40,000 crore burden on the country's exchequer from the scheme of government employees

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Mumbai, Ta. 13 October 2020, Tuesday

According to an SBI report, schemes announced by Finance Minister Nirmala Sitaram in an effort to increase consumption expenditure affected by the coronavirus have widened the country's fiscal deficit to 5.50 per cent of GDP.

The new schemes announced for government employees are estimated to impose an additional burden of Rs 20,000 crore on the country's exchequer.

The finance minister has announced LTC cash vouchers and festival advance schemes to help government employees spend more money and recover demand during the upcoming festive season.

These schemes will not be successful if the government does not pay the share of GST levied on the purchase of goods up to three times the rental amount. Some public sector banks have also shown willingness to share in the GST. Employees will have to purchase goods or services where GST rates of 15% or more are applicable.

The number of Central Government employees eligible for the benefit of the schemes announced by the Government is about 3 lakh. LTC cover is available not only to the employee but also to his family members.

Of the two schemes announced by the government, the Festival Advance Scheme may see an increase in demand for goods. The market is well aware of the government's financial crunch and any increase in the company's stocks related to demand and consumption goods will be short-lived.

The measures announced by the government have not given much impetus to the market. It is now essential for the market to sustain the recovery in the economy. The measures announced to Finance Minister Nirmala Sitaram will gain momentum in the short term and then slip, an analyst said.

To boost demand during the festive season, the finance minister announced advance part payments of allowances for central government employees.

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