Exclusive: Second stimulus package is in the works; meeting between PMO, Finance Ministry and RBI soon

After Atma Nirbhar Bharat Abhiyaan economic package of Rs 20 lakh crore, the central government is planning to come up with its second stimulus package amid slowdown due to Covid 19 pandemic. In this regard, the Prime Minister's Office will soon hold a meeting with Finance Ministry and Reserve Bank of India to discuss its possibility, sources close to the development told Zee Business exclusively. PMO will take a final call on the second stimulus package after these consultations happen.

"PMO will soon hold a meeting with FM on the feasibility of second relief package. Meeting will be called soon. Finance Ministry is trying to build consensus on the second package. Besides this, performance of the first stimulus package will also be reviewed," a source, who didn't wish to be quoted, said.

Recently KV Kamath committee submitted its recommendations to the RBI on financial parameters to be considered for one-time restructuring of loans for businesses facing stress owing to covid 19 pandemic. Besides these recommendations, according to sources, the committee has also suggested there is no need for second stimulus package. As per Kamath Committee, currently the first relief package is working and it's time for RBI to pitch in for restructuring of loans for 19 sectors which have been adversely impacted due to coronavirus pandemic, so there is no case for the second package. RBI has by and large agreed to the committee's recommendations but Finance Ministry is trying to build a consensus on second stimulus package.

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"While RBI has by and large agreed to the Kamath committee recommendations, Finance Ministry wants to come with second relief package. Latter is trying to build consensus on the second stimulus. Final call will be taken by PMO," the source cited above added.