THE SPREAD OF COVID-19

Total confirmed cases including new cases added on April 4

New cases

21 clusters under watch than 10% of its workforce.

Even that may not be enough. CII released s snap poll of member-ceos on Saturday that showed most companies expect revenues to fall more than 10% and profits to decline more than 5% in Q4, FY20 and in Q1, FY21. And one in four CEOS anticipate job losses, with 47% seeing cuts of up to 15% and another 32%, 15-30%, CII added. “We are looking for a larger package of at least 2-3% of GDP,” Banerjee added.

“The time has come for government to consider direct infusion or investments – on the lines of Troubled Assets Relief Programme (TARP, which the US announced after the 2008 crisis) -targeted at specific sectors, which are majorly impacted,” said Manish Aggarwal, partner and head, Infrastructure M&A and Special Situations Group, KMPG in India. He added that many countries

Leh

Hyderabad have already announced several rounds of economic packages to aid businesses, workers and health care systems.

The government will need money for this and that can come from sale of “tax free bonds, revising fiscal deficit targets and fasttracking monetization of operating assets” in infrastructure.

There’s even been some talk of “helicopter money” in some countries, including the US – a reference to the central bank or the government directing a huge amount of money to individuals and companies. The US central bank has pretty much signalled this with its chair, Jerome Powell saying that the US central bank will “not run out ammunition” to revive the economy. RBI governor Shaktikanta Das, too, said last week that the Indian central bank would do whatever it takes to combat the crisis.

GB Nagar, Agra, Meerut, Lucknow

Officials said the list of clusters is subject to change as when the situation evolves over the next few days

Total number of cases across India*

*Data compiled by covid19india.org and cross-checked from inputs by HT’S correspondents and news agencies

Experts are convinced that this should broadly cover two areas. Banerjee of PWC said: “At the bottom (of the pyramid), cash doles and food distribution will have to continue for at least three to six months and be gradually phased out.”

DK Srivastava, chief policy advisor of EY India, added: “A major stimulus package is expected early in the new financial year. It will be needed as soon as the economic lock down ends and normal economic activities resumes. At that time demand will have to be supported through fiscal measures and these measures would supplement the already announced substantial monetary measures. The extent of fiscal stimulus in the first instance could be at least three times the magnitude of the relief package of ₹1.7 lakh crore which amounted to nearly 0.9% of GDP.”