Government’s economic package is of only Rs 3.22 lakh crore, i.e. 1.6 per cent of GDP and is not worth Rs 20 lakh crore says Congress
The government’s coronavirus stimulus package of Rs 3.22 lakhs which is 1.6 per cent of the country’s gross domestic product(GDP), not Rs 20 Lakh crore announced by PM Narendra Modi last week, says Congress after Finance Minister Nirmala Sitharaman unveiled the previous tranche.
“The government’s economic package is only of Rs 3.22 lakh crore and is only 1.6 per cent of India’s GDP and is not worth Rs 20 lakh crore as announced by the Prime Minister,” Anand Sharma said this while addressing a press conference through video calling.
He also mentioned that there was a difference between providing an incitement to the economy and merely giving credit and loans to people. Sharma, a Congress spokesperson and former union minister, challenged the Nirmala Sitharaman for a debate on the package while raising questions about the announcement made by the prime minister.
He also said that: the government should apologise to the poor citizens of the country who have been abandoned, and their legal rights and fundamental rights violated.
States can borrow more money, the Centre said today, increasing the borrowing limit from 3 per cent to 5 per cent for states. This would provide them with an additional Rs 4.28 lakh crore, said finance minister Nirmala Sitharaman, launching the last tranche of the Rs 20 lakh crore fiscal stimulus.
The states are continuously facing a sharp decline in revenues following the countrywide lockdown imposed to fight coronavirus. “We have consistently provided the necessary support because they are at the front end of fighting the pandemic,” Ms Sitharaman said.