PM reviews impact of COVID-19 on economy

Prime Minister Narendra Modi on Thursday reviewed the impact of COVID-19 on the Indian economy and a possible second stimulus to boost sectors hit hard by the pandemic.

Modi held discussions with Finance Minister NirmalaSitharaman as the pandemic hit sectors from small industries to the aviationsector hard with millions of jobs at stake.

   

State of the economy was discussed in details during themeeting, sources said, adding resource mobilisation for taking on the futurechallenges was also highlighted.

As per the World Bank’s latest assessment, India is expectedto grow 1.5 per cent to 2.8 per cent. Similarly, the IMF on Tuesday projected aGDP growth of 1.9 per cent for India in 2020, as the global economy hits theworst recession since the Great Depression in 1930s.

The government constituted an empowered group – headed byEconomic Affairs Secretary Atanu Chakraborty – which is entrusted with the taskof suggesting measures that can bring back economy back on track quickly postthe lockdown.Besides, it was also asked to work on relief andwelfare measures for various sectors of the economy as well as for the poor andneedy.

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