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

Mahakumbh 2025: Other religious places in UP also became lively due to Maha Kumbh, 26 lakh devotees gathered in three days

Devotees from the country and abroad arriving at Prayagraj Maha Kumbh are also flocking to other

Only 37 thousand cases were received in 24 hours, for the third time after July, less than 40 thousand patients were found.

Corona cases in the country may be increasing in some states, but active cases are getting reduce

Monsoon Tracker: Monsoon reaches Karnataka after soaking Kerala and Lakshadweep, 20 in MP and likely to reach Rajasthan by June 25; Delhi gets relief from the heat for the first time

Monsoon has reached Karnataka on Friday after soaking Kerala and Lakshadweep. Along with South an

Palash Muchhal visits Saint Premanand's ashram after his wedding with Smriti Mandhana gets postponed; the photo goes viral.

Music composer Palash Muchhal is currently in the news for his personal life. He was supposed to

PMI Index: PMI was at the peak of eight months in July due to new orders, the effect of inflation reduced

The manufacturing sector activities in the country have seen a significant increase in July. The

Weather Update: The weather is going to change in the next 24 hours, it will rain heavily; Know what the updates are for your city

There is a possibility of heavy rain once again in Central and East India. According to the India

Remedisvir not available in big states including Delhi, paying double the price

Remedysevir, an effective drug for serious corona patients, has caused a crisis in large states,

Amul's storm in social media on native identity!

Amul caused a storm on Twitter due to his recent advertisement 'Exit the Dragon', through which t

KGF Chapter 2 Box Office Collection: Bollywood's 'Sultan' got dusted by 'Rocky Bhai', crossed 500 crores on the first weekend

KGF Chapter 2 Box Office Collection Day 4: 'KGF Chapter 2' is proving to be a milestone in Indian

WTC Final: Steve Smith scared of Indian fast bowlers? Said- Shami and Siraj are not easy to play

The final of the World Test Championship will be played between India and Australia. Both teams w

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