New Delhi: Prime Minister Narendra Modi on Thursday re-reviewed the impact of the coronavirus on the Indian economy. Along with this, the possibility of another relief package for the sectors most affected due to the epidemic has also increased. Coronavirus has caused damage from small industries to the aviation sector, and millions of jobs are in crisis. The Prime Minister has discussed the issues with Finance Minister Nirmala Sitharaman in a meeting.
Second relief package for the worst affected sectors
The meeting comes at a time when several agencies have recently slashed their estimate of GDP growth for the current fiscal year due to the coronavirus outbreak and lockdown. The state of the economy has been discussed in detail. According to media reports, the challenges have been discussed prominently in the meeting.
According to the latest World Bank assessment, India is projected to grow at 1.5 per cent to 2.8 per cent. Similarly, the International Monetary Fund (IMF) on Tuesday estimated India’s GDP growth rate for the year 2020 as 1.9 per cent. The IMF said that the global economy would go through the worst recession since 1930. Coronavirus epidemic and lockdown have caused damage to many sectors in the country, including MSME, Hospitality, Civil Aviation and Agriculture.
The government has formed a strong group headed by the Secretary of Economic Affairs. This group has been given the task of suggesting measures to bring the economy back on track after the lockdown. Along with working on help and improvement measures for various sectors of the economy, work is also being done in the direction of helping the poor and needy people. Modi in his address had also expressed concern over the problems of the poor, labourers and farmers.