Cautious welcome: PC reacts to stimulus pkg

March 26, 2020 17:24

Former finance minister reacts to FM Nirmala Sitharaman's economic stimulus package in the wake of the COVID-19 pandemic. This is what he had to say: " I am glad that the government has announced a Financial Action Plan today that reflects some elements of the 10-point plan that I had put forward yesterday. I offer a cautious welcome.

-- It is a modest plan. In due course, the government will realize that it must do more. The plan gives adequate additional foodgrain to the poor for three months, and that is welcome.

-- The plan does not put enough cash in the pockets of the poor. Some sections have been left out altogether.

-- Our estimate of (the additional money that will be transferred (including the value of the grain and pulses) is Rs 1 lakh crore. Necessary but not sufficient at all.

-- You will notice that suggestions like help to tenant farmers and destitutes, maintaining current levels of employment and wages, tax deferment, EMI deferment, GST rate cut, etc. have not been addressed.

-- Lets hope there will be a Plan II shortly."

This is what Chidambaram had suggested.

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