Some steps forward

Package focused on reforms, not to boost demand immediately

Union Finance Minister Nirmala Sitharaman on Sunday completed her package constructed by the government to deal with the fallout of the Covid-19 pandemic and the economic consequences of the lockdown. Earlier, Prime Minister Narendra Modi had said that a Rs 20-trillion package was in the works. This, which would amount to 10 per cent of gross domestic product (GDP), was so large a sum that many were concerned about the fiscal implications. Now that the package has been announced in its entirety, it is clear that in fact the fiscal implications will not be so large. Most of it is