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LATEST NEWS UPDATES | Second stimulus: Govt plans targeting based on need, MSMEs to begin with -Aanchal Magazine & Sunny Verma

Second stimulus: Govt plans targeting based on need, MSMEs to begin with -Aanchal Magazine & Sunny Verma

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published Published on May 1, 2020   modified Modified on May 1, 2020

-The Indian Express

PM wary of open-ended provisions: Fund for MSME with guarantee likely.

AS the Covid pandemic and the prolonged lockdown batter all sectors of the economy, the government, sources said, is working on a rescue package that, for now, may address the needs of the micro, small and medium enterprise (MSME) segment rather than the larger corporate sector.

More than six meetings have been held at the Prime Minister’s Office — including Thursday’s with Finance Minister Nirmala Sitharaman and Commerce and Industry Minister Piyush Goyal — to discuss the scope and quantum of the second fiscal package.

But what has held back an announcement is the open-endedness of the stimulus being pushed by sections within the government.

“The Prime Minister has been asking ‘searching’ questions. What probably weighs in his mind is the aftermath of the massive stimulus the government imparted following the 2008 global financial crisis. Few large industrial groups made the most of the monetary and fiscal stimulus, built huge and unsustainable balance sheets, left banks with large NPAs, and this also led to high inflation,” said a source who did not wish to be named.

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The Indian Express, 1 May, 2020, https://indianexpress.com/article/business/economy/covid-19-lockdown-economy-msme-6388093/


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