States should come forward with Rs 20 lakh crore to battle COVID-19 disruptions: Nitin Gadkari
4 years, 7 months ago

States should come forward with Rs 20 lakh crore to battle COVID-19 disruptions: Nitin Gadkari

India TV News  

More liquidity is needed to boost economic activity following the coronavirus pandemic and states should come forward with Rs 20 lakh crore, while another Rs 10 lakh crore can be harnessed from public-private investment to fight the COVID-19 disruptions, Union Minister Nitin Gadkari said on Wednesday. "More liquidity needs to be pumped in the market to boost the coronavirus-hit economy and states should come forward with Rs 20 lakh crore, while another Rs 10 lakh crore can be harnessed from public-private investment," Road Transport, Highways and MSME Minister Gadkari told PTI. He further noted that "these funds together with the Rs 20 lakh crore package already announced by Prime Minister Narendra Modi would result in Rs 50 lakh crore liquidity in the market to battle the adverse impact of the novel coronavirus pandemic on the economy". The Centre had announced Rs 20 lakh crore economic stimulus package, including Rs 8.01 lakh crore of liquidity measures announced by the Reserve Bank since March.

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History of this topic

COVID-19 pandemic highlighted gaps in India’s health infrastructure in India: Union Minister Mansukh Mandaviya
1 year, 6 months ago

COVID-19 pandemic highlighted gaps in India’s health infrastructure in India: Union Minister Mansukh Mandaviya

The Hindu  

Union Health Minister Mr. Mansukh Mandaviya on July 6 said the COVID-19 pandemic had highlighted gaps in the country's health infrastructure and and led to measures for bridging them. Mr. Mandaviya said Prime Minister Mr. Narendra Modi has decided to set up a critical care unit in every district of the country with an expenditure of ₹64,000 crore under National …

US announces USD 41 million additional COVID19 assistance to India
3 years, 6 months ago

US announces USD 41 million additional COVID19 assistance to India

India TV News  

The US has announced an additional USD 41 million assistance to help India respond to the COVID-19 pandemic and strengthen the country’s preparedness for the future health emergencies, taking the total aid to more than USD 200 million. USAID announced an additional USD 41 million in support to help India respond to the COVID-19 pandemic and strengthen the country’s preparedness …

Centre releases Rs 8873 crore disaster fund for states to battle Covid crisis, take containment steps
3 years, 8 months ago

Centre releases Rs 8873 crore disaster fund for states to battle Covid crisis, take containment steps

India Today  

Centre has released the first instalment of Rs 8,873.6 crore for State Disaster Response Fund in advance for the states to battle the Covid-19 crisis and take containment measures. Centre has released the first instalment of the SDRF funds to states in advance instead of the usual June disbursement. The first instalment of SDRF is usually released in June as …

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 …

Coronavirus | 6 crore COVID-19 vaccine doses sent to 76 nations, 4.5 crore doses administered in India: Harsh Vardhan
3 years, 9 months ago

Coronavirus | 6 crore COVID-19 vaccine doses sent to 76 nations, 4.5 crore doses administered in India: Harsh Vardhan

The Hindu  

More than 6 crore doses of COVID-19 vaccine have been sent to 76 nations, while 4.5 crore doses have been administered to beneficiaries in the country till now, Union Health Minister Harsh Vardhan said on Sunday. “Until this morning, nearly 4.5 crore COVID-19 vaccine doses have been given to the people in this country. More than six crore doses have …

Private Investment Missing in Action, Cautions RBI in its Monthly Bulletin
3 years, 10 months ago

Private Investment Missing in Action, Cautions RBI in its Monthly Bulletin

News 18  

The Reserve Bank of India in its monthly bulletin for February 2021 said that India’s economic activity is gaining momentum as Covid-19 incidence recedes but private investment still remains a concern. RBI Governor Shaktikanta Das had on Wednesday had said that the Centre needs to ramp up spending on the infrastructure sector which will in turn help in pooling in …

India May Need to Spend $1.8 Billion on Covid-19 Vaccines in First Phase, Documents Show
4 years ago

India May Need to Spend $1.8 Billion on Covid-19 Vaccines in First Phase, Documents Show

News 18  

India will have to spend $1.4 billion to $1.8 billion in the first phase of a coronavirus vaccination programme, even after getting support under the COVAX global vaccine-sharing scheme, according to estimates by the GAVI vaccines alliance. If India got 190-250 million shots of the vaccine under the COVAX facility – a best case scenario – then the government would …

India may need to spend $1.8 billion on Covid-19 vaccines in first phase: Report
4 years ago

India may need to spend $1.8 billion on Covid-19 vaccines in first phase: Report

India Today  

India will have to spend $1.4 billion to $1.8 billion in the first phase of a coronavirus vaccination programme, even after getting support under the COVAX global vaccine-sharing scheme, according to estimates by the GAVI vaccines alliance. If India got 190-250 million shots of the vaccine under the COVAX facility - a best case scenario - then the government would …

