Economy

Headline and a blank page: Chidambaram on economic package

Headline and a blank page: Chidambaram on economic package”

He further said that the Reserve Bank of India (RBI) would inject Rs 8 lakh crores and Rs 5 lakh crores would come from additional government borrowings and Rs 1 lakh crore would be revolving guarantee.

While addressing the nation on Tuesday, PM Modi also said that the next stage of the lockdown, which is due to be lifted on May 18 after being extended twice, "will be different in many ways".

The economic package "will give a new momentum to India's development journey and put India on the road to self-reliance", Modi said in a special television address to the nation. Truth is the government is in no position to go on extending the lockdown. They also bolster critical parts of the economy that have been hit hard by the economic consequences of the coronavirus crisis, such as power generators.

Gaurav Saroliya, director of macro strategy at Oxford Economics said "Alongside monetary easing by the RBI, we think this move, the details of which are still awaited, will boost market confidence that India will be able to limit the economic costs of the lockdown, which our macro team earlier estimated at around 6 per cent of annual GDP".

It comes as governments and central banks in other countries around the world have provided unprecedented levels of support for their economies to tackle the crisis. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. But India's economy has not escaped the pain. That would make it proportionally one of the largest fiscal stimulus packages in the world.

More news: Over 1,900 DoJ Alumni Condemn AG Barr Over Handling of Flynn Case

Nearly all of India's economy - exceeded in size only by the U.S., China, Japan and Germany - has been closed except for a small number of essential industries.

Besides, announcing a stimulus package of Rs 20 lakh crore or 10 per cent of the GDP.

These include an emergency credit line of collateral-free loans worth $40bn to to "resume business activity and safeguard jobs" in the wake of India's lockdown to curb coronavirus.

The Left parties said that Sitharaman failed to address the immediate concerns of people and dismissed the economic package as a "farce".

An unraveling of some of India's progress over the last 30 years would be particularly painful for the tens of millions of Indians who had ridden the wave of growth and at last lifted themselves out of grinding poverty. "And the first thing we will look for is what the poor, hungry and devastated migrant workers can expect after they have walked hundreds of kilometres to their home states", the congress leader tweeted. It's been seven weeks since India shut down nearly completely.



Like this

loading...
loading...

Latest


14 May 2020
Homeless California Men Arrested for Fight over Wearing Masks at Target
On May 1, two careless brothers were being escorted off the property by three guards when they refused to put on masks. An NYPost report details a brawl that left a Target security guard in California with a very painful injury.

14 May 2020
Coronavirus Serie A hopes to return on June 13
After a videoconference with all 20 clubs on Wednesday, a large majority selected June 13 as the resumption date over the other option, June 20.

14 May 2020
Ocasio-Cortez Joins Joe Biden’s Climate Change Panel
Sanders and Biden had clashed on the campaign trail over issues including health care and Social Security. Shortly after the announcement, Ocasio-Cortez tweeted about her decision to co-chair the task force.

13 May 2020
Rams reveal their new uniforms for the upcoming National Football League season
The Rams have dubbed their new hues "Rams Royal", "Sol", and "Bone", which refers to the off-white uniform combination. Here's another look at the full set of uniforms and the different combinations the Rams can wear.

13 May 2020
Justices Fear 'Chaos' If Electoral College Delegates Have Free Rein
In all, 32 states and the District of Columbia have laws that are meant to discourage so-called faithless electors. In Washington, the state Supreme Court upheld a $1,000 fine against the three electors and rejected their claims.

13 May 2020
Epic Announces Cancellation of Fortnite World Cup to Be Held in 2020
The Fortnite World Cup draws a large gathering of people and that's the one particular thing the world doesn't need right now. The development was announced by the Fornite developer, Epic Games , in a series of tweets on Thursday.

13 May 2020
Controversial rapper Tekashi 6ix9ine's $200K donation declined by No Kid Hungry
The music star, real name Daniel Hernandez , was recently released from prison for his involvement in a violent USA street gang. However, the 24 year old can not understand why charity executives won't just use the money to do good, as he had intended.

13 May 2020
Astronomers Understand The Weather On Jupiter With These Incredible High-Res Images
He also noted this bright infrared light comes from cloud-free parts, "where there are clouds, it's dark in the infrared". The Hubble data show the height of the thick clouds in the convective towers, as well as the depth of deep water clouds.

13 May 2020
Broadway Star Awakens From Coma After Losing Leg to Coronavirus
A GoFundMe drive for Cordero, Kloots, and their 10-month old son Elvis , has now raised over $500,000. His wife, Amanda Kloots , he shared the happy news on his Instagram.

13 May 2020
Morgan State University to reopen campus for fall semester
The decision affects the district's 75,000 students at American River, Cosumnes River, Folsom Lake and Sacramento City. The Chronicle of Higher Education is keeping a running list of colleges' plans for reopening in the fall.