Tag: economic package

Aviation stocks Indigo and SpiceJet tanked as much as 11 per cent on the BSE on Monday after the government's Rs 20 trillion economic packages disappointed to deliver immediate liquidity support to the bleeding airlines and another extension of the lockdown. The share price of SpiceJet fell 5% to trade at Rs 43.45 per share while that of IndiGo tanked 11.3% to trade at Rs 882 apiece. The aviation industry has been one of the worst affected with the business under a complete shut down at present. Finance Minister Nirmala Sitharaman announced three measures for the sector, on Saturday, India would rationalise its air space for civil aviation purposes which, at present, is capped at 60 per cent. Besides, she said six airports will be privatised, private companies will make an additional investment of Rs 12,000 crore on 12 airports auctioned before, and tax structure will be rationalised for the Maintenance, Repair and Overhaul (MRO) industry. Read more

Prime Minister Narendra Modi today (12th May 2020) announced a Rs 20-trillion economic package to “make India self-reliant” and ready to "own the twentieth century". "The economic package will focus on land, labour, liquidity, and law. It will help small businesses, migrants, farmers," said Modi in a televised address to the nation. The package is aimed at undoing the devastating impact of the nationwide lockdown, first enforced on March 24 to contain the spread of coronavirus. Finance Minister Nirmala Sitharaman will announce details of the special economic package, close in value to 10 percent of the country’s gross domestic product (GDP), in the next few days.