No plan to print foreign money notes to tide over disaster: FM

The authorities has no plan to print foreign money notes to tide over the present financial disaster triggered by the outbreak of the COVID-19 pandemic, Finance Minister Nirmala Sitharaman knowledgeable Parliament on Monday.
To a query on whether or not there’s any plan to print foreign money to tide over the disaster, the Finance Minister mentioned, “No Sir”.
Many economists and specialists have recommended the federal government resort to printing extra foreign money notes to help the economic system ravaged by the unfold of COVID-19, and defend jobs.

India’s actual Gross Domestic Product (GDP) is estimated to have contracted by 7.3 per cent throughout 2020-21, Sitharaman mentioned in a written reply to Lok Sabha.
This contraction displays the unparalleled impact of the pandemic and the containment measures that have been taken to manage the pandemic, she mentioned.
“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,” she mentioned.
The authorities had introduced a particular financial and complete package deal of Rs 29.87 lakh crore underneath AtmaNirbhar Bharat (ANB) to fight the influence of the pandemic, to revive financial development and to bolster employment throughout 2020-21, she mentioned.
The Union Budget 2021-22 introduced plenty of measures to help broad-based and inclusive financial improvement together with a 34.5 per cent improve in capital expenditure and 137 per cent improve in well being expenditure, she mentioned, including, the federal government introduced a reduction package deal of Rs 6.29 lakh crore in June 2021, to strengthen public well being and supply the impetus for development and employment measures.
Replying to a different query, Sitharaman mentioned, the influence of the second COVID-19 wave is anticipated to be muted given localised containment measures and fast upscaling of the vaccination drive.
The Union Budget 2021-22, estimates India’s nominal GDP development at 14.4 per cent in the course of the present monetary yr ending March 2022.
The Reserve Bank of India, in its newest Monetary Policy Committee (MPC) decision of June 4, 2021, has projected India’s actual GDP to develop at 9.5 per cent in 2021-22, after accounting for the influence of the second wave as in comparison with its earlier projection of 10.5 per cent, she mentioned.
In reply to a different query, the Finance Minister mentioned the RBI has introduced Special three-year Long-Term Repo Operations (SLTRO) of Rs 10,000 crore at repo charge for the Small Finance Banks (SFBs), to be deployed for recent lending of as much as Rs 10 lakh per borrower to supply additional help to small enterprise models, micro and small industries, and different unorganised sector entities adversely affected in the course of the present wave of the pandemic.

The first public sale underneath the SLTRO was carried out on May 17, 2021, she mentioned, including, the unutilised portion of notified Rs 10,000 crore is being carried ahead in every subsequent public sale, till absolutely utilised or until the final public sale to be carried out in October 2021, whichever is earlier.
Three auctions underneath this scheme have been carried out up to now, and SFBs have availed a complete quantity of Rs 1,640 crore underneath the scheme, she added.