'Given the 50 per cent or thereabouts increase in borrowing that has been announced, it is a reasonable estimate to say that at this time, an increase of 1.7-1.8 per cent on the 3.5 per cent budgeted fiscal deficit target is being anticipated,' Chief Economic Adviser Krishnamurthy Subramanian said on Friday.
OMCs' Digital India move is likely to have an impact on more than 80.3 million Pradhan Mantri Ujjwala Yojana consumers, majority of whom are not exposed to digital transact.
'It is a package for a new self-reliant India.'
This comes at a time when the COVID-19 crisis is expected to derail the government's revenue maths for 2020-21, hitting the mop-up from sources such as taxes and divestment.
Railway traffic has dropped 32 per cent to 99.86 mt between April 1 and May 14, compared to the same time last year, while its revenue, too, dipped 41 per cent to Rs 9,094.38 crore.
According to industry experts, the consumption of petroleum products in the month of April was only 30-40 per cent of what it had been prior to the lockdown. Due to this, refineries were forced to bring down their capacity too.
These conditions are implementation of the 'One Nation, One Ration Card' scheme, ease of doing business, power sector reforms, and urban local body reforms.
Later, there may be some tax relief aimed at the middle class and measures to benefit the sectors worst hit by Covid-19 and the resultant nationwide lockdown.
For many the resumption of trains is a big boon, but some say it doesn't come without confusion and worries
There could be multiple measures announced in quick succession, not only by the finance minister but also other ministers regarding their respective sectors, and by the Reserve Bank of India. The total size of these announcements could rival that of other G-20 nations as a percentage of GDP.
No change in retail prices as oil marketing firms to absorb increase
The finance minister is ready to present a second financial package. The Centre has ruled out a mega stimulus and will rely on targeted, incremental packages. Industry is clamouring for a bailout, the liquidity upheaval in capital markets is nowhere close to being sorted out, and all budgetary forecasts now stand irrelevant, reports Arup Roychoudhury.
The beneficiaries of the second set of announcements are expected to be micro, small, and medium enterprises, farmers, women, poor, migrant workers, and other marginalised sections of the society, reports Arup Roychoudhury.
The survivor from Thrissur, who returned from Wuhan -- the epicentre of the pandemic -- recounts her road to recovery and her future plans. Shine Jacob reports
'The numbers are null and void now. Look, we can give out projections now, but we know that a week later those numbers will also be irrelevant. So we need to wait,' a top government official said.
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
A government official said out that with hardly any economic activity, an immediate duty hike will not be productive and could be announced once the lockdown eases and demand revives.
This is because the bond market has factored in the Rs 4.88-trillion gross borrowing for April-September 2020.
The stimulus package is expected anytime this week and will be aimed at the urban and rural poor; disadvantaged sections of society; MSMEs and some of the worst-affected sectors.
It is likely the government will divide the country into different zones during the proposed extended period of lockdown and might permit a few services to function in safe zones.
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