20 LAKH CRORE STIMULAS PACKAGE; BIG FIGURES WITH LITTLE MEANING : SDPI
New Delhi : MK Faizy ,National President Of Social Democratic Party Of India in a statement released to the press has criticized the 20 lakh crore stimulus package as just big figures with little meaning. Though the govt claims that the package is equal to 10% of Indian GDP it is clever jugglery of numbers, he said. In fact it Includes 1.7 lakh crore previously declared under Pradhan Mantri Garib Kalyan Yojana and 6.5 lakh crore is part of several measures taken by Reserve Bank Of India to improve liquidity.
One of the major items in the package, 3 lakh crore earmarked for MSMEs depends on the willingness of banks and financial institutions. Instead of waving off or extending sufficient payback time on previous loans, the govt have given an imaginary relief to the troubled MSMEs.
It is to be noted that 1.7 lakh crore declared under Pradhan Mantri Garib Kalyan Yojana has not yet been distributed properly.it is really shocking that the package offers no concrete relief to the hundreds of thousands of poor ,hungry and devastated migrant workers who are still walking back to their homes. It is a clear case of insensitivity on the part of the regime which is clueless about economic problems mushrooming in the country.
The Stimulus Package looks almost similar to the pre-election promise of the Prime Minister to give 15 lakhs to every Indian, MK Faizy added.