Here's what India wants from Modi’s financial package
- Prime Minister
Narendra Modiis scheduled to address the nation tonight, March 24 at 8:00 pm.
- While many believe that the measures announced by Finance Minister
Nirmala Sitharamwere in the right direction, more is needed to address the Coronavirus pandemic in India.
- Here’s what experts like former RBI governor Raghuram Rajan, NITI Aayog CEO Amitabh Kant and others expect from the Modi administration’s financial package.
Experts hope that some direction can come from Prime Minister Narendra Modi’s speech tonight at 8:00 pm.
Finance Nirmala Sitharaman’s announcements on statutory and compliance changes — where many deadlines including income tax returns and GST filings have been postponed to June 30 among others things — have been lauded. However, many feel that more stringent measures are long overdue.
Market expert Ajay Bagga told CNBC Awaaz that these changes, while needed, were ill-timed and took up one-and-a-half hours of market time.
Earlier, former director of Infosys TV Mohandas Pai also questioned the administration on why the Corona package is taking so long to pass.
“We must take stock of the economic losses in different sectors and announce a stimulus package that will help citizens in dire straits as well as industries directly impacted by the virus,” wrote Pai.
Here’s what India is expecting from Modi’s Financial package:
"We need to spend money on medical supplies, ventilators, and masks — on getting protective equipment for medical workers. This means getting resource from private, public, defence, retired — every resource — and quickly."
"The state’s first responsibility should be towards people who are at the margin and are going to lose their jobs, and should be able to provide them with a source of livelihood."
“It's a cash flow problem, we need an unscheduled rate cut,” HDFC Bank managing director, Aditya Puri
“Don’t want to criticise during a national crisis but regret to say we’ve lost valuable time,” said former Finance Minister P Chidambaram.
“A rate cut, most agree is called for, but at the same time, it is also clear this will do little in isolation,” writes TV Mohandas Pai
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