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View: Has the Modi government given up on relief for the Covid-hit economy?
Synopsis
Instead, it has played it safe by accepting RBI’s decisions to address the stress caused by the pandemic, in the hope that it will find favour with the Supreme Court. RBI’s recent Covid-19 resolution framework (RF) allows for one-time loan restructuring for borrowers whose accounts are standard, and not in default for more than 30 days and continue to be so until the date of invocation of the resolution process.
By Kapil SibalGoI has abdicated its responsibility in dealing with reliefs that should be extended by virtue of the provisions of the Disaster Management Act (DMA) 2005 to deeply distressed sectors of the Covid-hit economy. The National Disaster Management Authority (NDMA) made no preparations to extend relief under the Act. GoI, as a policy measure through the DMA headed by Prime Minister Narendra Modi, was required to extend financial support
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