FM begins consultations on economic package

After Prime Minister Narendra Modi’s address to the nation Thursday night on the economic fallout of the spreading coronavirus infection, finance minister Nirmala Sitharaman acted swiftly on Friday and met ministers and officials to explore support measures for affected sectors like micro, small and medium enterprises (MSME), tourism, aviation and animal husbandry.

Officials said the government debated the need to take immediate steps to help sectors like MSME, diary and livestock on a priority. For the MSME, officials said, “The government is mulling allowing late repayments of loans and other liabilities.”

The MSME ministry is concerned about the nonpayment of nearly Rs 6 lakh crore dues to the sector by the government and large private firms. The ministry sought various measures to help the sector tide over the crisis.

Later, addressing the press, Sitharaman said an economic package for the coronavirus-hit sectors will be announced "as soon as possible", but she did not give any timeline for doing so.

"I had a meeting with

tourism, MSME, civil aviation, animal husbandry sectors. These ministries presented assessment of their sector,” she said.

The ministry will hold an internal meeting on Saturday to firm up the action plan to deal with

the crisis, she added.

About the package in the making, she said "it will be difficult to give timeline but it will be done as soon as possible."

She said the task force announced by Mr Modi is yet to be constituted.