NEW DELHI: Union Finance Minister Nirmala Sitharaman on Thursday met Prime Minister Narendra Modi to brief him about the state of the economy after the coronavirus outbreak.
According to sources, a stimulus package for the worst-hit sectors was discussed at the high-level meeting, amidst fears of massive job losses in sectors such as aviation, hospitality, MSMEs and exports.
The meeting also discussed findings of the economic task force on the impact of the virus outbreak.
“The broad discussion was to brief the PM about the preliminary impact of the lockdown. The financial sector was discussed in detail. There were also talks on the impact (of the virus outbreak) on various sectors and then the possible roadmap to revive the economy,” a highly placed source told TNIE, adding that the meeting also took note of the recent forecasts on lower GDP growth by various agencies and the progress report on all relief packages announced so far.
Last week, several international agencies, including the International Monetary Fund, had cut GDP growth forecast for India, on account of the pandemic situation.
Earlier, the Prime Minister had held a video conference with the chief ministers of states.
The Prime Minister had on April 14 extended the nationwide lockdown till May 3. The lockdown, which was first announced on March 25, triggered massive migration as industries shut shop.
According to sources, the government’s policy thinks tank, NITI Aayog, is believed to have shared a roadmap to boost the economy after the lockdown, with the finance ministry and the Prime Minister’s Office.
On Wednesday, NITI Aayog vice-chairman Rajiv Kumar had said that India’s GDP growth will see strong recovery from the second quarter this fiscal.