Government May Announce Second Stimulus Package For Post-Lockdown Economic Resurgence: Report

Government May Announce  Second Stimulus Package For Post-Lockdown Economic Resurgence: ReportPrime Minister Narendra Modi with Finance Minister Nirmala Sitharaman.

The Government is said to be working on another stimulus package of fiscal, monetary and policy measures to unleash the animal spirits of the economy once the nationwide lockdown is completely lifted, reports Hindustan Times.

The said package of measures is expected to be unveiled at least after a month, only after a thorough assessment of the Rs 20.97 lakh crore Aatmanirbhar Bharat package already announced. The second package will be prepared after discussions being held with all the stakeholders in the economy.

The development comes at a time when the Government is said to be worried about the slump in demand and consumption in the economy. The economy is staring at severe contraction and the growth in the January-March 2019 quarter was recorded at 3.1 per cent.

Meanwhile, it should be noted that the announcement of the first stimulus package was completed just a little over 10 days ago on 17 May. While the same is expected to add to the economy's strength to rise back, the introduction of a second stimulus package is likely to add further energy to the resurgence.

The report quoted an officer as saying that the government has kept all its “options open” and will respond with appropriate measures to streamline supplies and boost demand to put the economy on a higher growth trajectory.