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Business Economy


Middle class is there on govt's radar in every segment of economic package: FM

New Delhi, May 23 (UNI) Finance Minister Nirmala Sitharaman said on Saturday the major announcements in the economic stimulus focus on poor, the marginalised and stressed that middle class was there on government's radar in every segment.
During her conversation with party colleague Nalin Kohli on various aspects of the recently announced economic package, she said, ''The initial panic was on the EMIs, so we worked closely with the RBI and they responded. I tend to think middle class is there in every segment, like in farm related allied activities, say, you could be part of dairy activity, an fish entrepreneur, you could be food processor....''
She pointed out that relief was also provided to the middle class in the budget announcements and pointed to the income tax changes.
On criticism on the package, Ms Sitharaman said the government has heard everybody and then gone about stimulating economy, restarting companies and giving relaxations.

''The intent is not to understand but to pick holes,'' she said in response to the questions about the fiscal stimulus package of Rs 20 lakh crore being called ''too little , too late''.
She maintained that the idea was to restart economic activity, put some cash in peoples hands, and infuse liquidity in the system.
The Finance Minister said the government compared announcements made by other countries.
''We should be not confused about this. Every country has brought in a basket of things, some fiscal, some monetary...They have also gone into liquidity being infused. We are not different form them. The proportion might vary. We have come with measures which will get more liquidity into the market. People will get money in hand and kickstart demand''.
Elaborating the government’s approach, the Finance Minister said the government has heard everybody and then gone about stimulating economy, restarting companies and giving relaxations.
being told that automobile, retail, entertainment, among others, feel that they got left out, Ms Sitharaman said she did not come up with sectoral references, adding that they have not excluded anyone.
She said the banks have been told to disburse loans and ''not fear the 3Cs: the Central Bureau of Investigation (CBI), the Central Vigilance Commission (CVC) and the Comptroller and Auditor General of India (CAG).''
''...We discussed threadbare where this fear comes from. If a decision goes wrong, banks are assured that no action will be taken if the decision is not malafide, ''she said.
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