The Centre, i.e., has announced the ₹20 trillion stimulus package as a help to the damage due to the Coronavirus pandemic and fall in businesses.
This news was announced by Prime Minister Shri Narendra Modi earlier this week. And ever since this piece of news has been facing opposition from Senior Congress leaders as well as other opposition parties over the way in which the money is being distributed- through loans.
Former President of Congress, Rahul Gandhi had also commented that the Government should rethink on presenting a loan-centric approach of the stimulus package, especially now when the businesses are badly affected. The immediate effect can be achieved only if the money is directly credited into the bank accounts of the needy, he said.
Three tranches have been announced earlier by Finance Minister Nirmala Sitharaman. And the Fourth tranche is due for the announcement. As of now, the stimulus package has focused on Micro, Small and Medium Enterprises (MSMEs), migrant workers, poor, agricultural and allied activities.
In an online press conference, Rahul Gandhi has said that without money in their hands, they cannot spend. So, it is advisable to drop money into their hands instead of just giving them loans.
He compared the Government to a mother and asked if a mother would dress the wound of her child right away, or do it in a loan way. He asked the Government to act as a parent rather than as a money lender. The fourth phase of lockdown has been announced, with a set of ‘completely different rules’.
Rahul Gandhi further explained that small businesses act as the backbone of our economy. So the first step in the revival of Economy should start with restarting of small businesses. Only then will ratings increase and slowly the whole Economy develops. This can only be achieved by putting money directly in their accounts.