Compared announcements of other countries before comprehensive economic package was announced: Sitharaman
May 23, 2020
New Delhi [India], May 23 : Union Finance Minister Nirmala Sitharaman on Saturday said that the Rs 20 lakh crore comprehensive economic package was announced after comparing announcements of other countries and every country has thought of a basket of measures including fiscal and monetary steps.
She said the government has come up with measures which will lead to more liquidity in the economy.
"Before announcing the economic package, we've compared every announcement made by different countries before us to see what their package consisted of. Everything has been studied. Every country has brought in a basket of measures-fiscal, monetary, guarantee, central liquidity and so on," Sitharaman said in a video discussion with BJP leader Nalin Kohli.
She said other countries have also taken steps to boost liquidity through their central banks and guarantees by the government.
"To think that all other countries have come up with the only outgo from budget and not as though they've underplayed everything else they've done. On the contrary, they have also gone into liquidity being infused both through the central bank and through their own guarantee and other things," she said.
She said India has a great advantage in terms of technology.
"We are not at all different from them, the proportion might vary. When developed countries have certain institutions it is possible for them to go through one route and play less on the other route," the Finance Minister said, adding that India has a great advantage in terms of technology and transfer of cash and other things are possible.
"That's how through PM Garib Kalyan we could infuse cash into hands of people through their Jan Dhan accounts. We have come with measures which will get more liquidity into the economy," she added.
