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

BMC Polls: Taking a break from his travels, Gulzar cast his vote; Akshay Kumar, Hema Malini, and other stars also turned up to vote.

Voting is underway today for the Brihanmumbai Municipal Corporation (BMC), the country's richest

PM Modi: PM will inaugurate the terminal station in Jammu Railway Division, Telangana today, also inaugurate the tallest cable bridge.

Prime Minister Narendra Modi will lay the foundation stone of the Jammu Railway Division and

Durgapur Case: Friend arrested for raping MBBS student, police deny gang rape

Police have made a shocking revelation in the rape case of a second-year MBBS student near a priv

Covid-19: Was the Covaxin vaccine approved under political pressure? The government of India itself gave the answer

The Government of India has now put an end to the rumor going on in the media regarding the Coron

Infinix Hot 12 PRO sale starts, know features, price, and offers

Infinix Hot 12 PRO First Sale: The sale of Infinix's new smartphone Infinix Smart 6 Plus started

I.N.D.I.A. I burst into tears again! Congress enraged by Mamata's participation in the G-20 dinner ceremony, TMC also responded

President Draupadi Murmu organized a dinner program on the occasion of the G 20 Summit. In this d

End of Chinese apps from phone in few seconds, this app download happening fast in India

New Delhi: Sentiments are growing rapidly against China over the border dispute (India-China Disp

RG Kar Case: Even after many secrets were revealed in the RG Kar case, the CBI's hands were empty, investigation affected due to a lack of evidence

Today, a full month has passed since the case of rape and murder of a female trainee doctor in We

Delhi water crisis: 'If I don't get the water I deserve, I will go on an indefinite hunger strike', Atishi writes a letter to PM Modi

There is a huge water crisis in Delhi. There is a shortage of water in every area of ​​Delhi,

Shahnaz Gill, who is going to debut in Bollywood with this film by Salman Khan, will join forces with Aayush Sharma

Actress Shahnaz Gill is an internet sensation. Shehnaaz, who became popular after Salman Khan's r

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