Economic help by Indian government to lessen coronavirus impact

Economic help by Indian government

image source: Zee news

PM Modi may unveil economic help for nearly Rs.1.50 lakh crore to provide stimulus to the economy.

The need for social distancing has become very important in India. While PM Narendra Modi announced a 21-day lockdown, there are measurable steps taken for the daily needs to be met for everybody.

PM Modi stated that he is in constant touch with the state governments to take care of the needs of the people during the lockdown. Modi stated that they have to fight this tough situation in 21 days. As per the latest news on Coronavirus pandemic in India, the number rose to 606 cases reported where 42 got cured and 10 deaths.

The PM has also issued strict instructions to the home ministry and the director of Police in different states to take strict actions against the people who are breaking the violation. Doctors, nurses and other healthcare professionals are working endlessly to service the entire country to fight against a deadly disease. If people are not co-operating, strict actions would be taken against them.

Furthermore, he also stated that everyone should help at least 9 people who are financially not as strong for the next 21 days. In the serious condition of the coronavirus pandemic in India, India has agreed for an economic stimulus package of more than 1.5 lakh crore rupees to support the nation during the lockdown period.

There has been no final decision about the package and discussions are still ongoing at PM’s office. Government official sources revealed that the stimulus plan could widen to Rs 2.3 lakh crore, which is yet to be finalised.  The package will be unveiled by the end of the week on where to put money and support businesses during the lockdown.

PM Modi announced on a 21-day lockdown will the numbers rising at an alarming rate. The government is working in increasing its borrowing plan for the fiscal year 2020/21, commencing from 1st April with an amount estimated to be about 7.8 trillion rupees.

As per the sources, the government has asked the central bank in buying some of the government securities to be issued. Mainly, the RBI will have to purchase the bonds like other central banks in the nation.

The other official stated the government could make use of the central bank’s ways of offering the best for an overdraft facility, in case if the RBI faces a cash crunch. The finance ministry has denied the comment on the ongoing plan. On Tuesday, the Finance Minister said the government will soon announce the package for addressing the coronavirus impact on the economy.

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