Coronavirus package | Centre throws open all sectors to private players
4 years, 7 months ago

Coronavirus package | Centre throws open all sectors to private players

The Hindu  

The Centre has agreed to demands from States to hike their borrowing limits from 3% to 5% of their GDP in light of the COVID-19 crisis, but on the condition that they implement specific reforms. The fifth and final tranche of the Atmanirbhar Bharat Abhiyan stimulus package, announced by Finance Minister Nirmala Sitharaman on Sunday, also included an additional ₹40,000 crore allocation for the Mahatma Gandhi National Rural Employment Guarantee Scheme, and a new policy welcoming private companies into every sector of industry, while limiting public sector enterprises to strategic sectors only. “The final picture shows that of the ₹20.97 lakh crore stimulus package — which amounts to 9.8% of GDP — only ₹2.2 lakh crore can be traced as direct additional budgetary cost to the Central exchequer, while another ₹1.55 lakh crore relates to already budgeted expenditures,” said Ernst and Young chief policy adviser D.K. “The remaining 85% comes from the RBI’s liquidity announcements, credit guarantee schemes and insurance schemes, apart from the structural reforms which are not really stimulus or relief measures.” The decision to allocate ₹40,000 crore to the MGNREGS scheme in addition to the ₹61,000 crore allocated in the Budget was widely welcomed, as a measure that will support rural livelihoods at a time when returning migrants swell unemployment in the villages. image/svg+xml The Finance Minister, said both Central and State finances were stressed, which is why GST compensation has not been paid to any States since December, and estimated that the increase in borrowing limits would make extra resources worth ₹4.28 lakh crore available to States.

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History of this topic

Centre approves Rs 23,123 cr emergency response package to fight Covid-19
3 years, 6 months ago

Centre approves Rs 23,123 cr emergency response package to fight Covid-19

India Today  

The central government on Thursday approved a Rs 23,000 crore relief package for combating Covid-19 and dealing with issues which occurred during the second wave. Addressing the media after the first Cabinet meeting following the reshuffle, newly appointed health minister Mansukh Mandaviya said the Centre would provide Rs 15,000 crore and states Rs 8,000 crore and the plan would be …

Will fresh Covid stimulus package boost Indian economy? Here's what economists say
3 years, 6 months ago

Will fresh Covid stimulus package boost Indian economy? Here's what economists say

India Today  

Finance Minister Nirmala Sitharaman on Monday announced several financial measures to boost the economy that has been battered by the Covid-19 pandemic. Read | Finance Minister Sitharaman's Rs 6.28 lakh crore Covid stimulus package | 8 announcements WHAT EXPERTS FEEL ABOUT STIMULUS PACKAGE Industry leaders and economists are not fully convinced that the fresh economic relief measures announced by the …

Amid COVID, Rs 50,000 Cr Relief for Health Sector: FM Sitharaman
3 years, 6 months ago

Amid COVID, Rs 50,000 Cr Relief for Health Sector: FM Sitharaman

The Quint  

The FM announced eight economic relief measures amounting to Rs 6,28,993 crore on Monday, out of which four are new and one is specific to health infrastructure. Schemes for scaling of existing relief measure such as the Emergency Credit Line Guarantee Scheme and support for state governments were also revealed, along with four new measures focused on providing loans to …

Diminishing options: The Hindu Editorial on RBI’s June 2021 policy statement
3 years, 7 months ago

Diminishing options: The Hindu Editorial on RBI’s June 2021 policy statement

The Hindu  

The RBI’s latest policy statement underscores the diminishing options available to it to address the economic fallout from the COVID-19 pandemic. The bank’s Monetary Policy Committee left benchmark interest rates unchanged for a sixth straight meeting and reiterated that it would keep its policy stance accommodative ‘as long as necessary to revive and sustain growth on a durable basis’. Since …

Centre Working on a New Stimulus Package to Combat Second Wave of Coronavirus: Report
3 years, 8 months ago

Centre Working on a New Stimulus Package to Combat Second Wave of Coronavirus: Report

