Reportedly the Union government is all set to announce a "financial relief package" to remedy the deepening economic crisis owing to the novel coronavirus outbreak and the triple-phased lockdown that followed.A source in the government told, "The discussions and deliberations on the package at the top level of the government were over almost a week ago. If there is no serious and staggering spike in the number of cases of infection, an announcement in this regard could be made as soon as next week."
The final round of discussion regarding the package was held between top officials of the Finance Ministry on May 2. Also in attendance were Finance minister nirmala sitharaman and prime minister narendra Modi. Senior officials within the PMO (Prime Minister's Office) have been working to tighten the nuts and bolts in the relief package which further suggests that the announcement is not too far. In recent weeks, experts and opposition leaders, including rahul gandhi, have been suggesting that the government aid should target the bottom 30-40 per cent of the economic strata which includes daily wagers and migrant workers.
On the condition of anonymity, the source added, "Not all measures which are part of the package need a cabinet clearance but there are some proposals which will need a nod from the cabinet. There has been no cabinet meeting for the last two weeks and the next one could take place on Wednesday." To prepare the financial system for the big move, Finance minister nirmala sitharaman will meet the CMDs and CEOs of national banks on Monday. The agenda of this meeting is likely to include credit flow, credit sanctions and disbursements since march 1 along with four other crucial points.
