3 June 2020
On May 12, 2020, the Honourable Prime Minister of India called for a self-reliant India Movement or the Atmanirbhar Bharat Abhiyaan, by announcing a stimulus package of INR 20 trillion (USD 267 billion) to revive the India economy. Towards this, the Honourable Finance Minister, through 5 consecutive days of interaction, announced and explained the contours of the stimulus package which is aimed at introducing bold reforms across various sectors. As expected, the stimulus package (which is almost 10% of India’s GDP, including certain reforms announced earlier) focusses on land, labour, liquidity and laws, and caters to various segments of the Indian economy. The stimulus package can be described as a three-fold plan for making India self-reliant through:
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Liquidity infusion into the cash strained sectors which have been hit the hardest by the COVID-19 pandemic and the following lockdown;
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Privatisation of growth-critical sectors including power, coal and mining, defence and civil aviation; and
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Introduction of measures to promote governance, corporate and policy reforms for ease of doing business in India.
Together, these steps aim to revive the Indian economy and also create new opportunities in India’s unexplored space and nuclear & atomic sectors.
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For further information, please contact:
Souvik Ganguly, Partner, Acuity Law
al@acuitylaw.co.in
