The government has also initiated talks with the World Bank for an unprecedented package from the multilateral lender to speed up the creation of healthcare infrastructure that’s urgently needed besides support for some key economic sectors to tackle Covid-19’s impact. “It is being worked out ... it will be announced shortly,” said a government official.
The finance ministry has directed public sector banks to ensure last-mile implementation of the rate cut announced by the Reserve Bank of India (RBI) on Friday.
Finmin highlighted the need for relief measures as individuals & businesses face loss of income.
In the last few weeks several government departments including the Legal Metrology department has received several complaints about a sudden surge in prices on certain products, said people in the know. According to them, the government has begun investigations after prices of certain products jumped from 10% to 100% or even more.
FM is expected to announce measures to deal with the economic impact of Covid in reply to Finance Bill today.
The government is working on a package to support the economy facing the brunt of the Covid-19 outbreak that would include measure to address potential non-performing loans issue as businesses are shuttered to contain the risks.
Coronavirus outbreak: Preemptive measures in place to ensure no disruption to supply chains: Sanjeev Sanyal
Steps have already been taken to identify specific goods and ensure their imports especially pharmaceuticals, he said. Certification agencies have been directed to ramp up capacity to issue certificates expeditiously.
Central bank to finalise report after considering feedback on the draft scheme from public
The government had in July last year raised excise duty and cess on both petrol and diesel by Rs 1 per litre each. Petrol attracts excise duty of Rs 17.98 per litre and diesel Rs 13.83 per litre.
The restructuring scheme will be taken to the cabinet as an administrator has been appointed for Yes Bank in consultation with the government and it also entails a substantial cash infusion by public sector lender SBI.
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