Coincidentally, it exactly matches the quantum recommended in a proposal made in an article in these pages on April 15. A difference is that while the latter had proposed a pure fiscal stimulus of Rs 20 lakh crore, the prime minister package includes the financial implications of measures taken by the Reserve Bank of India (RBI) so far and some relief offered in March. It is, therefore, a measure of the combined monetary and fiscal policy response to the exigencies of the moment.
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