Nirmala Sitharaman: In fact, Finance Minister Nirmala Sitharaman has tweeted that, “In view of the spread of Coronavirus in the country, the government has decided to declare it a disaster. Therefore, the funds spent in the fight with Coronavirus will be considered under CSR activity.
In view of the spread of novel #CoronaVirus in India, its declaration as pandemic by the WHO, and decision of Government of India to treat this as notified disaster, it is hereby clarified that spending of CSR funds for COVID-19 is eligible CSR activity. #IndiaFightCorona pic.twitter.com/XQneNBaJe8
— NSitharamanOffice (@nsitharamanoffc) March 23, 2020
A task force was also formed
Earlier, Prime Minister Narendra Modi while addressing the nation said that the Covid-19 Task Force has been formed under the leadership of the Finance Minister to overcome the crisis caused by the economy due to Coronavirus. The economy has been adversely affected due to this epidemic.
It has a very adverse effect on the middle class, lower-middle-class and poor. To deal with this, this task force has been formed. He said that this task force is studying the impact of the coronavirus on the economy in the near future. They will talk to all the stakeholders and take the necessary steps from time to time.
Government and RBI will take necessary steps
It is known that Krishnamurthy Subramaniam, Chief Economic Advisor (CEA) had said that the government and the Reserve Bank would take all necessary steps to deal with the ‘fear’ of the market due to the coronavirus. Subrahmanyam said that the decline in India’s stock market is far less than that of other markets in the world.
In the next few weeks, the domestic market will see stability as the main signs of the local economy remain strong. Inflation is declining, industrial production has increased and the country has a large number of foreign exchange reserves.
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