These 5 people will monitor Modi’s Rs 21 lakh cr economic package; PM forms informal GoM

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May 18, 2020 9:57 AM

Prime Minister Narendra Modi has assigned an informal group of ministers (GoM) with the responsibility of monitoring his Rs 21 lakh crore special economic package.

The last three measures related to deregulation of agriculture commodities from the Essential Commodities Act (ECA), imposition of stock limits only during emergencies, giving marketing choice to farmers and allowing private participation will benefit both farmers and consumers

Prime Minister Narendra Modi has assigned an informal group of ministers (GoM) with the responsibility of monitoring his Rs 21 lakh crore special economic package. The GoM will be responsible for tracking the implementation of the economic package that the Prime Minister announced last week, The Indian Express reported on Monday citing unidentified sources. The GoM will consist of top leadership from the government including, Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Railway and Commerce Minister Piyush Goyal, and Civil Aviation Minister Hardeep Puri.

The announcement of the economic revival package was followed by the Finance Minister’s five-day marathon press briefings where she laid out the reforms totaling an economic value of Rs 21 lakh crore. These reforms and stimulus measures are expected to help the Indian economy on its feet in the post-coronavirus world. The GoM could start meeting from today itself as the Finance Minister has already laid out all the elements of the relief package, The Indian Express report said.

India will also initiate the fourth part of the nation-wide lockdown with certain restrictions being eased across the country. The overall package, as announced by the Finance Minister, stood at Rs 20,97,053 crore, included the Rs 1.92 lakh crore stimulus from measures announced by Modi recently such as the Pradhan Mantri Garib Kalyan Package worth Rs 1.7 lakh crore. The package has tended to the needs of the MSME sector, as well as looked reformed certain agricultural infrastructure of the country. The central government has stepped up reforms for sectors including coal, minerals, defence production, air space management, and airports.

aThe economic revival package, according to the Prime Minister will shape the future of India as he initiates efforts to re-package India as an integral part of the global supply chain and attract firms that are eyeing an exit from China. Prime Minister Modi in his address last week said that India will become ‘atma-nirbhar’ as the nation kick-starts the economy after having stayed shut since the last week of March.

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