Business & Economics

Finance Minister Says Open To One More Stimulus And Other Measures

BP World Bureau | Sep 29 2020 10:44:30 AM
Image credits: Twitter

NEW DELHI: Finance Minister Nirmala Sitharaman said that the government will give one more stimulus package if necessary during the COVID-19 pandemic and economic repercussions. 

She added that she expects the nation's economy to become better in the second and third quarters of the financial year after contracting by a record of 23.9% in April-June following the outbreak and lockdown.

She told the media the economy and numbers of quarter 1 of the years were calculated based on the impact of COVID-19 and lockdown. After that the unlock process gradually took place and the second quarter numbers won't be as bad as the first quarters. The revival process is also happening in many labour-intensive areas, she said. 

She also pointed out that the ‘vocal for local’ campaign together with Atmanirbhar Bharat (Self-reliant India) campaign is part of the revival process. 

The government worked out the Productivity Linked Incentive Schemes (PLIs), the first PLI was launched for IT and electronics, which has been successful so far. 

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The minister also said that she is not being “risk-averse” in her response to coping with the economic impact of the Covid-19 pandemic and has no choice but to increase the government's spending.