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Government can put money directly into account of 10 crore poor, big economic package announced soon: report

Corona Government of India may announce this package keeping in mind the economic challenges created in the country due to Corona.

25th March, 2020

The Narendra Modi government of India may announce an economic stimulus package of Rs 1.5 lakh crore amidst competition from Coronavirus. Two sources related to the case gave this information to news agency Reuters. This has come to light at a time when a three-week lockdown has been announced across the country to prevent the spread of coronavirus. However, according to sources, the Indian government has not yet finalized the package. According to him, the issue is under discussion between Prime Minister Modi, Ministry of Finance and the Reserve Bank. According to one source, the size of the incentive package can be up to 2.3 lakh crores. However, it is still being discussed.

Money will be deposited directly into the account of 10 crores people

Sources said that the package could be announced later this week. Under this package money can be directly transferred to the account of 10 crore poor people of the country. Apart from this, assistance of businesses affected by lockdown can also be announced.

It is noteworthy that in a country with a population of 1.3 billion people, the entire lockdown came into effect from Wednesday. This is the largest decision taken by the government of any country to stop coronavirus. So far in India, more than 560 people have been found suffering from this virus. Ten of them have died.

Sources said that the government has asked the Reserve Bank to buy some government securities. The central bank has not taken any such step for several decades as it raises the possibility of inflation rising.

A source said, "RBI will have to buy bonds like other central banks of the world."

The finance ministry declined to comment on the plan. RBI has also not responded to emails sent in this context.

Category: India

Narendra Modi Government
Modi Government
Stimulus Package
Direct Benefit Transfer
Finance Ministry

Reported by:
Pankaj Prasad