Since the outbreak of the pandemic, the federal government has taken a number of steps to mitigate the hardships of the folks due to lockdown and help development, Thakur instructed PTI in an interview.
Only this Sunday, he mentioned, the federal government on the path of Prime Minister Narendra Modi introduced a complete financial package deal of ₹20.97 lakh crore to help the economic system hit laborious by COVID-19.
“We came first with the ease of compliance. The second was for the Pradhan Mantri Garib Kalyan package ( ₹1.70 lakh crore) and the third was this stimulus package of ₹20.97 lakh crore. This can’t be the end,” he mentioned whereas sharing particulars of a collection of bulletins.
“The announcements have taken a pause and the action will continue,” the minister mentioned when requested whether or not the federal government was anticipated to come out with more measures to deal with the present financial disaster following the coronavirus outbreak.
Emphasising that the Modi authorities is delicate to the wants of individuals and companies, he mentioned, the ministry is taking the inputs from varied sectors.
“Tourism is a very crucial sector for us. Hospitality is a vital sector for us. Civil Aviation is a vital sector for us. In a nation like India the place they contribute to the GDP, not only GDP however hundreds of thousands of jobs have been supplied by means of these sectors. We are very open about these sectors, and others if any have been neglected.
“But let me say here also many will also fall into other categories which have been benefited. Some will benefit from the series of announcements made for the MSME sector. Small hotels which fall into this category can take advantage of the announcement made in the Atmanirbhar Bharat Abhiyan package,” he mentioned.
Stressing that financial reform is a steady course of, the minister mentioned, “I’ll say the year 2020 will be known as the year of reforms.”
In daring reforms aimed toward boosting the sagging economic system, the federal government final week introduced a number of reforms together with a slew of measures for the agriculture sector, defence manufacturing, civil aviation and mining sector.
“The long-pending demand for the change of definition of MSME, taking farmers out of the clutches of the Essential Commodities Act and the APMC Act have been seen as historic steps. Opening up of the coal mining and mineral sector at the same time has been a very positive step towards self-reliance,” he mentioned.
“Apart from that opening up of the space sector is not a small reform. Permitting foreign investors to own up to a 74 per cent stake in defence manufacturing ventures under the automatic route, from the current 49 per cent limit is another big bold move,” he mentioned.
Also, the checklist of weapons that can’t be imported will probably be expanded to give Make in India a increase and reduce down the import invoice and enhance export potential.
Rebutting the criticism that the federal government has not carried out sufficient to push demand, the minister mentioned that the central authorities has transferred funds instantly to the needy, whether or not it was fund switch to 20.5 crore Jan Dhan account holders or 2.2 crore nationwide safety help programme beneficiaries, or 9 crore farmers.
Besides, he mentioned, the Modi authorities has undertaken a number of different measures which can instantly profit the needy folks. These embody distribution of free ration to about 80 crore folks, gasoline cylinders beneath the Pradhan Mantri Ujjwala Yojana and so forth.
The authorities, the minister mentioned, has introduced a collection of measures to assist the MSME sector which employs the very best variety of folks (about 12 crores) after agriculture.
Among different issues, the federal government has made a provision of ₹three lakh crore of collateral-free mortgage for the MSME sector.
“I think this is going to give a boost to the MSME sector,” the minister mentioned, including it should assist in defending jobs and there can be no more layoffs.
At the identical time, the minister mentioned, the cash within the fingers of individuals will go a good distance in boosting combination demand within the economic system.