News 18  

In order to deal with the second wave of coronavirus and localised lockdowns, the Centre is likely to announce a stimulus package. In order to combat the first wave, Finance Minister Nirmala Sitharaman had last year announced a Rs 20 lakh crore package in five tranches, which included Rs 3.70 lakh crore support for MSMEs, Rs 75,000 crore for NBFCs …

COVID-19 lockdown anniversary: Worst behind, Indian economy poised to bounce back but rising cases risk recovery
3 years, 9 months ago

COVID-19 lockdown anniversary: Worst behind, Indian economy poised to bounce back but rising cases risk recovery

Firstpost  

The lockdown sent the economy into its worst-ever contraction of 24.4% in the June quarter, followed by a -7.3% shrinkage in July-September, pushing the economy into a rare recession New Delhi: Its recovery from the depths of the lockdown-induced recession was swifter than expected but a surge in coronavirus cases is threatening to hurt the Indian economy which is expected …

Centre rolls out ₹1.19 lakh-crore stimulus package
4 years, 1 month ago

Centre rolls out ₹1.19 lakh-crore stimulus package

The Hindu  

Finance Minister Nirmala Sitharaman on Thursday announced a fresh set of relief and stimulus measures for the economy worth ₹1.19 lakh crore, including a scheme to boost re-employment chances of formal sector employees who lost their jobs amidst the COVID-19 pandemic. Atma Nirbhar Bharat Abhiyan 3.0 | An attempt to suppress RBI’s gloomy forecast: Congress MGNREGA boost To spur rural …

India’s second round stimulus will provide minimal support to growth: Moody’s
4 years, 2 months ago

India’s second round stimulus will provide minimal support to growth: Moody’s

Live Mint  

India’s recently announced demand stimulus measures worth ₹46,675 crore or 0.2% of GDP highlight the country’s “very weak fiscal position” and will provide limited support to growth, Moody’s Investors Service said on Thursday. The government expects the new stimulus to add around 0.5% of GDP – a small boost compared with the 11.5% drop in real GDP that we forecast …

Govt Spending Up By Just 11% in April-July from Last Year Despite Covid-led Disruptions: Report
4 years, 4 months ago

Govt Spending Up By Just 11% in April-July from Last Year Despite Covid-led Disruptions: Report

News 18  

Despite the mega economic package of Rs 20 lakh crore to overcome Covid-led disruption, official data shows that Centre’s total expenditure in April-July increased by about Rs 1.07 lakh crore, or about 11.3 per cent — up from Rs 9.47 lakh crore in April-July last year. As per the latest data released by the Finance Ministry, “, total expenditure incurred …

PSBs sanction ₹19,668 cr loans to 71 MSME hubs under credit guarantee scheme
4 years, 5 months ago

PSBs sanction ₹19,668 cr loans to 71 MSME hubs under credit guarantee scheme

Live Mint  

The Finance Ministry on Friday said public sector banks have sanctioned ₹19,668.87 crore to 71 MSME hubs across the country under the ₹3-lakh crore Emergency Credit Line Guarantee Scheme. "As of July 15, #PSBs have sanctioned loans worth ₹19,668.87 crore for 71 #MSME hubs in 27 States/UTs under the 100% Emergency Credit Line Guarantee Scheme, of which ₹12,871.50 crore has …

India needs ₹ 50-60 lakh crore foreign investments to bolster coronavirus-hit economy: Gadkari
4 years, 6 months ago

India needs ₹ 50-60 lakh crore foreign investments to bolster coronavirus-hit economy: Gadkari

The Hindu  

India needs foreign direct investments worth ₹ 50 to 60 lakh crore and the money can be tapped mainly through infrastructure projects as well as MSME sector to accelerate the wheels of coronavirus-hit economy, according to Union minister Nitin Gadkari. ₹ 50-60 lakh crore foreign investment is needed in the country under present circumstances to boost the economy,” the Road …

CEA K Subramanian sees V-shaped recovery if coronavirus is contained
4 years, 6 months ago

