Finance Minister Nirmala Sitharaman Announces New Measures to Revive Economy

Finance Minister Nirmala Sitharaman is announcing new stimulus measures to rescue the economy out of a historic contraction. “A number of indicators are showing that recovery is clearly happening in the economy,” the Finance Minister said in a media briefing. Her press conference comes at a time when economists have called for the need for further impetus to aid a revival in an economy battered by the world’s biggest lockdown to curb the spread of COVID-19. The government’s last monetary and fiscal support of Rs 21 lakh crore, called the Atmanirbhar Bharat package, was introduced in May this year. Many economists say that the Atmanirbhar package has largely failed to soften blow of the strict coronavirus lockdown as it focused on providing liquidity and collateral-free credit for small businesses but with little actual spending.

Here are key highlights of Finance Minister Nirmala Sitharaman’s media briefing:

  • Going to announce few new measures
  • First, would like to give you a picture of economic situation, and impact on Atmanirbhar Bharat announcements made recently
  • Active cases of COVID-19 have declined
  • In last 10-15 days, there have been many measures and indicators showing recovery clearly happening
  • GST collections were at Rs 1.05 lakh crore in October, up 10% year-on-year
  • Bank credit growth has improved compared to last year
  • Markets are at record highs (Catch latest updates here)
  • Forex reserves have reached $ 560 billion
  • Moody’s has today revised India GDP projection to -8.9% (2020-21) from -9.6%
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