New Delhi: Union Finance minister Nirmala Sitharaman has announced a slew of measures on Thursay as part of an economic relief package meant to address the crisis unleashed by the Coronavirus pandemic and the subsequent shutdown of economic activities. The Phase 1 of the economic relief package puts the last man first and aims to provide financial aid for the poor and insurance cover to those working on the frontlines in the fight against Coronavirus.
The Finance Minister had announced a number of measures on March 24, including extension of tax deadlines, easing minimum balance norms for savings account, and increasing threshold of insolvency filing to Rs 1 crore from Rs 1 lakh. Thursday's announcements are only the first phase of provisions announced by the government. The rest of the economic relief package will be unveiled by the government in the days to come.
Here are key highlights from the economic relief package: