Our economic package not different from other countries: FM


New Delhi, May 23 (IANS): Finance Minister Nirmala Sitharaman said on Saturday that the economic package announced by the Centre to help revive the economy amid the coronavirus pandemic is not different from that announced by the other countries, but may vary in proportion.

In an interaction with BJP national spokesperson Nalin Kohli, the Finance Minister said that the packages announced by other nations were studied and it was found that all the other counties brought together a basket of fiscal, monetary and central bank's liquidity measures, as India has done.

"We are not at all different from them. The proportion may vary," she said.

"When developed countries have certain institutions, it's easy for them to go through one route and play less on the other route… India has a great advantage in terms of technology and transfer of cash is possible, and that's why through the Garib Kalyan Yojana we could infuse cash into the hands of the people through their Jan Dhan accounts," the Finance Minister said.

She also denied the criticism that the government has not paid attention to the middle class.

Further, on the criticism by some state governments over lack of attention from the Centre, Sitharaman said: "It's completely untrue and not acceptable at all."

"The assumptions made in the Budget are already in a state where we will have to review them. Every assumption made in the Budget (2020-21) is at a stage where unless I review them, they are not going to hold good."

She said that revenues have come down not just for the states, but also for the Centre, and "notwithstanding these realities, I have devolved in April and May everything that I had to devolve as per the assumptions placed in the Budget of February 2020."

The FM noted that the situation now is "definitely different" from what it was when she presented the Budget.

  

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Comment on this article

  • smr, Karkala

    Sat, May 23 2020

    Finance Minister Nirmala Sitharman doesn't seems to be reading International business news.

    In India, growth is projected to fall to 6.0 this fiscal, while in Bangladesh, real GDP is estimated at 8.1 %.
    Bangladesh and Nepal are estimated to grow faster than India in 2019, according to the World Bank, which said that overall growth in South Asia is projected to slow down this fiscal in line with a global downward trend.

    Like BJP'S Sambit Patra Doctor death by profession who doesn't now how many 'Zero's' in $5 Trillion economy, this 'Namste' aunty also finds difficult to understand the 'Zero's' in 20 lakh crores.

    She believed to be JNU graduate, but seems to be qualified for this job. She needs to understand what is the meaning of 'Fiscal policy' and 'Monetary policy' before she calls for press conference.

    Jai Hidn

    DisAgree Agree [10] Reply Report Abuse

  • Alwin, Mangalore

    Sat, May 23 2020

    May this Bank of this country and common citizen who depend on Bank s.the zeros we find it difficult to calculate

    DisAgree Agree [9] Reply Report Abuse

  • smr, Karkala

    Sat, May 23 2020

    The PM Modi's 20 lakh cores package is like 'Chow chow bath'. The government combined 'Monetary Package' plus 'Fiscal policy'. Whereas United States $2.3 trillion and Germany's $190 million package is only 'Fiscal policy'.

    Among the 20 lakh crores, 8 lakh crores is coming from RBI's 'Piggy bank'. The remaining 12 lakh crores, 1.7 lakh crores is old stimulus package announced in the last budget.

    The actual amount the BJP government is announced 1 to 2.7 lakh crores. In other HSBC India claims that this amount is around 1% of India's GDP against PM Modi's tall claim of 10%.

    When Modi was then Gujarat Chief Minister he use to mock UPA economical packages. He went further saying that if these package doesn't benefit the common man it is time to 'pack' them.

    Today PM Modi does the same announcing 100 lakh crores during Independent day address. Then 1.25 lakh crores for Bihar prior to the state elections. Now 20 lakh crores stimuls package. One Jumla after the other.

    NRC will cost ₹50,000 Cr in admin expenses, ₹2-3 lakh Cr to construct and maintain detention camps and ₹36,000 Cr to just feed, say, 2 Crore illegal immigrants, expenses that Indian taxpayers will pay.

    The BJP has surplus funds to topple governments in the name of 'Operation Kamala'. It has enough money to build 'Detention camps' and to conduct NRC. The party can even forgo willful defaulter Rs 6,60000 lakh crores.

    But when it comes migrant workers, support SME & MSME and new jobs creation, only has 'Jumla package' of infinity 'Zero's.
    Jai Hind

    DisAgree Agree [13] Reply Report Abuse

  • Harsha, Mangaluru

    Sat, May 23 2020

    Agree. Our govt has surplus money to flip the state govts to BJP ,but no money to the poor starving crores of migrant workers ,still walking on highways,and/or stranded at railway stations without food. God protect these poor migrant workers ,sacrificing their life for the country.

    DisAgree [1] Agree [4] Reply Report Abuse

  • Veer, Nagpur

    Sat, May 23 2020

    Don't compare India to any other nation. India has lost the 'Emeging Economy' title in 2016. It is no more in BRICS nations list nor in G20 list after Modi's Demonitisation and GST blunder. FYI, other nations before Covid-19 were in the rising path and thier GDP and job numbers were growing substantially and now post Covid-19 it's easy for them to pick from where they lost. Whereas in India after 2014 all good things are in decline path and bad thing are in rise.

    DisAgree Agree [15] Reply Report Abuse

  • Sunil K, Mangalore

    Sat, May 23 2020

    Madam FM, you have just stated your mistake. Your financial and economic reform package should have been tailor-made for India and Indians instead of copy-paste job of what other countries have done. Its not late yet - get some good economic advisors.

    DisAgree Agree [12] Reply Report Abuse


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