to provide relief to the economy, the FM had said in November while announcing measures under the Prime Minister's Atmanirbhar Bharat Abhiyaan 3.0.
Calls for a fiscal stimulus have been growing in order to assist the economy from the impact of the second wave. Various sectors have been hit hard by the second wave pandemic and millions of people have lost their jobs.
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