Recommending a slew of relief measures, including regulatory easing, an ASSOCHAM paper has said that the government should consider wage support mechanism and interest subvention for the MSMEs, which are reeling under the severe impact of the .
The extent of the scheme, first announced in May 2020 to mitigate the financial distress caused by Covid, remains restricted at Rs 3 lakh crore, of which Rs 2.55 lakh crore has already been utilised.
The economic toolkit revealed
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With monetary policy having run its course, fiscal policy alone can spur the economy
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With monetary policy having run its course, fiscal policy alone can spur the economy
Reading the Reserve Bank of India (RBI) ’s annual report for 2020-21, the economist is driven to rethink why India today needs its central bank more than ever before. So, what would be the direction from which these thoughts are likely to flow? Most likely it will be the one suggesting that perhaps the RBI is to be desired more for its role as a source of unbiased and reliable information on the economy than its potency in driving it. The former is not a trivial presence at all, especially at a time when citizens are sceptical of the independence of government agencies originally intended to be free from its influence, leave alone stranglehold. The annual report is a splendid document. The information presented in it enables us to understand which
Regional banks have been key beneficiaries of the ECLGS as they have disbursed 3-5% of the loans under this scheme. The impact is lower for public banks (1-1.5% of loans). The exposure for the frontline private banks is not high at around 2% of loans.As l
Let Budget schemes kick in before asking about Covid stimulus, says finance minister Nirmala Sitharaman
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Finance minister Nirmala Sitharaman has said that there is no need to rush with an immediate stimulus in response to the Covid second wave as Budget announcements, including on spending, are yet to fully seep into the economy with just two months of the financial year having passed.
PTI
How much of preparation would ve been adequate if somebody actually knew Covid would rage this way, asked the FM.
(This story originally appeared in on May 31, 2021)Battling crises has become second nature for finance minister Nirmala Sitharaman. If it was the economic slowdown in 2019 when she took charge, now the Covid pandemic that hit India soon after in 2020 poses near-, medium- and long-term challenges.