Finance Minister to unveil another stimulus soon, says Economic Affairs Secretary
New Delhi: Finance Minister Nirmala Sitharaman will soon announce the next set of the stimulus package to boost the coronavirus-hit economy, Economic Affairs Secretary Tarun Bajaj said on Tuesday.
The Finance Ministry is looking into suggestions and requests received from various sectors of the economy, he said at a virtual conference with media.
"We are actually discussing that. It is difficult for me to commit a date but we have received a lot of requests and comments from various sectors and we are looking into it. Very soon it will be unveiled. The finance minister will come out and speak to you on that," he said.
The finance minister last month had announced a slew of measures to spur demand and ramp-up capital expenditure. This was the third stimulus package since the outbreak of the COVID-19 pandemic.
The government had announced a Rs 1.70 lakh crore Pradhan Mantri Garib Kalyan Yojana (PMGKP) in March to protect the poor and vulnerable sections from the impact of the COVID-19 crisis.
It was followed by the Aatmanirbhar Bharat Abhiyan package of Rs 20.97 lakh crore in May, largely focussed on supply-side measures and long-term reforms.
The finance minister last month had said the option for another stimulus package has not been closed.
"I have not closed the option for another stimulus package if it comes out to be, because every time we announced one, it has been after a lot of consideration of inputs which have come from various sections of society.
"Then we sit and work it out within the ministry and Prime Minister's Office and then take a final call. So, I have not closed the option to come up with one more stimulus," Sitharaman had said.
Terming elevated food prices a temporary phenomenon, Bajaj said it should be back to normal soon on the back of the arrival of new crops and government measures for improving the supply of essential commodities.
Some commodities like onion, potato, and tomato are as costly as Rs 100 per kg, much higher than the average price.
"I think this should be temporary in our view... There is actually a difference between the WPI and the CPI. So, that itself shows that this should be something to do with logistics, and with a good agricultural season that is coming and the new crop with us we are hoping that this should cool down," Bajaj said.
Nevertheless, he said agriculture and consumer affairs ministries have also announced some steps to cool down the prices.
"We think that it is a temporary affair and it should be back to normal soon and also limited to few commodities," he said.
On the recovery, Bajaj said India continues to see an uptick in the economy for the past few months since the unlock began and there would be further improvement in the months to come.
"We are actually seeing an improvement in all parameters generally and we are expecting a further improvement in the month of November and this should continue. Hopefully, the economy should be back on rails and it is moving much faster than what had been anticipated by a lot of experts and economists, he said.
Last month, the International Monetary Fund said the Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 percent this year.
However, it projected a rebound to 8.8 percent in 2021. Last financial year, India witnessed a growth rate of 4.2 percent.
Last week, the finance minister had said there were visible signs of revival in the economy and the GDP growth may be in the negative zone or near zero in the current fiscal.
Bajaj said, "We continue to see an uptick in the economy since the past few months since the opening up of the economy and the manufacturing PMI has touched 58.9, which is the highest in the last decade. The power consumption in the month of October is 12.10 percent more than October 2019, which is a signal of economic activity."
He also said India's growth story is intact despite the COVID crisis and there is a lot of interest from investors from across the world.
"So, in spite of Covid situation that we are facing, we find that there is a lot of interest, a lot of traction, there are a lot of inquiries from investors... a lot of deals are being talked about, which shows that in spite of Covid situation, our growth story which we feel is intact is also accepted by others who are ready to invest into India during these times," he said.
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London, Nov 22: A bomb disposal squad deployed as a “precaution” to the South Terminal of Gatwick Airport concluded an investigation into a "security incident" on Friday after making a “suspect package” safe.
The South Terminal of Gatwick Airport, the UK's second busiest airport after Heathrow, which was briefly shut owing to the incident reopened following the incident.
The Gatwick is around 45 km south of London.
Two people detained during the enquiries have since been allowed to continue their journey as the airport was opened.
“Police have concluded their investigation into a report of a suspect package at Gatwick Airport. Officers from the EOD (Explosive Ordnance Disposal) team made the package safe, and the airport has been handed back to its operator,” Sussex Police said in an updated statement.
“Two people detained while enquiries were ongoing have subsequently been allowed to continue their journeys. There will remain an increased police presence in the area to assist with passengers accessing the South Terminal for onward travel,” the statement added.
Earlier on Friday, the incident caused severe disruption at the busy airport’s South Terminal, while the North Terminal of Gatwick Airport remained unaffected.
“Police were called to the South Terminal at Gatwick Airport at 8.20 am on Friday (November 22) following the discovery of a suspected prohibited item in luggage,” a Sussex Police statement said.
“To ensure the safety of the public, staff and other airport users, a security cordon has been put in place whilst the matter is dealt with. As a precaution, an EOD (Explosive Ordnance Disposal) team is being deployed to the airport. This is causing significant disruption and some roads around the South Terminal have been closed. We’d advise the public to avoid the area where possible,” it said.
Footage on social media taken outside the airport showed crowds of frustrated travellers being moved away from the terminal building.
Gatwick said it was working hard to resolve the issue.
“A large part of the South Terminal has been evacuated as a precaution while we continue to investigate a security incident," the airport said in a social media post.
“Passengers will not be able to enter the South Terminal while this is ongoing. The safety and security of our passengers and staff remain our top priority. We are working hard to resolve the issue as quickly as possible.”
Train and bus services that serve the airport were also impacted while the police carried out their inquiries.
In an unrelated incident in south London on Friday morning, the US Embassy area in Nine Elms by the River Thames was the scene of a controlled explosion by Scotland Yard dealing with what they believe may have been a “hoax device”.
“We can confirm the 'loud bang' reported in the area a short time ago was a controlled explosion carried out by officers,” the Metropolitan Police said in a post on X.
“Initial indications are that the item was a hoax device. An investigation will now follow. Some cordons will remain in place for the time being but the majority of the police response will now be stood down,” it added.
