Covid-19: Central Government may announce another economic package in view of the economy


Posted on 30th May 2020 11:58 am by rohit kumar

The central government may once again announce another package of fiscal, monetary and policy measures to boost demand in the economy following a nationwide lockdown imposed for the corona virus disease (COVID-19) epidemic. Requesting anonymity, an official informed that an in-depth assessment of Rs 20.97 lakh crore will be done before the possible announcement. Some critics have stated that the package of fiscal and monetary measures, which included previous announcements, were not enough to overcome the economic consequences of the ovid-19 and the ensuing lockdown.

 

The official informed that the government has kept all its options open and will respond with appropriate measures to streamline supply and boost demand to keep the economy on a high growth trajectory. The other two officials said the next package, which is expected to arrive in less than a month, will complete the essentials left by the package already announced since March 26. The package will be prepared after discussion with all stakeholders. According to the Finance Ministry, public sector banks (PSBs) sanctioned loans worth Rs 6.45 lakh crore in about 5.5 million accounts between March 1 and May 15, but officials say the real figure is low. According to the Finance Ministry, the loan disbursement will begin after the lockdown is lifted. The fourth phase of the lockdown is scheduled to end on May 31.

 

HT quoted Niranjan Hiranandani, president of the Associated Chambers of Commerce and Industry of India (Assocham) as saying that the industry, especially the MSME, needs money. It is good that the money has been sanctioned, now the disbursement should happen as soon as possible. Experts say that borrowers are hesitating to take advantage of approved loans, as they are not seeing enough demand in the economy. On 22 May, the Reserve Bank of India reduced the policy rates by 40 basis points (bps) to provide relief to borrowers trapped in the Covid-19 economic downturn and extended the three-month deferment to repay the loan. This was the third monetary intervention after 27 March. The self-reliant India package included RBI measures of 8.01 lakh crore.

2 Like 0 Dislike
Previous news Next news
Other news

PM Modi wrote open letter to public, read also; Said- The ability to surprise the world in India

New Delhi. India is on the path of victory in the fight against Corona infection and victory is s

Children cannot watch Hollywood movies in North Korea: Kim's order – 5 years in jail for watching foreign shows, parents will also be trapped

In North Korea, parents can be jailed if their children watch a Hollywood movie or series. For wa

Positivity rate crosses 19% in 2 states of the country: 16,281 new corona patients found; 13 lakh people got booster dose as soon as it became free

Corona cases are increasing continuously in the country. On the previous day, 16,281 new corona p

Sikandar: Salman Khan is preparing to become 'Sikandar', and will start shooting for AR Murugadoss's film from this day.

Salman Khan is in the headlines these days. Recently, there was a firing between two accused outs

COVID-19 in Children: The second wave of corona in Bhubaneswar is affecting children, 85 children infected in 15 days

Bhubaneswar The corona is ringing alarm bells for young children in Bhubaneswar, the capital of O

Weather Update Today: Heavy rain alert in UP- Bihar, Red alert in Uttarakhand, know the weather of Delhi-NCR

Due to the low-pressure area formed over the Bay of Bengal, there may be light or heavy rain in s

INDW vs AUSW: Indian women's team got a big setback, Harmanpreet will not play in the second ODI against Australia

The three-match ODI series between India and the Australian women's team is underway. The team le

New IT rules: Delhi High Court adjourns hearing till August 4, digital media has challenged

The Delhi High Court on Thursday adjourned the hearing on all the petitions challenging the new I

IND vs SA: 'One of the 10 best innings in Indian Test history', Gavaskar praised KL Rahul's century

Lokesh Rahul's brilliant century in the first Test match against South Africa was praised by the

CM Dhami made a big statement in Delhi on Uniform Civil Code, outlined the committee, told who would be involved

Chief Minister Pushkar Singh Dhami is on a Delhi tour. He reached Delhi on Monday. On Tuesday, he

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash