Government package announcement has bad effect on fiscal deficit: Report

The latest initiative to lend to sectors affected by epidemics and other remedial measures will have an additional 0.60 per cent impact on the fiscal deficit. It provides banks with an additional liquidity facility of Rs 70,000 crore. This is estimated in the report.

Finance Minister Nirmala Sitharaman on Monday announced an additional loan of Rs 1.5 lakh crore for small businesses. At the same time, he made announcements such as extra money for the health sector, loans to tourism agencies and guides, and visa fee waivers. This package is mainly offered to banks and microfinance institutions in the form of government guarantees. Including such previous packages, this amounted to Rs 6.29 lakh crore.

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According to an analysis by SBI Research, the new publications are worth Rs 1.10 lakh crore. Thereby, a debt of Rs 70,000 crore will be created. In a report by SBI chief economist Souma Kanti Ghosh, “Monday’s announcements focus on four areas – health, tourism, MFI and agriculture. Other measures announced are improving the existing system.

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