The federal government has solely taken a pause and extra measures can be introduced within the days to come back to assist sectors hit by the coronavirus outbreak and likewise to make India ‘Atmanirbhar Bharat”, Minister of State for Finance Anurag Thakur mentioned.
For the reason that outbreak of the pandemic, the federal government has taken a number of steps to mitigate the hardships of the folks on account of lockdown and help progress, Mr Thakur instructed PTI in an interview.
Solely this Sunday, he mentioned, the federal government on the path of Prime Minister Narendra Modi introduced a complete financial bundle of Rs 20.97 lakh crore to help the economic system hit exhausting by COVID-19.
“We came first with the ease of compliance. The second was for the Pradhan Mantri Garib Kalyan package (Rs 1.70 lakh crore) and the third was this stimulus package of Rs 20.97 lakh crore. This can’t be the end,” he mentioned whereas sharing particulars of a sequence of bulletins.
“The announcements have taken a pause and the action will continue,” the minister mentioned when requested whether or not the federal government was anticipated to come back out with extra measures to cope with the present financial disaster following the coronavirus outbreak.
Emphasising that the federal government is delicate to the wants of individuals and companies, he mentioned, the ministry is taking the inputs from varied sectors.
“Tourism is a really essential sector for us. Hospitality is a crucial sector for us. Civil Aviation is a crucial sector for us. In a rustic like India the place they contribute to the GDP, not solely GDP however tens of millions of jobs have been offered by means of these sectors. We’re very open about these sectors, and others if any have been unnoticed.
“However let me say right here additionally many may also fall into different classes which have been benefited. Some will profit from the sequence of bulletins made for the MSME sector. Small accommodations which fall into this class can benefit from the announcement made within the Atmanirbhar Bharat Abhiyan bundle,” he mentioned.
Stressing that financial reform is a steady course of, the minister mentioned, “I am going to say the 12 months 2020 can be referred to as the 12 months of reforms.”
In daring reforms geared toward boosting the sagging economic system, the federal government final week introduced a number of reforms together with a slew of measures for the agriculture sector, defence manufacturing, civil aviation and mining sector.
“The long-pending demand for the change of definition of MSME, taking farmers out of the clutches of the Important Commodities Act and the APMC Act have been seen as historic steps. Opening up of the coal mining and mineral sector on the identical time has been a really constructive step in the direction of self-reliance,” he mentioned.
“Aside from that opening up of the house sector will not be a small reform. Allowing overseas traders to come clean with a 74 per cent stake in defence manufacturing ventures beneath the automated route, from the present 49 per cent restrict is one other huge daring transfer,” he mentioned.
Additionally, the listing of weapons that can not be imported can be expanded to provide Make in India a lift and reduce down the import invoice and enhance export potential.
Rebutting the criticism that the federal government has not finished sufficient to push demand, the minister mentioned that the central authorities has transferred funds on to the needy, whether or not it was fund switch to 20.5 crore Jan Dhan account holders or 2.2 crore nationwide safety help programme beneficiaries, or 9 crore farmers.
In addition to, he mentioned, the federal government has undertaken a number of different measures which is able to instantly profit the needy folks. These embrace distribution of free ration to about 80 crore folks, gasoline cylinders beneath the Pradhan Mantri Ujjwala Yojana and so on.
The federal government, the minister mentioned, has introduced a sequence of measures to assist the MSME sector which employs the best variety of folks (about 12 crores) after agriculture.
Amongst different issues, the federal government has made a provision of Rs three lakh crore of collateral-free mortgage for the MSME sector.
“I believe that is going to make stronger the MSME sector,” the minister mentioned, including it should assist in defending jobs and there can be no extra layoffs.
On the identical time, the minister mentioned, the cash within the fingers of individuals will go a great distance in boosting combination demand within the economic system.
(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)