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.
Maharashtra Politics: Shinde captures Thane and Navi Mumbai, will Shiv Sena be able to save BMC?
Maharashtra Politics: Uddhav Thackeray is facing one big setback after the loss of power in Mahar
President Biden will join G-20, Jean Pierre said – We are ready to support India's presidency
White House Press Secretary Karine Jean Pierre said that President Joe Biden will attend the G-20
Big news for the students of senior classes in schools across the country. The central government
On Thursday, Team India was announced for the Sri Lanka tour. On this tour, Team India got a new
After the voting on 90 seats of Haryana was over, the countdown started for the formation of a ne
The atmosphere of the campus was heated up on Thursday morning by a controversial poster after th
Mark Zuckerberg: Meta Launches NFT Support in 100 Countries on Instagram
Facebook's parent company Meta CEO Mark Zuckerberg has said that the company is going to introduc
Riyaz Jabbar and Ghaus Mohammad, who killed Kanhaiyalal in Udaipur, were building sleeper cells f
IND vs NZ: India's tour of New Zealand postponed after T20 World Cup, know what is the reason
The Indian cricket team has to go on a tour of New Zealand in November after the T20 World Cup. D
The Indian team is currently busy preparing for the Champions Trophy tournament starting on Febru
