Government can bring relief package of maximum 3 lakh crores for staggering economy


Posted on 2nd May 2020 12:11 pm by rohit kumar

A lockdown has been announced across the country until May 17 to deal with the global pandemic Corona. The number of corona virus cases in India is steadily increasing. Lockdowns can cause huge losses to the economy.

 

The government may soon announce a relief package to save the faltering economy. According to an international news agency, sources have been quoted quoting that the corona-related expenditure can be a maximum of $ 60 billion, or about Rs 4.5 lakh crore.

At the same time, the government fears that if it costs more, India's credit rating may decline and it will cause huge damage to the economy. This week, rating agency Fitch had said that if India's fiscal outlook worsens further, the pressure on ratings will increase significantly.

The government in India has already announced a relief package of Rs 1.7 lakh crore. It is about 0.80 percent of GDP. Now the government has a space of 1.5-2 per cent of GDP for the second relief package. Therefore, the government can only bring a relief package of maximum three lakh crore rupees.

 

Government considering relief package for regions: Gadkari

Union Minister Nitin Gadkari said that the government is considering releasing a relief package with all seriousness as much as possible to support the areas facing pressure amid the Corona virus crisis. A decision will be taken at the Prime Minister's level. On the other hand, about the problems in the real estate sector, Gadkari said that the government wants to help the sector and is doing its best to solve the problem. Gadkari said that whatever decision will be taken will be made public over time. He said that the government is firmly standing behind the industries.

 

The government is considering this in many ways. Whatever may be possible, what can be done to help all areas is being seriously discussed. In addition to this, Gadkari said, the government is also considering a separate policy for agriculture and micro, small and medium enterprises sector.

 

Regarding the concept of agricultural MSME, he asked the industries to explore the possibilities of agriculture. Gadkari reiterated that India should take advantage of the environment which has been created against China, and should focus on increasing exports as well as increasing economic growth.

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