The government may offer a second economic package to encourage demand and consumption during the festival season. In this connection, the Ministry of Finance has started consultations. The second economic package will mainly focus on the urban unemployed. To give them employment, a scheme can be brought on the lines of MNREGA. The government will provide a fixed fund to determine this scheme. Spending of these money in the name of employment will increase demand and consumption.
The first economic package of 21 lakh crores has brought the economic activities of rural areas on track and now preparations are being made to speed up the cycle of demand and consumption in urban areas. Consumer goods companies like HUL have also said that consumption in urban areas is not increasing. The Chief Economic Advisor has also publicly stated many times that after getting a lot of control over COVID-19 and normalization of economic activities, other economic packages will be given so that the person can spend freely and the economy gets the benefit.
Finance Minister Nirmala Sitharaman has also said that the government has not stopped its option regarding the economic package. According to sources, there is still doubt about the COVID-19 vaccine coming too soon. The pace of demand and consumption cycle during the festival season is being seriously considered. There is a proper shopping opportunity during the festival. Urban areas can get the benefit of economic package this time.
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