Union Finance Minister Nirmala Sitharaman announced on Thursday the 12th November, 2020 new stimulus measures worth Rs 2.65 lakh crore, under Atmanirbhar Bharat Abhiyaan 3.0 to boost the Indian economy amid the ongoing COVID-19 pandemic. The new stimulus package reinforces the ‘fiscal conservatism’ ideology of the government — rather than large cash transfers, the growth philosophy centres around creating an ecosystem that aids domestic demand, incentivises companies to generate jobs and boost production. (She also informed that the total stimulus announced by the Government and Reserve Bank of India till date, to help the nation tide over the COVID-19 pandemic, works out to ₹ 29.87 lakh crore, which is 15% of national GDP. Out of this, stimulus worth 9% of GDP has been provided by the government.)
