New Delhi: The government has no plans to print currency notes to install during the current economic crisis triggered by Pandemic Covid-19 addicts, Nirmala Union Minister of Finance Sitharaman told parliament on Monday.
For questions about whether there are plans to print currencies for the ups and downs of the crisis, the Minister of Finance said, “no master”.
Many economists and experts have advised the government to use more currency records to support the economy damaged by the spread of Covid-19, and protecting work.
India’s real gross domestic product (GDP) is estimated to have been contracted by 7.3 percent during 2020-21, Sitharaman said in a written reply for Lok Sabha.
This contraction reflects the unparalleled effect of pandemic and the detention steps taken to control the pandemic, he said.
“The basics of the economy remain strong as a gradual scenery of locking, along with the clever support of the Atmanirbhar Bharat mission has placed the economy strongly on the recovery path of the second half of 2020-21,” he said.
The government has announced a special and comprehensive economic and comprehensive package of Rs 29.87 lakh crore under Atmanirbhar Bharat (ANB) to fight the impact of the pandemic, to revive economic growth and to increase work for 2020-21, he said.
Union budget 2021-22 announced a number of steps to support extensive and inclusive-based economic development including increasing capital expenditure of 34.5 percent and 137 percent increase health expenditure, he said, the government announced the RS 6.29 lakh crore assistance package in June 2021, to strengthen health Communities and provide encouragement for labor growth and steps.
Replying to another question, said Sitharaman, the second Covid-19 wave impact is expected to be muted considering the steps of local detention and a quick increase from vaccination drive.
Union budget 2021-22, estimates Indian Nominal GDP growth at 14.4 percent during the current financial year which ended March 2022.
Reserve Bank of India, in the resolution of the latest monetary policy committee (MPC) on June 4, 2021, has projected India Real GDP Growing at 9.5 percent in 2021-22, after calculating the second wave impact compared to the previous projection of 10.5 percent, he said.
In return for another question, the Minister of Finance said the RBI has announced a special three-year-long-term operation (Sltro) of the 10,000 crore RS at the Republican level for small financial banks (SFB), which will be deployed for new loans for Rs 10 lakh per borrower Providing further support for small business units, micro and small industries, and other unorganized sector entities affected during the current pandemic wave.
The first auction below the Sltro was carried out on May 17, 2021, he said, added, the portion of the notification of the 10,000 crore Hospital notification was being carried out at each of the next auction, until fully used or until the last auction was conducted in October 2021, which was early.
Three auctions under this scheme have been carried out so far, and SFBS has used the total number of 1,640 crore rs under the scheme, he added.