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.
Landslides in various hilly areas near Meppadi in Wayanad district of Kerala on July 30 caused ma
Micromax IN 1 will compete with Realme and Xiaomi in terms of entry, price, and features in India
In the budget segment, a lot of smartphones will be seen in India at this time. This is a segment
Former Pakistan Prime Minister Imran Khan is going to take out a long march from Friday. Imran ha
Imran Khan's MP arrested in Pakistan, tweeted against military officers
Pakistan's investigative agency FIA has arrested Imran Khan's PTI MP Azam Swati in the National A
World Cup 2023: Pakistan announced a 15-member team, know who got the chance and who was out?
Pakistan Cricket Board on Friday announced Pakistan's 15-member squad for the ICC ODI World Cup 2
SpiceJet plane stuck in storm: Strong jolt before landing; 40 passengers injured, 10 critical
On Sunday, a SpiceJet Boeing B737 aircraft going from Mumbai to Durgapur in West Bengal got stuck
Amidst the stranglehold of the security forces in Kashmir and the dwindling support of common Kas
TMC and BJP are at loggerheads over the current BCCI President. Meanwhile, West Bengal Chief Mini
Pakistani MP and TV host Amir Liaquat Hussain has died. Aamir Liaquat was found unconscious in hi
The Ministry of Home Affairs has clarified the report of providing Rohingya refugees apartments,
