The center will bring another package

The center will bring another package

New Delhi: The financial system is currently being damaged by Karona.  The government had earlier announced a package of about Rs 20 lakh crore.  Once again, the program is underway to bring in another package, the finance ministry said.  Economic Affairs Secretary Tarun Bajaj, who is currently receiving advice from various ministries and departments, said at a function.  Finance Minister Nirmala Sitharaman said the government could focus on incentive packages to bring demand back.  The option to bring in another incentive package has not stopped.  The central government continues to take steps on a continuous basis.  Bajaj opined that there are many issues to consider.

 The central government has begun the process to assess the impact of the corona on the financial system.  It will also assess how much GDP has been affected by this.  In the first quarter of the current fiscal, GDP fell by 23.6%.  Global agencies estimate that GDP will fall by about 10 to 15%.  In the past, India has been struggling with recession.  The arrival of Corona has hit the market hard.  In the previously announced package, the government provided about Rs 2 lakh crore as financial assistance.  It accounted for only 1% of GDP.  Most of the Rs 20 lakh crore tax aid was loan assistance.  However, experts say that companies or individuals who are not in demand in the market will not benefit from debt loans.  Demand for this specialty has grown significantly as a result of recent corporate scandals.  In view of this, the central government recently announced another Rs 73,000 crore to increase demand.  This was especially true for government employees.  This includes cash voucher schemes, advance, bonuses and capital expenditures.  It remains to be seen what the next steps of the government will be in the context of the affected markets.