Govt Likely To Announce Rs 2.3 Trillion Economic Stimulus Package Soon

Modi government has announced several economic relaxation in order to provide relief to citizens amid the coronavirus outbreak.

Finance Ministry is most likely to announce an economic stimulus package of more than Rs 1.5 trillion to fight the downturn.

“The package, which could be announced by the end of the week, will be used to put money directly into the accounts of more than 100 million poor and to support businesses hit the hardest by the lockdown,” Reuters quoted the sources as saying.

Finance Ministry removed charges on withdrawal of funds from other bank ATMs and also exempted account holders from maintaining minimum balance.

These concessions will continue for three months till June 30. She also announced reduced bank charges for digital trade transactions for all trade finance consumers to promote digital payment.

The Indian economy that had already slowed down before the outbreak of Coronavirus, is in for a more difficult period in the coming months with businesses almost coming to a standstill.