Moneycontrol PRO
UPCOMING EVENT:Are you 45+? Planning for retirement? We have just the right webinar for you - Planning for Retirement with Life Insurance on 27-Jan, 3pm. Register now!

FM Nirmala Sitharaman on next stimulus package: ‘Not taken final call, consulting states’

FM Nirmala Sitharaman’s statement came at a time when chorus for another stimulus package has grown amid massive stress on the economy due to curbs linked to COVID-19 second wave

May 29, 2021 / 12:50 PM IST
Union Finance Minister Nirmala Sitharaman (File image)

Union Finance Minister Nirmala Sitharaman (File image)

Union Finance Minister Nirmala Sitharaman said on May 28 that the Centre was in talks with states to assess impact of lockdown-like measures on various sectors and a final call on the next stimulus package had not been taken.

“The [Union] Budget has been announced only on February 1, we are in May, we have the entire year to go, the second wave has come and while there’s not a complete lockdown, states have had a lockdown. So we are getting inputs, we need to take a call. We need to understand where the impact is, how much it is and so on. That process of consulting, the states consulting, industry, is going on. We have not made any final call,” FM Sitharaman said during a press briefing after the GST Council meeting.

FM Sitharaman’s statement came at a time when chorus for another stimulus package has grown amid massive stress in the economy that has been battered by the second wave of COVID-19 cases and lockdown-like restrictions imposed by many states to curb the further spread of infections.

While India’s daily COVID-19 cases have dropped over the last two weeks, the infection rate remains high. Thus, states are hesitating to begin the reopening process.

Earlier, news reports had suggested that the finance ministry may announce another stimulus package – similar to the one released in 2020 – after the nationwide ‘unlocking’ process begins.

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

A recent poll by Reuters found that India's economic outlook has weakened again, stoking fears the job crisis may worsen over the coming year.

Renewed restrictions have stalled economic activity, leaving many millions out of work and pushing economists – who had broadly been bullish – to downgrade their views for the second time since early April.

The May 20-27 poll showed the outlook for the current quarter was lowered to 21.6 percent annually, and to 9.8 percent on average for this fiscal year, down from 23.0 percent and 10.4 percent respectively a month ago. The economy was then forecast to grow 6.7 percent next fiscal year, compared to 6.5 percent predicted previously.

Follow Moneycontrol’s full coverage of the coronavirus pandemic here
Moneycontrol News
first published: May 29, 2021 12:19 pm
Sections
ISO 27001 - BSI Assurance Mark