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ECONOMIC PACKAGE SOON, SAYS FM

Focus: GS-III Indian Economy

Why in news?

  • An economic package to deal with COVID-19 situation will be announced soon, Finance Minister Nirmala Sitharaman promised on 24th March 2020, afternoon, adding that the government and regulators are constantly monitoring the state of the economy, markets and rupee depreciation.
  • She still offered little clarity on the composition of an economic task force announced by the PM in mid-March, and explained the delay in announcing an economic package by saying extensive consultations were needed, and till 24th March 2020, Parliament was in session and the Finance Bill had to be cleared.

Details

  • The Centre, the Reserve Bank and the regulators have been jointly monitoring the volatility in the stock markets thrice daily.
  • “Every attention is being given to the economy.
  • The Prime Minister himself is closely monitoring the situation. A multi-layered composition of the task force is already working.”
  • The economic task force announced in the PM’s address to the nation on March 19 has still not been constituted, with the Finance Ministry saying the PM’s Office or the Cabinet Secretariat would be responsible for issuing an order to create it.

What the Finance Ministry said?

  • The Finance Ministry is working intensively on all these suggestions which are coming in from the various sub groups within the multi-layered task force that exists.
  • So the work of the task force which is multi-layered is already almost nearing a conclusion.
  • So the task force and the task force based report and the action following the task force’s report are almost at its peak.



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