2nd Lockdown Stimulus Package On Agenda At Cabinet Meet At PM's Residence

India COVID-19 Cases: PM Modi is holding a cabinet meeting at his residence today.

A new stimulus package to tackle the coronavirus crisis and the impact of the extended nationwide lockdown is on the agenda at a cabinet meeting taking place at Prime Minister Narendra Modi's residence today.

If approved, this will be the second COVID-19 stimulus package since the country went into lockdown to check the spread of the highly contagious virus.

A package of Rs 1.7 lakh crore was approved earlier this month.

On today's cabinet agenda is the Companies (Amendment) Bill  which is expected to be brought as an ordinance. Insolvency and bankruptcy code changes are also expected to be brought as an ordinance to safeguard companies from going through this route for the next six months or the time specified.

Last week, PM Modi and Finance Minister Nirmala Sitharaman met to discuss a financial package, which is likely to cover relief for MSMEs (Micro, Small & Medium Enterprises) and tourism.

The decision to increase Dearness Allowance for government employees and pensioners has already been kept on hold. The cabinet had earlier cleared a 4 per cent hike in DA from the existing 17 per cent. The decision will impact over 54 lakh government employees and 65 lakh pensioners.

The government said it would consider the hike when India was in a better financial position later next year.

The number of coronavirus cases across the country has climbed to nearly 20,000, including 640 deaths.