CEA K Subramanian sees V-shaped recovery if coronavirus is contained

Live Mint  

India’s top economic adviser said a V-shaped recovery for the economy is possible this year, provided a vaccine is found to contain the Covid-19 pandemic. “The recovery will happen after that uncertainty from the health side is taken care of,” Krishnamurthy Subramanian, the chief economic adviser to the finance minister, said in an interview at the Bloomberg Invest Global virtual …

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan
4 years, 7 months ago

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan

Firstpost  

Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as “very positive” and hoped that these would help in containing the decline in growth New Delhi: Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as …

COVID-19 Impact: Bad loans in banking sector may rise by Rs 5.5 lakh cr this fiscal, says India Ratings
4 years, 7 months ago

COVID-19 Impact: Bad loans in banking sector may rise by Rs 5.5 lakh cr this fiscal, says India Ratings

Firstpost  

While bad loans from the corporate sector may rise by Rs 3.4 lakh crore, for non-corporate segments it may increase by Rs 2.1 lakh crore in FY21, India Ratings and Research said in the report Mumbai: With economic activity coming to a standstill due to the COVID-19 crisis, total slippages in the banking system may rise up to Rs 5.5 …

Coronavirus Lockdown: Cabinet approves Rs 3 lakh cr emergency credit line for MSME; loans at 9.25% rate
4 years, 7 months ago

Coronavirus Lockdown: Cabinet approves Rs 3 lakh cr emergency credit line for MSME; loans at 9.25% rate

Firstpost  

The Union Cabinet on Wednesday approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through the Emergency Credit Line Guarantee Scheme for the MSME sector hit hard by the coronavirus crisis New Delhi: The Union Cabinet on Wednesday approved additional funding of up to Rs 3 lakh crore at a concessional …

Not enough: Why Covid-19 package is being criticised
4 years, 7 months ago

Not enough: Why Covid-19 package is being criticised

India Today  

On May 12, Prime Minister Narendra Modi announced Rs 20 lakh crore special Covid-19 package to revive Indian economy. Over the next five days, Union Finance Minister Nirmala Sitharaman and her deputy Anurag Thakur provided details of the Covid-19 package ending up with measures worth Rs 21 lakh crore for an Aatm Nirbhar Bharat. Over the last few days, financial …

Coronavirus impact: Barclays pegs India's current account surplus at $20 bn this fiscal, first-time in 14 years
4 years, 7 months ago

Coronavirus impact: Barclays pegs India's current account surplus at $20 bn this fiscal, first-time in 14 years

Firstpost  

As imports continue to plunge due to the coronavirus-driven disruptions globally, India may end the current fiscal with a record surplus of about $20 billion or 70 bps of the GDP, says a report Mumbai: As imports continue to plunge due to the coronavirus-driven disruptions globally, India may end the current fiscal with a record surplus of about $20 billion …

A matter of relief: On economic stimulus package
4 years, 7 months ago

A matter of relief: On economic stimulus package

The Hindu  

With the announcement of the final tranche of Atmanirbhar Bharat Abhiyan, the COVID-19 relief package, a pattern to the government’s approach is visible. And that is to give a strong supply-side push by boosting availability of capital on easy terms, keep income and wage support schemes to the minimum, empower constituencies ranging from farmers and workers to businesses, and finally, …

‘Stimulus to cost only about 1% of GDP’
4 years, 7 months ago

‘Stimulus to cost only about 1% of GDP’

The Hindu  

The much-hyped ₹20-lakh crore economic package announced by Prime Minister Narendra Modi will have a minimum impact on the fiscal cost, estimated at about 1% of the Gross Domestic Product. “As a result, the package may fall short of mitigating the near-term existential crisis for businesses and workers, but is better designed to improve India’s medium-term growth potential and attract …

Congress claims Rs 20 lakh cr stimulus package announced by Narendra Modi only 1% of GDP, not 10%
4 years, 7 months ago

Congress claims Rs 20 lakh cr stimulus package announced by Narendra Modi only 1% of GDP, not 10%

