Positive impact of Financial package of 20 lakh crores to recover economy in post COVID lockdowns

 
GREATER NOIDA, India - June 6, 2020 - PRLog -- Financial package of 20 lakh crores announced by the Finance Minister and RBI in the month of May 2020, is laudable and would help pull out the economy from negative effects of lockdowns said Professor J.D.Agarwal. Chairman, Indian Institute of Finance and Editor in Chief Finance India, while delivering a Webinar on "Impact of Government's 20 lakh crore package on Indian Economy" at Indian Institute of Finance, today. According to him government, while announcing financial package has taken care of all sectors and sections of the economy with main focus on Agriculture, MSME, Sharmiks, women and vulnerable sections of the society. Government has used this opportunity to introduce wide ranging reforms in agriculture i.e. removing controls,  MSME and opening other sectors of the economy to private sector.

The financial package is very well designed and would act as a balm on badly affected economic and financial activity and welfare of people due to lockdowns to protect the lives of people.

According to Agarwal, It is first time the wide ranging much needed  reforms have been introduced in the country. The present format of reforms include investment in  building infrastructure in agriculture for which Finance Minister has rightly provided Rs. 1 lakh crores, removing wide ranging controls on agriculture produce, changing the definition of MSME and opening of some sectors like defense to the private sector with a view to promote self reliance. Another set of important reform carried out is opening doors for private sector in defense, power, space and inviting FDI in civil aviation and power sector are laudable and would bring fruits for the stressed Indian economy. Government has shown a lot of concern towards "Atmanirbhar"  Bharat and want to export equipments, PPE Kits and the medicines to the rest of the world.

Dr. Agarwal feels that the Government has adopted welfare orientation in pandemic by proving health to poor down trodden and needy for the most basic needs.The stimulus will help age old controls in farm sectors to be lifted. We need to take care of farm sector. Farmer income may go up which is very important feels Prof Agarwal.

Stimulus would support infrastructure, business and economic system by infusing liquidity. EPF support to business and workers to the extent of Rs 2800 crore., reduce the deepening of recession in the economy, help fight against covid 19 and hunger; reviving the trade, businesses, MSME, industry and the economy, generating employment for sharmiks near their home towns, extend necessary help to agriculture and rural economy opines Dr. Agarwal.

Dr. Agarwal feels that there would be positive impact of stimulus on trade, business, investment and economic activity in the post Corona 19 and lockdowns,

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