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.

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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.

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