On Saturday i.e. 23rd May’2020, the finance minister Nirmala Sitharaman told the media that they compared every announcement whichever is made by India with other countries to check out what their package consists of. To make the Indian self-reliant and to deal with this pandemic virus i.e. Coronavirus, the Prime minister Narender Modi has announced Rs 20 crore special economic relief package for the whole nation.
As per the study done by the finance minister of India, every country has set up guidelines and brought in a basket of measures which is been related to the Fiscal, monetary, guarantee and infusing the liquidity to upscale the economical status of the nation.
Sitharaman also stated that the steps taken by the Centre in terms of the special economic package are to deal with the impact of prevailing Covid-19 virus and aiming that it should not affect the budget and also they are trying their best to meet the greater multiplier effect through various banks for meeting the fixed cost expenditure and working capital.
Finance minister Nirmala Sitharaman told that they have taken all the measures such as infusing cash into the hands of people through their Jan Dhan account and also added that they will try to immerse more liquidity into the economy.
After comparing India with other countries, the finance minister told that the proportion might vary and also mentioned that when other developed countries have certain institutions then they can go through one route and play less on the other route in comparison to other countries. Also, she told that Indian has certain advantages in terms of technology, transferring of cash and other things are also possible which can boost the economy as a whole.
So, the Prime Minister Narender Modi announced the relief package of Rs 20 crore lakh as an ‘Atmanirbhar Bharat Abhiyan’ (Self-Reliant India Mission) in an address to the nation and also stated that this whole package constitutes 10% of the country’s gross domestic product.
The main aim of this Atmanirbhar Bharat Abhiyan is to restart the economic activities and to help several people by putting some cash into the hands of the people. When it was asked to Sitharaman, regarding the dealing of the criticism related to the economic package then she said that the main motive of those making some criticisms related to the package which is “it is too little and late” is only to pick the holes and not to understand the situation.
From the government’s perspective, India has a whole nation’s approach is to analysed and compared every announcement made by the different countries so that they can go ahead and bring up some initiative measures which can upgrade the Indian economy. Sitharaman even told that people working in any sector i.e. automobile, retail and entertainment industries can approach any bank and get the loans to restart their sectors. She also told that it is being wrong to blame the centre for not paying the attention to the states in the current prevailing pandemic virus situation.
Regarding the assumptions made in the budget of 2020-21, it is currently at that stage where the finance minister Sitharaman has not made any review and is consoling the nation by stating that she will go ahead and will review the same so it is not acceptable at all and very untrue on the criticism made by some government for not giving full attention by the centre towards the nation and not thinking about the initiatives which can help in the boosting of the economy. Also, as per the finance minister, the centre has already devolved all the stipulated money to different states in the month of April and May as per the Union Budget.
