Prime Minister Narendra Modi holds important meeting with Finance Minister, may announce second relief package soon

Prime Minister Narendra Modi holds important meeting with Finance Minister, may announce second relief package soon
New Delhi: Prime Minister Narendra Modi (Prime Minister of India Narendra Modi) on Saturday held a meeting with key ministers including Home Minister of India Amit Shah and Finance Minister Nirmala Sitharaman.  According to news agency PTI, in this meeting there was also discussion about preventing the corono virus epidemic and other relief packages for the areas affected by the lockdown.  Officers of finance ministries also attended this meeting.

What will happen in the second relief package…

>> According to news agency Reuters, the government can spend up to a maximum of 4.5 lakh crore rupees ($ 60 billion) to give relief from corona virus.

>> The reason for this is that the government fears that the Sovereign rating will be reduced for spending more than a limit.
>> This will affect the country's economy.  The Finance Ministry official said, we have already given a package equal to 0.8 percent of GDP.  We have further scope for a package equal to 1.5% -2% of GDP.

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There may be a big announcement for the jobbers- According to Reuters, the next relief package is likely to provide relief to the poor sections of the country as well as people whose jobs have gone away.

>> Also small and big companies can be given relief through tax exemption and other measures.  Two senior officials gave this information on the condition of anonymity as the issue is still going on.

There may be a big announcement for these sectors as well

>> Earlier, the Prime Minister held three big meetings on this issue separately on Thursday.  The first meeting was held on the issue of foreign investment and industrial development.  There was discussion on giving better facilities to foreign and domestic investors.  The emphasis was on the Plug & Play model.

>> In this meeting, a special scheme to increase industrial investment was also considered.  The PM said that necessary approvals should be obtained in a time bound manner.  Finance Minister and Industry Minister were present in this meeting.

>> The main issue of the second meeting was the development of coal, mining sector.  There was a strategy to increase investment in coal and mining.  The PM said that domestic coal should be used instead of imports.  In this meeting, it was decided that the auction of additional blocks will be done soon.

>> The auction process will be more attractive and transparent.  The PM stressed on making the country self-sufficient in the mineral sector.  He said that the functioning in the mining sector should be of international standard.  The Prime Minister also asked to prepare an action plan for this.
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