Fifteenth Finance Commission to assess impacts of COVID-19

The Economic Advisory Council of the Fifteenth Finance Commission is to meet on April 23 and 24, 2020. The council is to discuss the impacts of COVID-19.

Highlights

A two-day meeting is to be held through video conference. The experts will discuss about macro variables over time. The agenda of the meet also includes public expenditure to be spent to improve the economy. The council will also discuss about assisting research study that will enhance understanding of the issue.

Significance

The international financial institutions have decreased the growth rate of India. The IMF (International Monetary Fund) has estimated growth rate of India to be 1.9% in 2020-21. The World Bank has estimated the growth rate of the country as 1.5% to 2.8%. The Fitch rating has cut India’s Growth rate to 2% and the S&P pegs the country’s growth rate at 2%. The Moody’s have estimated at 2.5%. The estimated growth rates have been the lowest in 30 years.

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