'It is a nickel-and-dime stimulus package, expect a lot more even for the poor'
"From market and humanity kind of perspective, I would say it is a good step but highly inadequate compared to the rest of world," Srivastava said.
March 26, 2020 / 06:21 PM IST
While I appreciate the government's effort for the poor, it is a nickel-and-dimed kind of package that requires a lot of registration, Ajay Srivastava, CEO at Dimensions Corporate Finance Services said in an interview with CNBC-TV18.
"Also why there should be segregation of women, which all indicates that it is a highly inadequate plan. The government has to operate on one platform, either give it to people or not give it to people," he said.
Finance Minister, Nirmala Sitharaman announced a Rs 1.7 lakh crore economic relief package under the 'Garib Kalyan Yojana', which according to most experts is below expectations.
The announcement of the package came after the Prime Minister announced 21-day lockdown across the country to control the spread of novel coronavirus that has taken 13 lives. India is currently dealing with over 600 infected cases, according to the data from the Ministry of Health.
This scheme has been prepared to help poor suffering from the unprecedented measure.
"From market and humanitarian perspective, I would say it is a good step but highly inadequate compared to what the rest of world is giving in terms of stimulus due to damage done by COVID-19," Srivastava said.
He further said, "It is not a time of dilly-dally, people already lost their jobs, lost their houses, the damage is done at the end even if the government comes with a package after a one month."
"Whatever is there is fine, but I expected a lot more for even poor people," he added.Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.