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Finance Minister Nirmala Sitharaman will address a press conference at 12.30 pm today. The Finance Minister is expected to announce the third set of stimulus package to boost the coronavirus-hit economy today. Last month, Sitharaman had announced a slew of measures to spur demand and ramp-up capital expenditure.

According to a report in Reuters, the government is likely to announce a fresh round of stimulus totalling about 1.5 lakh crore to help pull the economy out of its historic contraction.

The package would follow Wednesday's earlier announcement of production-linked incentives (PLIs) worth about 2 lakh crore) over five years for manufacturers in 10 sectors.

Finance Minister Nirmala Sitharam said that the cabinet decided to create more PLIs to make sure job creation happens, sunrise sectors get a boost, India becomes part of the global value chain and becomes self-reliant.

"We are ensuring that India will be part of the global value chain and the critical sunrise sectors get the necessary support from the government so that we are able to build an India which is strong enough to service its own domestic market. We are also making sure that we are able to link up with the global value chains," she said.

Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and other top officials will finalise the plan on today, said the sources, who asked not to be named.

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