On Saturday, Finance Minister Nirmala Sitharaman said that the policy fiscal measures that will boost the economy in the future will depend on what shape the Covid-19 epidemic takes. She said this a day after the RBI made a number of announcements. The central bank has predicted a contraction in the Indian economy in the fiscal year 2020-21. The government has already announced an economic package of 20.97 lakh crore rupees. These include liquidity related measures of Rs 8.01 lakh crore taken by the Reserve Bank till May 17.
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In his statement, Sitharaman said that it is difficult to make a real assessment of economic growth at this time because there is no clarity about what the epidemic will take in the coming times.
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Sitharaman said, I am not closing the doors. I want input from the industry, as well as to implement my announcements. In the coming time, we will take decisions according to the circumstances. In this year (financial year), only two months have passed, we still have 10 months. The Reserve Bank on Friday said that the impact of Covid-19 is more severe than earlier estimates and GDP growth is expected to be negative in 2020-21. The central bank had hoped to pick up some momentum in the second half (October to March).
