PM Modi, BJP welcome Sitharaman’s economic package; oppn not pleased

While Prime Minsiter Narendra Modi, UP and MP Chief Minister welcomed FM's economic stimulus announcements, opposition leaders such as P Chidambaram expressed disappointment.

Nirmala Sitharaman
Finance Minister Nirmala Sitharaman announced that the stimulus package is intended to facilitate the revival of the economy, in the wake of the nationwide COVID-19 lockdown. Representative Photo: PTI

Union Finance Minister Nirmala Sitharaman announced an economic stimulus package, giving a slew of relief measures for businesses, including micro, small and medium enterprises (MSMEs), while addressing a press conference today (May 13).

The Finance Ministry’s economic package was a part of the Rs 20 lakh crore stimulus announced by Prime Minister Narendra Modi a day before, to help build a self-reliant India and spur economic growth.

FM Sitharaman, while announcing the first tranche of the booster measures along with deputy MoS Finance Anurag Thakur, said that a facility of ₹3 lakh crores collateral-free automatic loans will be enabled for business, MSMEs. She added that the move will enable as many as 45 lakh MSME units to resume business activity and to also safeguard jobs.

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Several political leaders and Chief Ministers of states have responded to the economic package announced by the FM. Prime Minister Narendra Modi has welcomed the move, appreciating the special focus on MSMEs.

Uttar Pradesh Chief Minister Yogi Adityanath and Madhya Pradesh Chief Minister Shivraj Singh Chouhan also agreed with the steps announced as part of the economic package.

UP CM Adityanath also announced that they will start an online loan fair for MSME sector from May 14 as the state has the largest number of units linked to the sector. Around 36,000 business persons will get a loan worth Rs 1600 – Rs 2000 crore tomorrow (May 14).

However, opposition leaders such as P Chidambaram and West Bengal Chief Minister Mamata Banerjee were displeased with the economic booster package. P Chidambaram, former Finance Minister and Congress leader said that nothing was announced for the thousands of poor migrant workers in the economic package.

WB CM Mamata Banerjee expressed disappointment as she said that nothing was announced for the states.

 

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