Firstpost  

Chidambaram said the stimulus package has left several sections like the poor, migrants, farmers, labourers, workers, small shopkeepers and middle class high and dry. The fiscal stimulus package of Rs 20 lakh crore announced by Prime Minister Narendra Modi last week is between 0.7-1.3 percent of the GDP, not 10 percent as claimed by the Centre and others, alleged Congress …

Coronavirus lockdown | Fifth tranche of economic package focusses on reforms, says Nirmala Sitharaman
4 years, 7 months ago

Coronavirus lockdown | Fifth tranche of economic package focusses on reforms, says Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman on Sunday said reforms will be the focus of the fifth and final tranche of economic stimulus package to deal with the economic fallout of the COVID-19 pandemic. “Further, 0.50 per cent if milestones are achieved in at least three out of four reform areas.” Stimulus package includes ₹8 lakh cr liquidity measures by RBI Ms. …

Centre announces all 5 tranches of Atmanirbhar Bharat stimulus package | Here's the break-up
4 years, 7 months ago

Centre announces all 5 tranches of Atmanirbhar Bharat stimulus package | Here's the break-up

India Today  

The Union Finance Ministry on Sunday announced the fifth and the final tranche of the Rs 20 lakh crore Atmanirbhar Bharat stimulus package. The final tranche mainly allocated an additional Rs 40,000 crore to the Mahatma Gandhi National Rural Employment budget estimate to ensure that migrants do not face unemployed amid the nationwide lockdown, and a viability gap funding of …

Coronavirus package | What are the measures announced by the government to deal with the farm crisis?
4 years, 7 months ago

Coronavirus package | What are the measures announced by the government to deal with the farm crisis?

The Hindu  

The story so far: With mandi closures and supply chain disruptions causing havoc in agricultural marketing, the COVID-19 pandemic has put a spotlight on some of the critical infrastructure gaps and long-pending governance issues that plague the farm sector. The third tranche announced on Friday focused on long-term issues in the agricultural sector, by promising financing to strengthen infrastructure, build …

Coronavirus package | How will the COVID-19 relief for MSMEs help?
4 years, 7 months ago

Coronavirus package | How will the COVID-19 relief for MSMEs help?

The Hindu  

The story so far: In his address to the nation, his third, on May 12, Prime Minister Narendra Modi announced a ₹20-lakh crore economic relief package titled Atmanirbhar Bharat Abhiyan. A total of ₹20,000 crore will be funnelled through the Credit Guarantee Fund Trust for Micro and Small Enterprises whereby banks will lend money to promoters which can be infused …

Coronavirus impact: NBFCs urge RBI to allow draw-down from reserves for provisioning
4 years, 7 months ago

Coronavirus impact: NBFCs urge RBI to allow draw-down from reserves for provisioning

Firstpost  

Non-banking financial companies on Friday requested the Reserve Bank of India to allow them to draw-down from their reserves for making additional provision for expected losses due to COVID-19 pandemic Mumbai: Non-banking financial companies on Friday requested the Reserve Bank of India to allow them to draw-down from their reserves for making additional provision for expected losses due to COVID-19 …

Stimulus or sleight of hand? Rs 6L crore is the packaging, Rs 24k crore is the cake
4 years, 7 months ago

Stimulus or sleight of hand? Rs 6L crore is the packaging, Rs 24k crore is the cake

Deccan Chronicle  

Chennai: While the first tranche of the stimulus package announced on Wednesday by finance minister Nirmala Sitharaman for MSMEs, NBFCs and others gave the impression of a Rs 6-lakh crore headline package, the actual cost borne by the government in FY21 will be just Rs 24,000 crore. Billed as the first tranche of the Rs 20-lakh crore package, the actual …

