Finance Minister Nirmala Sitharaman on Monday hinted that another stimulus statement is likely to boost the economy in the wake of corona-induced problems. Nirmala Sitharaman, who unveiled a book written by NK Singh, chairman of the 15th Finance Commission, spoke on the occasion. She said the Center had started the assessment process on the effects of the corona epidemic on the economy from October. He said the finance ministry would make a statement regarding the assessment results. ‘Do not rule out another stimulus opportunity. We have announced 2 stimulus so far after in-depth consultation, ”she said. The finance minister also said that the finance ministry would soon approach the cabinet to classify strategic and non-strategic sectors.
It is noteworthy that the Reserve Bank of India has forecast a 9.5 percent decline in the Indian economy during the current financial year. At the same time, the International Monetary Fund (IMF) and the World Bank have forecast a decline of 10.3 percent and 9.6 percent respectively in the Indian economy. Sitharaman announced a cash voucher in lieu of LTC to government employees and a festive advance of Rs 10,000 before the start of the busy festive season. These measures were taken keeping in mind the increase in consumer demand in the economy. Along with this, the Finance Minister also announced to incur additional capital expenditure during the year and to provide an interest-free loan of Rs 12,000 crore for 50 years to the states. These measures put 28 in total, 000 crore demand is expected to come out. The government had earlier announced a Rs 20 lakh crore ‘Self-reliant India’ incentive package in May. Now the government is taking steps to fully open and promote the economy before the festive season starts. The government implemented a stringent lockdown across the country in March this year to curb the coronavirus epidemic. Due to this lockdown, during the first quarter of the year ‘April-June’, there was a huge decline of 23.9 percent in GDP.
Sitharaman said that the Finance Ministry would soon submit a proposal to the Cabinet to clarify the identity of strategic and non-strategic areas. The finance minister had announced in May that a new public sector undertaking policy would be formulated to pursue reforms in central public sector undertakings. Under this, there can be a maximum of four state-owned companies in the strategic sector. Privatization will be done in other areas. On this occasion, Chairman of Reliance Industries Mukesh Ambani said that India needs to think again in the field of manufacturing and find out new ways. “As much as we pay attention to” clicks “or information technology, we need to think as much about ‘BRICS’ or traditional industries. Let us think about future industries and the entire ecosystem that provides the services of the future.
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