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Financial aid required to deal with COVID-19-induced slowdown in India, says Finance Commission’s advisory panel

Financial aid required to deal with COVID-19-induced slowdown in India, says Finance Commission’s advisory panel

Indian economy will go into a slowdown due to the coronavirus COVID-19 pandemic and a well-designed financial aid package is required to deal with the situation, opined the Advisory Council to the 15th Finance Commission in its meeting on April 24.

New Delhi: Indian economy will go into a slowdown due to the coronavirus COVID-19 pandemic and a well-designed financial aid package is required to deal with the situation, opined the Advisory Council to the 15th Finance Commission in its meeting on April 24.

The advisory council noted that the impact of COVID-19 lockdown on the Indian economy will lead to a slowdown in domestic activity, impact on cash flows of financial institutions and business enterprises.

The Advisory Council further stated that the growth rate projected will have to be reduced and Indian enterprises will face a slowdown in demand due to global recession.

Stressing on the small business enterprise, the 15th Finance Commission advisory council said the government should look to support small enterprises and avert bankruptcies in the financial sector as part of the fiscal response to deal with the coronavirus crisis.

The council also highlighted Reserve Bank of India’s role during the recession period and observed that non-banking companies have to be saved from bankruptcy and RBI should come forward to help them by giving loan guarantee.

The Finance Commission meeting was chaired by NK Singh, Chairman of the 15th Finance Commission and was attended by all members and senior officials of the Commission. From the Advisory Council, Dr Sajjid Z Chinoy, Dr Prachi Mishra, Neelkanth Mishra and Dr Omkar Goswami joined the meeting on April 23 and Dr Arvind Virmani, Dr Indira Rajaraman, Dr DK Srivastava, Dr M Govinda Rao, Dr Sudipto Mundle and Dr Krishnamurthy Subramanian joined the meeting on April 24.

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