Opinion | Dissecting phase 1 of Atmanirbhar Bharat package
4 years, 7 months ago

Opinion | Dissecting phase 1 of Atmanirbhar Bharat package

Live Mint  

Tough times require tough decisions. Wednesday’s announcement by the finance minister is the first step of a responsible fiscal policy response and builds upon the Pradhan Mantri Garib Kalyan Package. With these measures, combined with the slogan of ‘become vocal for our local products’, purchase of MSME products in government procurement, benefits of new definition, market linkage and TDS measures, …

Financing the Covid-19 economic package
4 years, 7 months ago

Financing the Covid-19 economic package

Hindustan Times  

The wait is over. Just when most observers of the government’s actions since the coronavirus pandemic had more or less given up on its announcing an economic package, one far greater than expected was announced. At Rs 20 lakh crore, the package announced by the prime minister exceeds even the latter. A difference is that while the latter had proposed …

Coronavirus | BRICS’ New Development Bank provides $1 billion loan to India to fight COVID-19
4 years, 7 months ago

Coronavirus | BRICS’ New Development Bank provides $1 billion loan to India to fight COVID-19

The Hindu  

The New Development Bank of the BRICS countries has fully disbursed $1 billion emergency assistance loan to India to help it contain the spread of COVID-19 and reduce human, social and economic losses caused by the coronavirus pandemic. Coronavirus lockdown | Narendra Modi announces ₹20-lakh-crore economic stimulus package The Shanghai-based New Development Bank was established by the BRICS countries in …

At 10% of GDP, Modi’s ’self-reliant India’ mission ranks among biggest in world
4 years, 7 months ago

At 10% of GDP, Modi’s ’self-reliant India’ mission ranks among biggest in world

Live Mint  

New Delhi: Prime Minister Narendra Modi's pledge of a total spending of ₹20 lakh crore to weather the fallout of coronavirus pandemic is among the largest economic stimulus package announced by nations around the world. Modi's Atma-nirbhar Bharat Abhiyan or Self-reliant India Mission is about 10 per cent of India's GDP in 2019-20 and would rank behind Japan, the US, …

Coronavirus package | Nirmala Sitharaman announces major stimulus package for MSMEs
4 years, 7 months ago

Coronavirus package | Nirmala Sitharaman announces major stimulus package for MSMEs

The Hindu  

Union Finance Minister Nirmala Sitharaman on Wednesday announced a ₹3 lakh crore collateral free loan scheme for businesses, especially micro, small and medium enterprises, as part of a ₹20-lakh-crore economic stimulus package to deal with the COVID-19 pandemic. Srivastava estimated that the measures announced on Wednesday amounted to ₹5.94 lakh crore, which include both liquidity financing measures and credit guarantees, …

India's Prime Minister Announces $260 Billion COVID-19 Rescue Package
4 years, 7 months ago

India's Prime Minister Announces $260 Billion COVID-19 Rescue Package

NPR  

India's Prime Minister Announces $260 Billion COVID-19 Rescue Package RACHEL MARTIN, HOST: Now to India where the death toll from the coronavirus has been low compared to the U.S. or Europe. LAUREN FRAYER, BYLINE: Prime Minister Narendra Modi says this additional relief money will bring the government's total coronavirus stimulus spending up to $266 billion. FRAYER: Modi said this new …

Coronavirus lockdown | Narendra Modi announces ₹20-lakh-crore economic stimulus package
4 years, 7 months ago

Coronavirus lockdown | Narendra Modi announces ₹20-lakh-crore economic stimulus package

The Hindu  

Prime Minister Narendra Modi on Tuesday said a new-look Lockdown 4.0 beyond May 17 was in the offing, while announcing an economic stimulus package for ₹20-lakh-crore, with a clearly defined leap towards economic reforms that will, in his words, lead to Atmanirbhar Bharat, or a self-reliant, resilient India. ‘Relook at systems’ Addressing the nation on television, Mr. Modi said the …

Coronavirus | Congress to wait for fine print of ₹20 lakh crore financial package
4 years, 7 months ago

Coronavirus | Congress to wait for fine print of ₹20 lakh crore financial package