Economy to reach pre-Covid-levels by end of FY2022: Niti Aayog
4 years, 1 month ago

Economy to reach pre-Covid-levels by end of FY2022: Niti Aayog

India TV News  

India's economic growth is likely to reach pre-COVID-19 levels by the end of 2021-22 fiscal as the GDP contraction in this financial year is expected to be less than 8 per cent, Niti Aayog vice-chairman Rajiv Kumar said on Sunday. The Reserve Bank of India has also revised its forecast of economic growth for the current fiscal year to 7.5 …

Centre allows states to spend up to 50% of disaster response funds to fight COVID-19
4 years, 3 months ago

Centre allows states to spend up to 50% of disaster response funds to fight COVID-19

Firstpost  

The money from SDRF can be used to boost health infrastructure such as quarantine facilities, labs and oxygen generation plants, and to purchase ventilators and PPE kits, said the MHA New Delhi: The Centre has allowed states to spend up to 50 percent of the money from the State Disaster Response Fund to boost infrastructure such as quarantine facilities, testing …

Centre Allows States to Spend Up to 50 per cent of Disaster Response Fund to Fight Covid-19
4 years, 3 months ago

Centre Allows States to Spend Up to 50 per cent of Disaster Response Fund to Fight Covid-19

News 18  

The Centre has allowed states to spend up to 50 per cent money from the State Disaster Response Fund to boost infrastructure such as quarantine facilities, testing laboratories, oxygen generation plants and purchase of ventilators and PPE kits to tackle the COVID-19 pandemic. In a communication to chief secretaries of all states and Union Territories, the Union Home Ministry said …

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 …

Covid-19 presents a tax crisis ahead of GST Council meet
4 years, 4 months ago

Covid-19 presents a tax crisis ahead of GST Council meet

India Today  

The Covid-19 pandemic has worsened the economic slowdown in India. To be held via videoconference, the GST Council meet is expected to discuss the compensation payout to states and the legality of borrowing from the market to meet a revenue shortfall. The SBI paper's estimate for the entire financial year is a revenue shortfall of around Rs 3 lakh crore …

Sensex, Nifty cheer PM Modi's promise on Covid-19 vaccines
4 years, 4 months ago

Sensex, Nifty cheer PM Modi's promise on Covid-19 vaccines

India Today  

Indian shares rose on Monday as Prime Minister Narendra Modi’s assurance on mass production of COVID-19 vaccines and more infrastructure spending by the government boosted sentiment. “Along with mass-production, the roadmap for distribution of vaccine to every single Indian in the least possible time is Follow share market live updates He reiterated plans to improve the country’s infrastructure by spending …

Coronavirus-ravaged states seek for more funds from Centre
4 years, 6 months ago

Coronavirus-ravaged states seek for more funds from Centre

Live Mint  

India’s soaring coronavirus numbers are threatening its economic recovery and sharpening differences between states and Prime Minister Narendra Modi’s federal government. While Punjab will receive ₹660 crore of the disaster relief fund, the amounts are “chicken feed” compared to the magnitude of the states’ needs, Badal said. Covid grant States could lose as much as ₹1.5 trillion of sales tax …

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 …

Govt may need to pump $20 bn into coronavirus-hit state banks; soured assets likely to double: Report
4 years, 7 months ago

Govt may need to pump $20 bn into coronavirus-hit state banks; soured assets likely to double: Report

Firstpost  

The government has already pumped in Rs 3.5 lakh crore to shore up state-owned banks in the last five years. Mumbai/New Delhi: India may need to inject up to Rs 1.5 lakh crore into its state-owned lenders as their pile of soured assets is expected to double during the coronavirus pandemic, three government and banking sources told Reuters. The government …

It’s only a pause, more steps to come to deal with covid-19 crisis: Anurag Thakur
4 years, 7 months ago

It’s only a pause, more steps to come to deal with covid-19 crisis: Anurag Thakur

Live Mint  

The government has only taken a pause and more measures will be announced in the days to come to help sectors hit by the coronavirus outbreak and also to make India ‘Atmanirbhar Bharat’, Minister of State for Finance Anurag Thakur said. Only this Sunday, he said, the government on the direction of Prime Minister Narendra Modi announced a comprehensive economic …

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 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. …

Covid-19: Health expenditure will be increased, says Sitharaman
4 years, 7 months ago

Covid-19: Health expenditure will be increased, says Sitharaman

Live Mint  

In the wake of the novel coronavirus pandemic, the Union finance minister Nirmal Sitharaman on Sunday said that health expenditure will be increased and health reforms will be made at the grassroots level. Speaking at her fifth consecutive press conference regarding allocation of ₹20 trillion economic package in different sectors, the minister said, "To prepare India for any future pandemic, …

Financing the Covid-19 economic package
4 years, 8 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 …

India’s Modi promises $266 billion to protect economy from Covid-19
4 years, 8 months ago

