India’s fight against the pandemic was more difficult because the country was already bearing the brunt of a prolonged slowdown.
Nirmala Sitharaman LIVE: Finance Minister Nirmala Sitharaman announced today that government employees can take advantage of the cash voucher for LTC if they are unable to travel due to the pandemic. Employees can use the money to buy items that attract 12 percent or more of GST, increasing consumer demand. However, employees can use the LTC Cash Coupon only through digital mode and at locations registered under GST before March 31, 2021. addressing the media on economic issues, ahead of the GST Council meeting scheduled for tonight. As the country reels under severe strain on the economic front, the government has implemented a set of stimulus packages aimed at supporting lives and livelihoods since March 2020, when the coronavirus kicked in. India’s fight against the pandemic was more difficult as the country already bore the brunt of a prolonged slowdown. However, in an effort to keep the economy afloat, the government has been constantly trying to support businesses and industries by carrying out major reforms in various fields, such as corporate tax cuts, land reforms, agricultural reforms, etc. Meanwhile, the country’s GDP contracted 23.9 percent in the first quarter of the current fiscal year, registering a record low. The pandemic paralyzed industries and put millions of people out of work. While the recovery was expected to be quick, the economy is still very pessimistic about the near-term outlook.
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