As the number of COVID-19 cases increase in India leading to severe distress to the economy, the Finance Ministry is slated to announce the second economic relief package to keep the economy afloat.
Well, sources close to the matter told CNBC TV-18 that the second economic relief package would depend on the spread of COVID-19.
Sources also said that April 11 to 14 will be the period to ascertain the same adding that the labour force and business stimulus is still governments top priority amid the crisis.
Sources said that the government has various plans for different scenarios but will only decide after looking at how the spread of virus pans out before the lockdown ends on April 14.
The government is likely to announce the relief package once the lockdown is lifted, the source added.
Finance Minister Nirmala Sitharaman unveiled on Thursday a grand Rs 1.70 lakh crore economic stimulus package titled the ‘Pradhan Mantri Gareeb Kalyan Yojana’ to help the poor and migrants tackle the financial difficulties arising because of the national lockdown.
“No one will go hungry”, she declared and added that the immediate focus is on alleviating the hardships of the migrant workers and the urban and the rural poor.
The government objective is to ensure that for the next three months there is enough money in the hands of the needy, so that they can escape misery inflicted by the steps to fight the corona virus outbreak.
India it currently under a 21-day lockdown that is attempting to flatten the curve when it comes to the novel coronavirus. People have been asked to stay at home as much as possible, and most businesses — apart from essential services — have been closed. Public spaces such as malls and gyms and parks are shut and even stores that are not selling essential items are closed. Transportation systems, such as the Indian Railways and nearly all passenger flights too are not available at this time.