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Fiscal stimulus by FM is mostly credit oriented, says Subhash Chandra Garg

He said that the fiscal stimulus, by its very nature, is additional fiscal burden on the public finances

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Subhash Chandra Garg, former Finance secretary

9 min read Last Updated : May 16 2020 | 9:47 PM IST

Subhash Garg, former Union finance and economic affairs secretary, tells Aditi Phadnis that economic recovery and state finances face a rocky road ahead, notwithstanding the PM’s Rs 20 trillion stimulus plan

How seriously will the Covid-19 outbreak impact India’s economic growth and public finances?

The lockdown of Indian economy to contain the outbreak of Covid-19 will push India into growth contraction for 2020-21. It appears that India will have negative growth of more than 5 per cent, even if most economic activities resume in the next few weeks. Several businesses like entertainment, hospitality, travel etc. would never be the same

Topics : Coronavirus Nirmala Sitharaman Fiscal Deficit Lockdown Subhash Chandra Garg Fiscal stimulus Stimulus package Narendra Modi Indian Economy Economic slowdown Finance Secretary MSME sector Migrants migrant workers Poverty in India India Inc welfare schemes GDP growth GST Council goods and service tax state finances Government expenditure Government reforms State Budgets Disaster Management Act

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