Nirmala Sitharaman
Nirmala Sitharaman
Photo Credit: PTI

Union Finance Minister Nirmala Sitharaman will addresss a press conference at 3 PM today.

The second wave of COVID-19 has impacted many sectors. The Finance Minister is likely to make announcements related to some economic relief measures for the sectors severely affected by the coronavirus pandemic.

The government is working towards an Emergency COVID Response Preparedness (ECRP-2) package to boost the economy which was badly hit by the second wave of the coronavirus pandemic in April-May. The ECRP-2 package of more than Rs 20,000 crore is aimed at containing or minimising a possible third wave of infections in the country, according to a report in The Economic Times.

“The idea is to prepare in advance for another possible wave and halt its spread,” a senior government official was cited as having said, in the financial daily. The Health and Finance Ministry is working to finetune the package, and it will be announced after a nod from the cabinet, the report said.

The Indian economy requires a Rs 3 lakh crore fiscal stimulus, including cash transfer to households through Jan Dhan accounts to spur economic growth amid the pandemic, industry chamber CII said on Thursday and pitched for appointment of a ''Vaccine Czar'' for speedy vaccination coverage.

CII President T V Narendran also said the chamber expects GDP to grow at 9.5 per cent in 2021-22 as the strong growth in the second half of the fiscal year will be supported by robust external demand and large-scale coverage of vaccination, allowing resumption of economic activity.

He also advocated for appointment of a "Vaccine Czar" for speedy vaccination coverage.

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Free Press Journal