Junior minister for finance Anurag Singh Thakur said that the government is open to more steps and clarifications on LTA benefits for private sector employees may come as early as this week. Thakur said that the overall intention was to help the less privileged or the less fortunate through this package. Thakur further said that the corporate sector too can take advantage of this scheme. The junior minister for finance is working closely with the finance minister on steps to revive the economy.
Excerpts:The overall intention was to help the less privileged or the less fortunate through this package. It was given to government employees, but the spending will be on certain goods, which will benefit the common small businesses that have been affected. If state governments and corporates come on board and take advantage of the scheme, a large section can be helped, directly and indirectly.
People are waiting for the fine print, what are the rules and the moment they go through that you will see many state governments deciding on similar packages. Even the corporate sector may consider them.Of course, there will be clarifications on who qualifies for the scheme and who are excluded.In the coming week.If you look at the earlier packages too, there was criticism. There will be some section which will believe in criticising the measures. But you have to look at the larger picture, India is the only country which has provided free foodgrains to the poorest 800 million, and for eight months. In addition, Rs 68,000 crore has been transferred directly to the bank accounts of the poorest of the poor. Then there are steps for MSMEs. We have been fine tuning all these packages from time to time based on feedback.The steps have helped get the economy getting back on track and this is visible in the numbers, be it record e-way bills or GST figures. People who had gone back to their villages are trying to go back to the industries. If you look at the last couple of months, people now have more confidence but everyone needs be cautious.
We have had detailed discussions and it was clearly stated that no state will have to bear the burden. As of today, most states have agreed to the Rs 1.1 lakh crore borrowing formula.
If you look at the six years of the Modi government, inflation has always been under check if you compare with the double-digit figure during UPA rule. I don’t see it as a challenge, this is a temporary phenomenon and is seasonal and will ease out in the coming days. Inflation will be under control soon.