The Modi government is expected to announce another stimulus package, targeted at middle class and small businesses
Bengaluru: With an eye on the middle class and small businesses, the Modi-led Union government is planning to announce a new stimulus package, keeping them in mind.
With this new package, the government hopes to revive an ailing economy as several states have restarted businesses and lockdown is over.
India Today adds that the finance ministry has been holding key high-level meetings to determine the next course of action in reviving the economy.
It further notes that several meetings have been held during the past two months and criticism following the release of official GDP numbers has expedited the process.
India, which registered a GDP contraction of 23.9 per cent in the April-June quarter, has emerged as the worst-hit economy in the world.
As the Union government remains in talks with industry honchos to elicit their views to bring economy back on track, it is learnt that they have suggested to the government to increase demand which is the sole booster required to bring economy back on track.
The government is aware of the GDP decline. Keeping that in mind, it hopes to generate demand in the festive season.
Financial Express noted thus: Economists suggest that the signs of economic revival will only be seen as the caseload decreases or the vaccine gets available in the market, however, both seem to be a far-fetched dream at the moment.
The Prime Minister had announced a stimulus package amounting to Rs 20 lakh crore to extricate an ailing economy, back in May.
The stimulus was accommodative enough to embrace farmers, labourers, daily wage workers among others.
Last Updated Sep 7, 2020, 4:07 PM IST