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Finance Minister announced third tranche of Rs.20 lakh crore economic package

Finance Minister announced third tranche of Rs.20 lakh crore economic package

Friday 15th May 2020

Finance Minister Nirmala Sitharaman announced the third Tranche of Rs.20 lakh Economic Package on 15 May in New Delhi. On 12 May, Prime Minister Modi announced an Economic relief Package of Rs.20 lakh crore with an aim of making it "Atma Nirbhar" or self-reliant.

Addressing the media, the Finance Minister said that today's tranche focuses on agriculture and said, "In the last two months, a number of measures have been taken to support farmers. The MSP purchases to an extent of Rs 74,300 crores was made. Further under PM Kisan fund transfer of Rs 18,700 crore was made in the past two months."

This implies that the remaining nearly Rs 3.54 lakh crore of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi on May 12 is yet to be announced.

Of the total announcement of Rs 3.16 lakh crore (on Thursday), the total cash outlay for the Government will be around Rs 14,50014,750 crore. The impact of Thursday’s package on fiscal deficit is expected to be minuscule at 0.07 per cent of GDP, SBI’s ‘Ecowrap’ report said.

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