The government announced an economic package worth about Rs 6 lakh crore comprising Rs 3 lakh crore of collateral-free loans for small businesses and a Rs 30,000 crore lifeline to non-bank and housing finance companies
- Last Updated: May 13, 2020, 9:40 PM IST
The Left parties on Wednesday said the economic package announced by Finance Minister Nirmala Sitharaman failed to address the immediate concerns of people, describing it as a “farce” that propagated the policies which had in the first place led to an economic crisis even before the onset of the coronavirus pandemic.
“The so-called ‘package’ by Modi govt is a farce. Those who urgently and immediately need help are walking hungry on the roads or looking for a meal from somewhere. This is completely insensitive to the existential crisis being faced by crores.
“We are witnessing the pettiest form of politics from Modi govt. There is nothing for the state govts which have been asking for funds, as they are at the forefront of fighting the pandemic. Nothing for them, not even their legitimate dues!,” CPI(M) general secretary Sitaram Yechury said in a tweet.
The government on Wednesday announced an economic package worth about Rs 6 lakh crore comprising Rs 3 lakh crore of collateral-free loans for small businesses and a Rs 30,000 crore lifeline to non-bank and housing finance companies as part of measures to help the economy tide over disruptions caused by the coronavirus lockdown.
Also, it cut the tax rate on non-salary payments by 25 per cent, extended support to companies to meet statutory liability on employees’ retirement fund, provided a Rs 90,000 crore bailout to cash-starved electricity distribution companies and gave construction firms up to six more months to complete government projects.
Announcing the first set of components of the Rs 20 lakh crore COVID-19 economic stimulus package announced by Prime Minister Narendra Modi, the Finance Minister said the measures will help “spur growth and build a very self-reliant India”.
“They had brought the economy to its knees even before the pandemic. From both the PM and the FM we were expecting some immediate relief for the working class and the migrants. This has not come. They did not address the issues of joblessness and hunger.
“The FM’s address was just regurging and promotion of the government’s economic policy over the last six years which had led to the economic crisis in the first place even before coronavirus,” said CPI general secretary D Raja.