No Plan To Print Currency Notes To Tide Over Covid-Induced Economic Crisis: FM Nirmala Sitharaman

Responding to a question asked by a member of the Lok Sabha, Nirmala Sitharaman on Monday said that the government has no plans to print currency notes to tide over the current economic crisis

Nirmala Sitharaman

New Delhi: Union Finance Minister Nirmala Sitharaman on Monday said that the government has no plans to print currency notes to tide over the current economic crisis triggered by the outbreak of Coronavirus pandemic. 

Responding to a question asked by a member of the Lok Sabha about any such plans, Sitharaman said 'No Sir'. She told the Parliament that India's GDP (Gross Domestic Product) is estimated to have contracted by 7.3 per cent during 2020-21. This contraction reflects the unparalleled effect of the pandemic and the containment measures that were taken to control the pandemic. 

"The fundamentals of the economy remain strong as gradual scaling back of lockdowns, along with the astute support of Atmanirbhar Bharat Mission has placed the economy firmly on the path of recovery from the second half of FY 2020-21," Sitharaman said, as quoted by news agency PTI. 

She reiterated Rs 29.87 lakh crore economic and comprehensive package  announed by the government under AtmaNirbhar Bharat to combat the impact of the pandemic, to revive economic growth and to bolster employment during 2020-21. 

A month ago, Central government had announced about eight economic relief measures. Elaborating the economic relief measures, Sitharaman announced 1.1 lakh crore loan guarantee scheme for Covid affected sectors and Rs 50,000 crores for health sector, aimed at upscaling medical infrastructure targeting underserved areas. Other sectors will get Rs 60,000 lakh crore.

Sitharaman further announced additional 1.5 lakg crore for emergency credit line guarante scheme as part of Aatma Nirbhar Bharat Package, another Rs 1.5 lakh crore credit is being given.