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

Virat Kohli danced fiercely on 'Natu-Natu song' in the first ODI, fans said- 'Perfect step Kohli bhai'

From the cricket field to the political corridors, the superhit song Naatu-Naatu of RRR film is r

Xi Jinping: Chinese President Xi Jinping met the King and Crown Prince of Saudi Arabia, and several agreements were signed

Chinese President Xi Jinping met with King Salman and the Crown Prince of Saudi Arabia on Thursda

Delhi Corona Cases: All records of broken corona in Delhi, CM Kejriwal said - lack oxygen and Remedisivir

New Delhi: In the capital of Delhi, the cases of corona infection are constantly increasing. Toda

OnePlus' Nord 2T smartphone can be launched in India on this day, know full details

OnePlus Nord 2T Launch Date: OnePlus has officially announced the launch of its Oneplus Nord 2T.

Openly said Taiwan- China wants to occupy our country like Taliban

Taiwan's Foreign Minister Joseph Wu has said that China wants to occupy its country like the Tali

Big relief to Nupur Sharma from the Supreme Court, interim protection from arrest till the completion of the investigation; All Case Delhi Transfer

In a major relief to Suspended BJP leader Nupur Sharma, the Supreme Court has granted interim pro

Amnesty International report: Hanging cases increased by 20% in two years, and Iran has the highest death sentence with 314 people

In the last two years, there has been a 20% increase in the cases of execution of criminals world

CUET 2022: Where and for what level questions will be asked in CUET and for how long will the admit card be issued, know here

The Common University Entrance Test (CUET) is being conducted by the National Testing Agency (NTA

China's claim: Elon Musk's satellite came twice near our space station, complains to the United Nations

China alleged on Tuesday that the satellites of Elon Musk's company SpaceX have come twice near o

NEET-UG Row: 'Grace marks of 1563 candidates withdrawn, re-exam on June 23', Centre tells Supreme Court

Amid the ongoing controversy over the NEET exam, the Supreme Court once again heard the case on T

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