FM to unveil another stimulus soon, says Economic Affairs Secretary

Finance Minister Nirmala Sitharaman will soon announce the next set of stimulus package to boost the coronavirus-hit economy, Economic Affairs Secretary Tarun Bajaj said on Tuesday.

The Finance Ministry is looking into suggestions and requests received from various sectors of the economy, he said in a virtual conference with media.

"We are actually discussing that. It is difficult for me to commit a date but we have received a lotof requests and comments from various sectors and we are looking into it. Very soon it will be unveiled. The finance minister will come out and speak to you on that," he said.

The finance minister last month had announced a slew of measures to spur demand and ramp-up capital expenditure. This was the third stimulus package since the outbreak of the Covid-19 pandemic.

The government had announced a Rs 1.70 trillion Pradhan Mantri Garib Kalyan Yojana (PMGKP) in March to protect the poor and vulnerable sections from the impact of Covid-19 crisis.

It was followed by the Aatmanirbhar Bharat Abhiyan package of Rs 20.97 lakh crore in May, largely focussed on supply-side measures and long-term reforms.

On the elevated food prices, Bajaj said it is a temporary phenomenon and the government has taken some measures to cool down prices.

He further said this has something to do with logistics and with new crop coming in there could be some moderation.

On the recovery, Bajaj said India continues to see an uptick in the economy for the past few months since the unlock began and there would be further improvement in the months to come.

Despite Covid-19 situation, India growth story is intact, he added.