Headlines: Finance Minister Nirmala Sitharaman May Announce Another Stimulus Package Today

Finance Minister Nirmala Sitharaman is set to address media on Thursday, a day after government officials said India was planning to announce a fresh round of stimulus worth about $20 billion in the week to pull the economy out of its worst contraction. A Reuters report, citing sources had said Prime Minister Narendra Modi, Sitharaman and other top officials would finalise the plan on Thursday. The financial stimulus package may be announced before Diwali – on Thursday or Friday, a top finance ministry source told News18. It will be focused mainly on employment generation and incentives for stressed sectors, the source added. After several rounds of discussion the government has almost finalised the next stimulus package, the source said, adding that the size of the stimulus could be much lower than the earlier announced amount of Rs 20 lakh crore. The government may announce the reintroduction of the Pradhan Mantri Rojgar Protsahan Yojna in an expanded form, they said. Under this scheme government may give 10 percent subsidy on PF contribution for new employees and the employer, both.

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