The Hindu  

Moments after Prime Minister Narendra Modi announced a financial package along with the extension of lockdown in a new form on Tuesday, the Congress said it would wait for the details for a detailed response but slammed Mr. Modi for the ‘lack of empathy’ towards migrant workers. Full coverage on coronavirus While Congress chief spokesperson Randeep Surjewala said the nation …

Coronavirus Outbreak: Centre releases Rs 6,195 crore to 14 states as additional resources to fight virus’ impact; Kerala gets Rs 1,276 crore
4 years, 7 months ago

Coronavirus Outbreak: Centre releases Rs 6,195 crore to 14 states as additional resources to fight virus’ impact; Kerala gets Rs 1,276 crore

Firstpost  

The government on Monday released Rs 6,195.08 crore to 14 states as the second equated monthly instalment of the Post Devolution Revenue Deficit Grant New Delhi: The government on Monday released Rs 6,195.08 crore to 14 states as the second equated monthly instalment of the Post Devolution Revenue Deficit Grant as recommended by the Finance Commission. The grant had been …

India’s Modi announces $270bn coronavirus package: Live updates
4 years, 7 months ago

India’s Modi announces $270bn coronavirus package: Live updates

Al Jazeera  

India’s Prime Minister Narendra Modi unveils a $270bn stimulus package to boost the country’s battered economy after a weeks-long lockdown to curb the coronavirus pandemic. 19:50 GMT – Pence to ‘keep distance’ from Trump: White House US Vice President Mike Pence, whose press secretary tested positive for coronavirus, has decided to “keep his distance” from President Donald Trump for a …

Centre likely to announce financial relief package next week | All you need to know
4 years, 8 months ago

Centre likely to announce financial relief package next week | All you need to know

India Today  

The Union government is all set to announce a "financial relief package" to remedy the deepening economic crisis owing to the novel coronavirus outbreak and the triple-phased lockdown that followed. Centre to borrow more to fund relief package On Friday, the central government had indicated that the financial relief package will be funded through additional funding from the market. Substance …

Coronavirus | Madhya Pradesh caught between pandemic and penury
4 years, 8 months ago

Coronavirus | Madhya Pradesh caught between pandemic and penury

The Hindu  

The stringent lockdown imposed to curb the COVID-19 outbreak has had a crippling impact on the economy of Madhya Pradesh, where tax collection — SGST and IGST put together — dropped by close to 85% in April. Returning to power in March after a dramatic, month-long, political tussle, Chief Minister Shivraj Singh Chouhan faced the twin challenge of making up …

COVID-19 and India’s fiscal conundrum
4 years, 8 months ago

COVID-19 and India’s fiscal conundrum

The Hindu  

As the COVID-19 pandemic continues to ravage economies across the world, policymakers are desperately seeking effective ways to mitigate its economic effects. However, with a government debt of around 72% of GDP, which is comparatively higher than all other emerging markets in the region, India’s fiscal room to opt for a massive stimulus appears much more limited. Any aggressive stimulus …

Coronavirus | Rajasthan defers staff, MLAs’ salaries as revenues dry up
4 years, 8 months ago

Coronavirus | Rajasthan defers staff, MLAs’ salaries as revenues dry up

The Hindu  

The revenue collection in Rajasthan in the first month of fiscal 2020-21, after the COVID-19 lockdown was enforced, has fallen by 70%, even as there was a shortfall of ₹18,000 crore in the last fiscal 2019-20, according to the State Finance Department. Coronavirus, May 4 updates | State-wise tracker for coronavirus cases, deaths and testing rates While the State had …

Coronavirus Outbreak: Airports ground handling industry seeks stimulus to mitigate COVID-19 impact
4 years, 8 months ago

Coronavirus Outbreak: Airports ground handling industry seeks stimulus to mitigate COVID-19 impact

Firstpost  

Mumbai: Struggling in the face of the coronavirus outbreak, the domestic ground handling industry has sought stimulus package, including a moratorium on interest on borrowings, waivers on certain fixed costs and deferment of statutory taxes. The Rs 4,000-4,500 crore ground handling industry, which heavily depends on airline operations, has lost as much as 90 percent of the business amid suspension …

