In the Rs 20 lakh crore package, the RBI's operations to get the economy going are to be included.
Adding what the govt's already doing & planning to do, to the RBI number is and then coming up with a big round number, is basically torturing numbers to yield the result you want.
The RBI through its operations has pumped in around Rs 5.7 lakh cr into the economy. The banks have deposited much more money (reflected in money deposited through reverse repo window among other things), back with the RBI because they can't/aren't in the mood, to lend.
The net liquidity injected by the RBI is basically in negative territory. As of May 11, it stood at Rs 5.4 lakh crore. This basically means that this is the excess money of the banking system, which has been parked with the RBI. It's a negative number.
Given that the government is talking about a stimulus, the RBI entry into that calculation as of now (I know it's a bizarre calculation), should be a negative number of Rs 5.4 lakh crore.
If I were to take the govt's calculation a little forward, the stimulus is basically at Rs 14.6 lakh crore (Rs 20 lakh crore minus Rs 5.4 lakh crore, the negative liquidity with the RBI).
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