The national directives on new lockdown are likely to be issued on May 31 for next fortnight.
Officials said the focus is on implementation of the measures announced in the package before any fresh ones are undertaken. "Focus, right now, is to implement the various elements of the package... A number of them need cabinet approval. So, the process has been set in motion," said one of the officials.
Labour minister Santosh Kumar Gangwar said the abolition of worker protections by some states aimed at attracting investment won’t be approved by the Centre in the current form.
FM says she kept lessons of the 2008-13 period in mind when designing the Covid stimulus.
Assistance formula designed with everyone in mind... first see where the money is going: Finance Minister, Nirmala Sitharaman
Finance minister Nirmala Sitharaman says learnings from the experiences of 2009-13 have prompted the government to be responsible while announcing the ₹20 lakh crore stimulus package and not splurge.
The cabinet is likely to take up key proposals of the ₹20 lakh crore package, including guarantees for collateral-free loans to small businesses, this week, a senior government official told ET.
She also unveiled a Rs 1.50 lakh crore package for the farm sector including a dedicated fund to create farm gate infrastructure and aid formalisation of micro food enterprises to take them global.
This SPV will be the main vehicle for providing support to NBFCs as part of the economic package announced Tuesday and will carry out primary and secondary market operations toward this end, he said. This means it will subscribe to debt issued by NBFCs and also buy it from the secondary market to provide liquidity, which will make such paper more attractive to other investors.
Prime Minister Narendra Modi said on Tuesday that the Covid-19 crisis has taught us the importance of local manufacturing, local market and local supply chains.
The first part of the package targeted at MSMEs and migrants could come early this week, the official said. A package for services, one of the worst affected sectors, could follow soon.
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