Deficit funding to rate cuts are RBI’s Shaktikanta Das options to fight COVID-19
4 years, 8 months ago

Deficit funding to rate cuts are RBI’s Shaktikanta Das options to fight COVID-19

Live Mint  

India’s central bank has a number of policy options to draw upon to cushion the economic blow from the coronavirus pandemic. Rate cuts Das said last week he expects inflation, which spiked above 7% at the end of last year, to ease below a 4% medium-term target in coming months, giving the RBI room to act. The central bank has …

Opinion | Funds can be raised for covid control and an economic stimulus
4 years, 8 months ago

Opinion | Funds can be raised for covid control and an economic stimulus

Live Mint  

Arvind Subramanian and Devesh Kapur, in an oped Business Standard, suggested that the government needs to spend an additional ₹10 trillion to fight the post-covid economic meltdown, both for disease control and for a stimulus package to support India’s economy. India’s nominal gross domestic product is a little above ₹200 trillion, and the Union budget for 2020-21 planned an expenditure …

India needs a stimulus to offset covid impact: IMF
4 years, 8 months ago

India needs a stimulus to offset covid impact: IMF

Live Mint  

India should ease its fiscal stance and announce a stimulus package to guard against the sharp slowdown in economic growth and job losses expected from the nationwide lockdown, the International Monetary Fund said on Wednesday. “In India, the fiscal stance should be eased as needed to accommodate necessary increases in public health expenditure in response to the pandemic and shield …

Why Modi govt needs to finance coronavirus-hit India afresh
4 years, 8 months ago

Why Modi govt needs to finance coronavirus-hit India afresh

India Today  

India has extended the nationwide coronavirus lockdown by another three weeks. News agency PTI cited a report by Centrum Institutional Research - an investment banking and wealth management firm - saying that the coronavirus lockdown may have cost the Indian economy Rs 7-8 lakh crore. Simply put, India could have added Rs 7.5 lakh crore to its GDP from March …

Coronavirus Outbreak: Gross state borrowings to touch Rs 7.8 lakh cr in current fiscal, says ICRA
4 years, 9 months ago

Coronavirus Outbreak: Gross state borrowings to touch Rs 7.8 lakh cr in current fiscal, says ICRA

Firstpost  

ICRA has said states with the higher patient count, returning migrant labour, as well as a greater dependence on GST compensation, will face the sharper risk of fiscal slippages this fiscal Mumbai: Domestic rating agency ICRA has said states with the higher patient count, returning migrant labour and daily wagers, as well as a greater dependence on GST compensation, will …

India to get Rs 16,500 crore as coronavirus support package from Asian Development Bank
4 years, 9 months ago

India to get Rs 16,500 crore as coronavirus support package from Asian Development Bank

India TV News  

In times of crisis when the nation is fighting against coronavirus, the Asian Development Bank President Masatsugu Asakawa has assured USD 2.2 billion support to India in its fight against the COVID-19 pandemic. In a call, Asakawa commended the Indian government's decisive response to the pandemic, including a national health emergency program, tax and other relief measures provided to businesses …

Coronavirus | RBI announces more measures to fight economic disruptions
4 years, 9 months ago

Coronavirus | RBI announces more measures to fight economic disruptions

The Hindu  

The Reserve Bank of India has announced more measures to fight economic disruptions caused by the Coronavirus, like extension of realisation period of export proceeds and allowing States to borrow more. "Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months …

RBI cuts repo rate by 75 bps to 4.4%; other key highlights of central bank's monetary policy review
4 years, 9 months ago

RBI cuts repo rate by 75 bps to 4.4%; other key highlights of central bank's monetary policy review

Firstpost  

The RBI on Friday allowed banks to put on hold EMI payments on all term loans for three months as it slashed the cost of fresh borrowing by cutting policy interest rate by steepest in more than 11 years, joining the efforts of the government to counter the economic fallout of the fast-spreading coronavirus pandemic The RBI on Friday allowed …

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