CPI sees nothing in stimulus package to boost demand
The Hindu
It notes that most of the measures are credits tied to bank guarantees
The Communist Party of India (CPI) on Tuesday said the stimulus package announced by Union Finance Minister Nirmala Sitharaman on Monday offered no incentives to boost demand, which was key to revive the economy. The CPI pointed out that while announcing the ₹6.28 lakh crore package, the Minister did not mention where the funds would be mobilised from. “Is this a part of current budget expenditure?”, it stated. The party noted that most of the measures were credits tied to bank guarantees. “In the present times of poor demand, this would add up to more indebtedness as interest rates range from 8.95 per cent to as high as 11 per cent. In short, the government’s stimuli continue to weigh on the supply side rather than boosting demand,” a statement from the party said.
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