Prime Minister Narendra Modi has formed an informal group of ministers (GoM) to monitor the implementation of the Rs 20 lakh crore economic stimulus package that was announced by him last week. The details of the package were unveiled by Finance Minister Nirmala Sitharaman over five press conferences, ending on Sunday.
According to a report in The Indian Express, the informal group is chaired by Defence Minister Rajnath Singh and includes top ministers of the Modi cabinet including Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Railways and Commerce Minister Piyush Goyal a well as Civil Aviation Minister Hardeep Singh Puri. The GoM is likely to start monitoring at the earliest, possibly even from Monday, the daily stated.
The all-inclusive stimulus package aims for a self-reliant India or Atma Nirbhar Bharat. The total stimulus of Rs 20,97,053 crore includes Reserve Bank of India's earlier measures worth Rs 8,01,603 lakh crore as well as Pradhan Mantri Garib Kalyan Package (PMGKP) that accounts for Rs 1,92,800 crore.
The first tranche of announcements made by Sitharaman that included measures for MSMEs and for taxpayers amounted to Rs 5,94,550 crore, while the second tranche stood at Rs 3,10,000 crore. The second tranche aimed at migrant workers and urban poors among others. The third tranche looked at Food Micro Enterprises (FMEs) totalling Rs 1,50,000 crore. Tranches four and five accounted for Rs 48,100 crore.
"Measures and reforms announced by the FM today will have a transformative impact on our health and education sectors. They will boost entrepreneurship, help public sector units and revitalise the village economy. Reform trajectories of the states will also get an impetus," said PM Modi after the announcements wrapped up on Sunday.