The Madhya Pradesh unit of the Congress party has asked for a 50% of the GDP financial package
Bengaluru: As expected, the Congress has criticized Prime Minister Narendra Modi over the announcement of the financial package worth Rs 20 lakh crore.
The Madhya Pradesh unit of the Congress party has asked for a 50% of the GDP announcement.
It tweeted thus:
"20 lakh crore only? Modi Ji, this is a pandemic. Everything is destroyed. Not just 10% of GDP, at least give 50% of GDP," tweeted the Madhya Pradesh Congress.
केवल 20 लाख करोड़..?— MP Congress (@INCMP) May 12, 2020
ये महामारी है,
सब कुछ चौपट हो चुका है।
जीडीपी का केवल 10% नहीं,
कम से कम जीडीपी का 50% तो दीजिये।
As reported by Republic TV, as per the Economic Stimulus Index (CESI), India's package is one of the largest in the world. Even among G20 nations, the largest stimulus fund announced by Japan for the country stands at 21% of its GDP.
5th largest package:
The website adds that this financial package fares as the fifth-largest among G-20 economies in terms of spending as a percentage of GDP. Amongst these, Japan leads the list by spending 21.1% of GDP on COVID-19 related economic stimulus measures. Japan is followed by the United States which has committed to a three-phased congressional stimulus package at $8.3 billion, $192 billion and $2.5 trillion, equating to approximately 13.3% of US GDP. The US is followed by Australia at 10.8% and Germany at 10.7%.
It was on Tuesday that the Prime Minister announced a stimulus package amounting to Rs 20 lakh crore to extricate an ailing economy.
The stimulus is accommodative enough to embrace farmers, labourers, daily wage workers among others.
This evening at 4 pm, finance minister Nirmala Sitharaman is expected to throw more light on the issue in a presser.
A few weeks ago, the Modi government had announced the first financial package worth Rs 1.7 lakh crore.
The whole country now waits with bated breath for Nirmala Sitharaman to throw more light on the issue.
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Last Updated May 13, 2020, 1:28 PM IST