20 Lakh Crore Package, With a financial package of Rs 20 lakh crore, Union Finance Minister Nirmala Sitharaman today said for the fifth time, “The new self-reliant India will stand on public sector enterprise policy. The private sector will also be welcomed in the strategic sector and in the public sector. After this announcement, there was an uproar in the opposition. Opponents allege that the central government is trying to privatize the public sector by taking advantage of the Corona situation.
Rs 20 lakh crore Package
Announcing a financial package of Tk 20 lakh crore on Saturday, the finance minister said that from now on, private companies will be given the responsibility of extracting huge amount of coal stored in the country. In the new 500 coal blocks of the country, the responsibility of extraction will be given to the private companies. As a result, the government’s monopoly on coal is coming to an end.
Today, in the fifth phase, the finance minister announced that areas such as coal, mining, electricity, and airports would be reformed. Private companies will be able to invest in these areas from now on. The country’s foreign direct investment ceiling has been raised to 74 percent.
The finance minister also said that Tk 11,000 crore has already been disbursed. More than Tk 4,000 crore has been given by the Ministry of Health. States have been given 3 consecutive weeks to overdraft the Reserve Bank. From now on, states will be able to borrow 6 percent. Again, in terms of GDP, 5 percent of borrowing has been waived. Earlier it was 3 percent. As a result, states will be able to borrow Tk 4.27 lakh crore from the market from now on.
As a result of the lockdown in this crisis of the Corona epidemic, the income of all the states can be said to be completely stopped. That is why the states made many demands to the Center. The central government has raised the rate from 3 percent to 5 percent, with states demanding financial assistance to deal with corona and raising borrowing limits. In the first week of April, the central government gave Rs 11,000 crore to the states to deal with the Corona disaster, the finance minister said.
Even a few months ago, the central government paved the way for privatization in some government sectors. This time the question is revolving in the minds of the people of the country, will the central government gradually privatize all government sectors? Since the Modi government came to power at the Center for the second time, it has gradually started privatization in a number of cases.
Many changes have taken place in the banking sector, especially after the reduction of government stakes in petroleum, shipping corporations and gem companies. Today, after this announcement, tension has been created in the opposition. Opposition parties have stated they will not run in the by-elections.
This time, the center has announced to give free rations for migrant workers Besides, Finance Minister Nirmala Sitharaman also announced that MNREGA has allocated another Rs 40,000 crore to provide jobs to migrant workers. The Finance Minister further said that the Opposition has criticized the Central Government on migrant workers and requested Congress President Sania Gandhi to sit down for a joint discussion instead of engaging in politics. Addressing the opposition, he said, “We should work together in the same way we are working with the states on the issue of migrant workers.”
Migrant workers who lost their jobs as a result of the lockdown are returning to their home states. Unable to buy train tickets, many workers walked home. As a result, many migrant workers are losing their lives in accidents in different places almost every day For this, the central government has instructed the states not to allow any worker to walk home by road or rail. States have been asked to take action.
Meanwhile, former Union Minister and veteran Congress MP Jairam Ramesh criticized the Centre’s policy. He said the Modi government was turning state-owned enterprises into cemeteries in the name of building a self-reliant India. India was known as a self-sufficient country because of these state-owned enterprises. Opposing the announcement, he said that the Finance Minister’s permission and scrutiny were required to implement the announcement.
The central government, however, is optimistic that the reforms will create more jobs and create more business opportunities.