The government in May announced a staggering Rs 20.97 trillion economic package, or about 10 per cent of GDP, which included Reserve Bank's Rs 8.01 trillion crore worth of liquidity measures.
Many of the measures unveiled by Finance Minister Nirmala Sitharaman had been in the form of loan guarantees which do not entail an immediate fiscal cost.
Several economists, brokerages and multilateral agencies have pointed to a deep contraction in the Indian economy
mainly due to disruptions caused by strict lockdown announced to stem the spread of deadly coronavirus.
Speaking at the event, professor of economics at IEG, Manoj Panda, said public expenditure on health must be increased.
Aditya Birla Group's chief economist Ajit Ranade said public expenditure on health should be massively scaled up. Former CII president Naushad Forbes said the states are in dire need of funds so the government should think about giving them money in advance.