Centre working on another stimulus package, says Finance Secretary Ajay Bhushan
New Delhi | Jagran News Desk: Union Finance Secretary Ajay Bhushan Pandey has hinted that the Narendra Modi government is working on a new sector-specific stimulus package to revive the growth but didn't reveal when it will be announced, news agency ANI reported.
"We keep monitoring the situation on the ground to assess which sector of the economy or segment of the population needs what kind of help at which time and respond accordingly. We keep taking suggestions from industry bodies, trade associations, various ministries and after going through their suggestions and requirements of the economy, we come out with timely measures," the agency quoted Pandey as saying.
The finance secretary, however, didn't give a timeframe for the stimulus package but confirmed that deliberations are on. He also claimed that the country has reached to pre-Covid level and gone into positive territory as far as the growth is concerned.
"September and October data shows that we have reached Pre-COVID-19 level and gone into positive territory. If we compare with the last year, the E-Way bill in September has seen year on year growth of 10 per cent and in October it has seen a growth of 21 per cent," he said.
"If we are able to maintain this growth for the next five months, then we can say that we can transition from deep negative zone to near-zero growth zone by March 2021. International Monetary Fund (IMF) has projected India's GDP to contract 10.3 per cent this fiscal year, revised from its forecast of a 4.5 per cent decline in June," he added.
Last month, the Reserve Bank of India (RBI) had projected a massive 9.5 per cent contraction in the current fiscal. According to the Central Statistics Office (CSO), the GDP of India crashed an unprecedented 23.9 per cent in the first quarter of the current fiscal year. The government had already announced a stimulus worth Rs 20 lakh crore to help the economy and businesses tide over the coronavirus crisis.
Posted By: Shashikant Sharma