The Reserve bank of India told the Indian government bluntly to do their duty and should go ahead in terms of taking the fiscal measures so that they can protect the Indian economy and some extra steps should be taken to restart the national economy which has been got hampered with the outbreak of this pandemic virus i.e. Coronavirus. Moreover, the Congress leader P Chidambaram told the prime minister Narendra Modi and finance minister Nirmala Sitharaman to rethink about this Rs 20 lakh crore relief package again which has fiscal stimulus (Means increase in the government consumption or lowering the taxes) of less than 1 per cent of Gross domestic product. Moreover, the government has informed that the value of the package is around 10 per cent of the Gross domestic product.
Veteran Congress leader told that the demand has collapsed and the growth of the same in 2020-21 is heading towards the negative territory which has impacted the Indian economy and even RBI questioned the governor shaktikanta das regarding the infusion of more liquidity and abruptly told the government to do their duty and take fiscal measures to improve the Indian economy. After the announcement by the Reserve bank of India, the prime minister of India or Nirmala Sitharaman has acclaimed themselves for the package which is contributing very less towards the gross domestic product of Indian economy.
Reserve bank of India’s governor Shaktikanta Das on Friday i.e. 22nd May’2020 announced that there is a 40 basis point reduction in the repo rate, dropping the same from 4.4 per cent to 4 per cent after the finance minister Nirmala Sitharaman revealed the full-fledged details of the government’s Rs 20 lakh crore package. It is been expected that after the reduction rate which is being coupled with the extension of loan repayment till the August month will surely infuse more liquidity into an Indian economy which will create more demand.
So, after the decision of launching a package of Rs 20 lakh crore, P Chidambaram tweeted on social media site that Rashtriya Swayamsevak Sangh organisation should be ashamed that how the government can go ahead and take a conclusion which can drag the Indian economy into negative growth territory. He also blamed that the government’s such decision has left several sections high and dry as this decision is quite disappointing.
Now, P Chidambaram urged the government to announce a revised package and accused the Indian government of not involving the parliament before making a decision on the relief package. As per him, he said that the government intention is sidelining the parliament in taking such kind of decisions. Also, Mr Chidambaram questioned the features of the package pointing out the two measures taken related to the agriculture which was a part of the last year expenditure budget and also asked the government regarding the collateral-free loans for MSMEs. Also, P Chidambaram criticised the BJP government over the policy announcement during the outbreak of this pandemic virus Coronavirus. It has been claimed that the relief package doesn’t amount to be of Rs 20 lakh crore so the government should go ahead and within this week they must share a break-up of the sums which is been involved in the same because as per Mr Chidambaram it amounts to be Rs 20,97,053 crore.
Instead of dragging the Indian economy down, the congress leader wants that Reserve bank of India should abruptly tell the government to do their duty and also he blamed the BJP supporters as they are not involving anybody before taking such kinds of decision. They must further think about such kind of decision so that it won’t impact the Indian economy.