India’s Modi promises $266 billion to protect economy from Covid-19

CNN  

New Delhi CNN Business — India says it is committing $266 billion to prop up its ailing economy during the coronavirus pandemic. The value of the stimulus effort includes new measures, along with actions already taken — including steps from India’s central bank to shore up liquidity, as well an earlier stimulus package worth $23 billion meant to help the …

Explained: PM Modi's is not a Rs 20 lakh crore Covid-19 package but can stimulate economy
4 years, 8 months ago

Explained: PM Modi's is not a Rs 20 lakh crore Covid-19 package but can stimulate economy

India Today  

In his fifth address to the nation on Covid-19, Prime Minister Narendra Modi announced an economic package to "make India self-reliant" signaling that the government has shifted its coronavirus strategy from "survival" to "revival" mode. PM Modi said if the latest package is added to the economic package announced recently by the government in the wake of Covid-19 crisis and …

Coronavirus lockdown | Narendra Modi announces ₹20-lakh-crore economic stimulus package
4 years, 8 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 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, 8 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, 8 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 …

COVID-19 further dents Karnataka’s fragile finances
4 years, 8 months ago

COVID-19 further dents Karnataka’s fragile finances

The Hindu  

In March, when Chief Minister B.S. Now, the unprecedented economic shutdown to contain the COVID-19 pandemic has left the State’s finances literally in shambles, making the ₹2.37 lakh crore budget for 2020-21 a non-starter. The State’s annual committed expenditure that comprises salaries, pensions and interest stands at ₹81,000 crore, with a ₹10,000 crore increase in the wage bill having been …

Why Modi govt needs to finance coronavirus-hit India afresh
4 years, 9 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: Govt to extend all possible support to industry for revival, says union minister VK Singh
4 years, 9 months ago

Coronavirus Outbreak: Govt to extend all possible support to industry for revival, says union minister VK Singh

Firstpost  

The government will extend all possible support to the industry for the revival of economic activities hit by COVID-19, Union minister VK Singh said on Monday New Delhi: The government will extend all possible support to the industry for the revival of economic activities hit by COVID-19, Union minister VK Singh said on Monday. He urged the Chamber to come …

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 …

Coronavirus Outbreak: Finance ministry allows states to borrow Rs 3.20 lakh cr from market
4 years, 9 months ago

Coronavirus Outbreak: Finance ministry allows states to borrow Rs 3.20 lakh cr from market

Firstpost  

The Finance Ministry has allowed all states to borrow a cumulative Rs 3.20 lakh crore from the market between April-December New Delhi: The Finance Ministry has allowed all states to borrow a cumulative Rs 3.20 lakh crore from the market between April-December. In a letter to the RBI, the ministry said that the Centre has decided to permit states to …

Prepare plans for containing economic impact of COVID-19 on war footing: PM Modi to ministers
4 years, 9 months ago

Prepare plans for containing economic impact of COVID-19 on war footing: PM Modi to ministers

India TV News  

Prime Minister Narendra Modi on Monday asked Union ministers to prepare a plan for their respective ministries to contain the economic impact of COVID-19 on war footing, while asserting that this crisis is an opportunity to boost the 'Make-in-India' initiative and reduce dependence on other countries. Each ministry should identify 10 key decisions and 10 priority areas of focus once …

Covid-19: Shoring up states financial muscle in times of a crisis
4 years, 9 months ago

Covid-19: Shoring up states financial muscle in times of a crisis

Business Standard  

In view of the ongoing crisis, the government has come up with several measures to aid the economy. Here’s the latest on the coronavirus outbreak and government measures to contain its impact on the economy: Last month, even before the Reserve Bank of India issued the indicative borrowing calendar for the states for April-June and the one for the Centre …

Coronavirus lockdown to come at heavy economic cost: Analysts
4 years, 9 months ago

Coronavirus lockdown to come at heavy economic cost: Analysts

India TV News  

The three-week lockdown in India will make the year 2020 an even worse year for the economy than the 2008 global financial crisis, according to analysts. ING Group said in a note that the three-week nationwide lockdown will significantly dent India's GDP growth, making this an even worse year for the economy than the 2008 global financial crisis. With all …

Raghuram Rajan says lockdown may not be enough to contain COVID-19 spread
4 years, 9 months ago

Raghuram Rajan says lockdown may not be enough to contain COVID-19 spread

India TV News  

Former Reserve Bank of India governor Raghuram Rajan has taken India's 21-day-lockdown to combat the spread of coronavirus with a pinch of salt, telling Bloomberg in an interview that the nationwide curfew might not necessarily check the spread of the epidemic. Expressing concern that the lockdown will not only keep people from going to work, but it would also keep …

COVID-19: Congress seeks cash transfers
4 years, 9 months ago

COVID-19: Congress seeks cash transfers

The Hindu  

The government needs to outline measures to help people whose livelihoods have been affected by the COVID-19 outbreak, the Opposition parties said on Saturday. COVID-19 | Interactive map of confirmed coronavirus cases in India “The government has to put in place broad-based social protection measures, including direct cash financial help to these sections,” she said. Calling for a comprehensive sector-wise …

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