Modi’s package: … not 20 lakh crore, but but its of 13.50 lakh crore!
This package of PM Modi is historical in this case that it is the largest economic package of 20 lakh crore rupees. PM Modi has announced a big relief package while addressing the country at 8 pm on Tuesday night. But PM Modi said that in this package, relief announcements made earlier by the Finance Minister and RBI are also included.
In the midst of the Corona crisis, once again Prime Minister Narendra Modi has announced a big economic package of 20 lakh crore rupees while addressing the country. PM Modi has named it self-sufficient India package. This package of PM Modi is historical in this case that it is the largest economic package of 20 lakh crore rupees.
PM Modi has announced a big relief package while addressing the country at 8 pm on Tuesday night. But PM Modi said that in this package the relief announcements made earlier by the Finance Minister and RBI are also connected, so now the curiosity of people has increased, how much will be the remaining package or how much is left.
In fact, till now the Reserve Bank of India has announced an economic relief package of about 4.74 lakh crore rupees in two phases. First, on March 27, the Reserve Bank announced several measures to increase the cash and announced a huge reduction in the repo rate by 75 basis points. The CRR was reduced from 4 to 3 percent. The first targeted long-term repo operation (TLTRO) said that cash flow of Rs 1 lakh crore was made in the system. It was said that about Rs 3.74 lakh crore cash will come into the system. On April 17, the Reserve Bank again took measures to increase cash flow by Rs 1 lakh crore. Finance Minister Nirmala Sitharaman had announced a relief package of Rs 1.7 lakh, in which it was said to help the poor under the poor welfare scheme.
In this way, a package of about Rs 6.44 lakh crore has already been announced. The previously received packages are as follows-
1. Poor Welfare Scheme Package
The central government announced a relief package of Rs 1.7 lakh crore under the Garib Kalyan Yojana. Under this, money is being sent directly to the account of the poor.
2. TLTR0 1
On March 27, the Reserve Bank of India made several important announcements. The Reserve Bank of India had cut the CRR and announced the first Targeted Long Term Repo Operation (TLTRO), which was said to bring cash of Rs 3.74 lakh crore to the system.
The RBI governor said that steps are being taken to deal with the challenge in cash flow due to Corona virus. The cash reserve ratio (CRR) was reduced by 100 basis points to 3 percent. The Reserve Bank announced the targeted long-term repo operation i.e. TLTR0 1. The reverse repo rate has been cut by 25 basis points. Now the reverse repo rate has come down from 4% to 3.75%. Banks will benefit from the reverse repo rate reduction. Banks will not have any problem in getting loans. The Reserve Bank of India had announced to infuse Rs 1 lakh crore of cash into the banking system under TLTR0 1.
3. TLTR0 2
After this, on April 17, the Reserve Bank of India made several announcements again. RBI Governor Shaktikanta Das said that since Kovid 19 small and medium-sized corporates faced a lot of liquidity, a targeted long-term repo operation (TLTRO 2.0) of Rs 50,000 crore was announced.
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Apart from this, RBI Governor Shaktikanta Das said that the role of NABARD, SIDBI, NHB is important for the flow of credit to rural areas and NBFCs etc. In the era of Kovid 19, these institutions are difficult to get loans from the market, so Nabard, SIDBI, NHB are being given additional refinancing facility of Rs 50,000 crore.
In this way, a package of about 6.44 lakh crore rupees has been announced so far by the government and the Reserve Bank. Now out of the Rs 20 lakh crore announced by the PM, only a package of Rs 13.56 lakh crore is yet to be announced, which the government can do further in several pieces.
