Chief Minister K. Chandrasekhar Rao has expressed the hope for a positive response from Prime Minister Narendra Modi to his suggestion to the latter earlier in the day to see that Reserve Bank of India pumped money to revive the sagging economy.
Seeking implementation of Quantitative Easing (QE), also called helicopter money, Mr. Rao told a press conference that he had sought Mr. Modi’s intervention to make RBI pump at least 5% per cent of Gross Domestic Product (GDP) which was ₹203 lakh crore. At this rate, the RBI could inject ₹10 lakh crore into the economy. Otherwise, neither the Centre nor the State governments had the money to revive the economy.
US was releasing 2% and UK 15% GDP, he said in this context.
