Govt to announce fresh stimulus package today with focus on stressed sectors

Govt to announce fresh stimulus package today with focus on stressed sectors

The govt is all set to announce a fresh round of stimulus package on Thursday, just a couple of days before Diwali, to push the economy out of the unprecedented slide due to the Covid-19 pandemic.

Finance Minister Nirmala Sitharaman is expected to announce details of the new stimulus package at a press conference at 12:30 pm. The fresh economic package is expected to focus on urban and rural middle income groups, MSMEs, and sectors like aviation, hospitality and services.

The stimulus package was in the works for almost three months and several proposals have been considered by the PMO and finance ministry to alleviate stressed sectors. The package will come on the heels of incentives worth $27 billion over five years for manufacturers in 10 specified sectors.

A top government sources told that proposals which were under consideration included benefitting the urban and rural middle income groups and MSMEs and some sectors like hotels, hospitality and aviation.