Second-round stimulus will not boost economic growth: Moody's

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Mumbai, Ta. Thursday, October 15, 2020

The government's second round of stimulus will increase consumption spending in the short term but will not lead to significant growth in economic growth. To boost demand in the country's economy, the government announced stimulus-two on October 18, providing direct financial support, according to a report by Moody's Investor Service.

Through these stimuli, the government has announced a leave travel concession (LTC) cash voucher scheme for central government employees and special festival advances and an interest-free loan of Rs 15,000 crore to the states and an additional capital expenditure of Rs 5,000 crore.

The total amount of these stimulus is going to be around Rs 500 crore which is going to be 0.50% of the estimated real gross domestic product (GDP) for the current financial year. Thus this amount can be considered as limited in terms of boosting the economy in times of GDP decline.

Given the proposed decline in GDP, the government cannot take special budgetary concessions to provide support. Due to the money being raised from the market by the government to bail out the country from the impact of the corona on the economy, the debt burden on the government is expected to reach 20 per cent of GDP in the current year as against 3 per cent last year.

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