FM Announces Third Tranche Of Economic Package

Publish On: 15 May, 2020 05:43 PM | Updated   |   Shivalik  

On Friday, Union finance minister Nirmala Sitharaman announced that in the third tranche of the economic package to combat the COVID-19 crisis, the main focus will be on agriculture and allied activities. 

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“I will announce 11 measures and eight of them relate to strengthening infrastructure, strengthening capacity, building better logistics…. The rest three of the 11 will pertain to governance and administrative reforms,” she said in her third press briefing since Prime Minister Narendra Modi's announcement on Tuesday. 

In his address to the nation on Tuesday, the Prime Minister announced a 20 lakh crore economic package, which is the equivalent of almost 10% of the country's GDP,  for a “self-reliant” India in order to fight the economic crisis that has arisen due to the deadly COVID-19 pandemic and the resulting nationwide lockdown. 

Since his address, the finance minister has been announcing the details of the special economic package. 

On Wednesday, Sitharamna announced the first tranche, totalling about Rs 5.9 lakh crore, including loan guarantees for small businesses, shadow banks and power companies. 

On Thursday she announced the second tranche of the package which focussed on free food for migrants, more jobs for tribals and those in rural areas, and credit to small enterprises, street vendors and small farmers.

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Sitharaman will be holding daily press conferences till Sunday.