First tranche of package seen at ₹5.9 lakh cr.

The economic package announced by Finance Minister Nirmala Sithararam on Wednesday, which was the first tranche of the ₹20 lakh crore package announced by Prime Minister Narendra Modi, is estimated at ₹5.9 lakh crore by a Goldman Sachs report.

“Our calculations suggest that the measures announced would amount to ₹5.9 trillion, or 2.8% of FY21 GDP,” the report said.

. A relief package of ₹1.7 lakh crore was announced earlier by the government.

“We expect a remaining ₹4.4 lakh crore of announcements (2.1% of GDP) over the next few days,” the report said.

The first tranche of measures include ₹3 lakh crore collateral free 4-year tenure loan for micro, small and medium enterprises (MSMEs) with moratorium on payment for first 12 months. A loan provision of ₹20,000 crore for stressed MSMEs was also made and a ₹30,000 crore special liquidity scheme for investment in debt papers of NBFCs was announced, among other schemes.

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