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 and Rs 90,000 crore for power distribution companies, free foodgrains to migrant workers, increased allocation for MGNREGS, tax relief to certain sections and Rs 15,000 crore allocated to the healthcare sector. With the second wave of coronavirus spreading rampantly across the country, the economy, especially banks, is again staring at a year of defaults, NPAs and bad books. The operating environment for banks, Fitch said, will most likely remain challenging and the second wave could dent the sluggish recovery in consumer and corporate confidence, and further suppress banks’ prospects for new business.

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History of this topic

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 …

Malaysia imposes second coronavirus lockdown to tackle worsening Covid-19 surge
3 years, 7 months ago

Malaysia imposes second coronavirus lockdown to tackle worsening Covid-19 surge

Hindustan Times  

Malls and many businesses in Malaysia shuttered Tuesday as the country began its second nationwide lockdown to tackle a worsening surge of the coronavirus that has put its health care system on the verge of collapse. Malaysia imposes second coronavirus lockdown to tackle worsening Covid-19 surge The Southeast Asian nation imposed a partial lockdown on May 12, banning all social …

Economic impact of coronavirus will hit next year, experts say
4 years, 1 month ago

Economic impact of coronavirus will hit next year, experts say

Dutch News  

Despite the slight drop in the unemployment rate this week, and signs of a speedier economic recovery from the coronavirus crisis, the big hit will be felt in the second quarter of next year, according to experts. In total, 102 banking, legal and investment experts took part in a survey on the likely impact of the crisis carried out by …

Demand thrust must be at heart of next stimulus
4 years, 2 months ago

Demand thrust must be at heart of next stimulus

Live Mint  

The government’s second stimulus aimed at boosting consumption has been touted as insufficient. The loss of economic activity for a major part of the financial year and the consequent balance sheet contraction are also responsible for the slow pace of normalization. Security personnel sanitize a shopping trolley, on day sixteen of the 21-day nationwide lockdown to check the spread of …

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 …

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 lockdown | Rental housing and support for small businesses, vendors and farmers: Nirmala Sitharaman
4 years, 7 months ago

Coronavirus lockdown | Rental housing and support for small businesses, vendors and farmers: Nirmala Sitharaman

The Hindu  

The Centre will help create affordable rental housing for the urban poor and provide relief worth ₹1,500 crore to small businesses through an interest subvention scheme, apart from extending credit for street vendors, farmers, and middle-class housing. Affordable housing Noting that migrant workers and other urban poor face difficulties in finding affordable housing, the Finance Minister said a scheme to …

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, …

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 …

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 …

A narrowing window: The Hindu Editorial on extension of India coronavirus lockdown
4 years, 8 months ago

A narrowing window: The Hindu Editorial on extension of India coronavirus lockdown

The Hindu  

It appeared inevitable, and the Centre has accepted the view of several States to extend the national lockdown for the novel coronavirus until May 3. While announcing the extension, Prime Minister Narendra Modi spoke of incentivising areas that avert a spike in cases — over 10,000 nationally — through rigorous enforcement of the restrictions. Although the Home Ministry’s original 21-day …

Coronavirus Outbreak: Hope govt will announce stimulus packages to rebuild economy after lockdown extension, says Nasscom
4 years, 8 months ago

Coronavirus Outbreak: Hope govt will announce stimulus packages to rebuild economy after lockdown extension, says Nasscom

Firstpost  

Nasscom said it is imperative that people to adapt to this “new normal” and build in practices like social distancing in everyday lives over the next many months. IT industry body Nasscom on Tuesday said it is hopeful that the government will announce economic stimulus packages soon to help rebuild the economy even as the nationwide lockdown was extended till …

ACT Government's second coronavirus financial stimulus package seeks to give 'case by case' support
4 years, 9 months ago

ACT Government's second coronavirus financial stimulus package seeks to give 'case by case' support

ABC  

The ACT Government has announced more than $200 million in additional measures to keep businesses and households afloat in Canberra during the coronavirus pandemic. Key points: Impending rates bills will be delayed by four weeks in the ACT to provide immediate relief to households The Government will offer rebates to residential and commercial landlords if they lower rates for affected …

Coronavirus Outbreak: Govt orders banks to remain open during lockdown, ensure welfare cash schemes to beneficiaries
4 years, 9 months ago

Coronavirus Outbreak: Govt orders banks to remain open during lockdown, ensure welfare cash schemes to beneficiaries

Firstpost  

On Sunday night, State Level Bankers’ Committee of West Bengal issued an advisory to all the banks in the state to remain operational on all working days. New Delhi/Mumbai: The government has directed all its banks to remain operational during the three-week coronavirus lockdown as part of essential services and to ensure welfare cash schemes that are part of a …

Coronavirus | Centre rolls out ₹1.7-lakh-crore lockdown package
4 years, 9 months ago

Coronavirus | Centre rolls out ₹1.7-lakh-crore lockdown package

The Hindu  

The Union government on Thursday announced a ₹1.7 lakh crore package in response to the COVID-19 pandemic and countrywide lockdown, providing free food and cash transfers to support the poorest citizens who are most vulnerable during the crisis. The food grain ration for 80 crore poor people would be doubled for the next three months, supplemented by a kg of …

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