FM Nirmala, Home Secy at PMO for pre-package huddle; PM Modi to meet empowered group heads

Hours ahead of detailing the contours about the stimulus package rolled out to boost the economy that has been affected due to Coronavirus lockdown, Finance Minister Nirmala Sitharaman, the Home Secretary and other PMO officials are meeting at the PM's residence. Sources said that the Finance Minister and other officials reached the Prime Minister's office at around 2 PM.

PM Modi will also meet Chairpersons of the Empowered Groups later on Wednesday. The government had set up empowered groups, chaired by NITI Aayog CEO Amitabh Kant, to undertake discussions with the private sector and international organisations on actions planned and challenges faced in dealing with COVID-19.

Earlier, it was announced that Finance Minister Nirmala Sitharaman will address a press conference at 4 PM to provide the details of the economic relief package that was announced by Prime Minister Modi on Tuesday. The Prime Minister had said that along with the previous measures rolled out by the Reserve Bank of India, the stimulus package provided by the Central government is worth Rs 20 lakh crore.

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PM Modi's announcement

Prime Minister Narendra Modi announced a financial package with an aim to make India self-reliant (Aatmanirbhar). According to him, the earlier decisions of the Centre along with the new package totals to Rs.20 lakh crore- i.e 10% of India's GDP.  The details of the package shall be announced by Union Finance Minister Nirmala Sitharaman on Wednesday, May 13 at 4 PM.

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The PM mentioned that this would benefit the workers, hawkers, street vendors, farmers, the business class, etc. He added that special emphasis has been paid to land, labour, liquidity and laws. PM Modi also said that a self-reliant India should be vocal about local so that it can be global. About lockdown extension, he said that citizens will be informed about the new guidelines of Lockdown 4.0 before May 18.

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