Finance Ministry asks Labour Ministry to collect data on job losses due to COVID-19 crisis
May 29, 2020
New Delhi [India], May 29 : The Union Finance Ministry has asked the Labour Ministry to collect data on job losses due to the situation arising out of the COVID-19 crisis, said sources on Friday.
"The Finance Ministry is engaging with the Labour Ministry over job losses and salary cuts. It has asked the Labour Ministry to collect data on job losses during COVID-19," the Finance Ministry sources told ANI.
Moreover, the Finance Ministry is looking into the mismatch between Public Sector Banks' sanction and disbursal of loans.
The sources said disbursal of sanctioned loans is not happening and the Ministry is looking into it to resolve this mismatch. "The focus is to bring down the cost on government borrowings," they added.
The Finance Ministry sources further said that no call has been taken on restricting China through foreign portfolio investment (FPI) route.
India, which has implemented COVID-19 lockdown on March 25, is currently under the fourth phase of the lockdown which will continue till May 31 to contain COVID-19 spread.
