Of the announcement of Prime Minister Narendra Modi’s economic package of 20 lakh crore rupees, only 60 percent i.e. 12 to 13 lakh crore rupees will be received as new help. According to a report by DBS Bank, a large amount of this has already been given by the Reserve Bank in the form of cash assistance, which is part of this entire package.
It is noteworthy that Prime Minister Narendra Modi in his address to the nation on 12 May announced this package to overcome the Kovid-19 crisis. This package includes the previously announced amount of Rs 1.7 lakh crore for the Pradhan Mantri Garib Kalyan Yojana and the facilities given to the market by the Reserve Bank of India.
DBS Bank released a report in this regard on Wednesday. Economist Radhika Rao at the bank said, “Prime Minister Modi announced an economic stimulus package of Rs 20 lakh crore. It is 9.7 percent of the country’s GDP. Only 50 to 60 percent of the new relief amount will be allocated in this whole package. There is not much information about this yet, but its financial burden will fall on the bond market. “
He said that the size of this new economic package is shocking. It is bigger than expected. It also calls for making the economy more self-reliant by emphasizing local manufacturing and better supply chains. Apart from the Rs 1.7 lakh crore announced by the government for the welfare of the poor, the Reserve Bank has provided cash assistance of Rs 3.7 lakh crore in March and Rs 2 lakh crore in April.
Rao said, “About 60 per cent of the entire package of the government i.e. 12 to 13 lakh crore rupees will be available as new help. If the overall relief measures of the Reserve Bank are included in this, the new package is likely to be around Rs 10 lakh crore. ”