New Delhi, March 24
To cushion the impact of coronavirus outbreak in the country, which has forced many states to impose lockdowns, the government is readying an economic package, said Finance Minister Nirmala Sitharamn. She will also address the media at 2 pm today, specifically on statutory and regulatory compliance matters.
“Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Via video conference,” Finance Minister Nirmala Sithraman said in a tweet.
Prime Minister Narendra Modi will address the nation, second time in a week, at 8 pm today on the coronavirus outbreak.”Will address the nation at 8 PM today, 24th March 2020, on vital aspects relating to the menace of COVID-19,” Modi tweeted.
He had addressed the nation on efforts to combat the virus on March 19. He had also announced setting up of a task force, to be headed by Finance Minister Nirmala Sitharaman, to look at measures to limit economic hardship caused by the COVID-19 pandemic.
To mitigate the impact of coronavirus outbreak on the economy, Inc has sought a host of measures, including a year-long moratorium by banks on debt repayment, tax cuts and fiscal stimulus to needy citizens through Aadhaar-based direct benefit transfer.India
India has already been facing growth deceleration, with GDP growth falling to 4.7% in the third quarter of FY2020. The impact of COVID-19 is likely to drag it down further amid fears of a global recession.
“Fiscal and monetary stimulus measures need to be announced urgently,” CII Director General Chandrajit Banerjee said.