Centre hints at another stimulus package for 'growth recovery'

Stating that the Centre is quite open and monitoring the situation, Finance Secretary Ajay Bhushan Pandey on Sunday (November 1) hinted at another stimulus package.

“The government has taken a series of measures since March this year. Various packages have been announced by the Union Finance Minister. Each time, we stepped in and intervened with relief or stimulus packages as per the need of the hour and the needs of the targeted group of populace, etc,” Pandey told Hindustan Times in an interview when asked whether another stimulus package was required for faster growth recovery.

“And such packages need to be different to address the different requirements. We were constantly monitoring the ground situation and responded accordingly – as to which section of the society or which sector of the economy required support and in it what form. We acted accordingly,” he added.

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The finance secretary said the Narendra Modi government gave cash to the vulnerable sections of society, and also free food grains were provided to 80 crore people. “In the month of April, because of the lockdown, what was needed was cash in the hands of the vulnerable sections of society such as farmers and the Jan-Dhan account holders. We put the money in their hands, directly in their bank accounts. About 80 crore people were given free food grains per month, per family.”

On the stimulus package, he explained, “… stimulus can’t be one size fits all or one size will fit at all times. So what we have to do is to continuously monitor and assess the situation and then come out with the response to address the needs of the hour appropriately as per the requirement of the segment of the economy. Our finance minister has already said that we are quite open and as and when any intervention or stimulus is needed we will not be left wanting.”

Meanwhile, in a statement on Sunday, the Ministry of Finance said the gross GST revenue collected in the month of October was ₹1.05 crore and the total number of GSTR-3B Returns filed for the month of October up to October 31 is ₹80 lakh.