Sanjeev Sanyal highlights 3 main steps of Centre's Coronavirus response; provides insight

Principal Economic Advisor Sanjeev Sanyal has provided a summary of sorts and offered an assessment of just how the Modi government has gone about tackling the Coronavirus pandemic, of which over 850 cases have now been reported in India.

He has put forth that India has opted for a step-by-step approach, rather than one 'big bang' package.

Sanyal has outlined three major steps taken by three key leaders - Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.

The first entailed the Prime Minister issuing a call to secure the population from the disease's rampant transmission, by issuing a 21-day lockdown.

Read: Coronavirus outbreak: PM Modi announces 21-day pan-India lockdown starting from midnight

In the second step, he also pointed out that a number of key dates, such as the Fiscal year end, were looming and had to be shifted.

He then highlighted the Coronavirus relief package announced by Finance Minister Sitharaman, via which Rs 1.75 lakh crore were mobilised in order to ensure food availability and DBT cash transfers.

MASSIVE: FM Sitharaman announces Rs 1.7 lakh cr Coronavirus relief package; Details here

Then, he moved on to Friday's step, when the RBI slashed the key Repo rate by a huge 75 basis points (one basis point is 1/100th of a percentage point) and took other measures to revive growth. Das also announced steps to ensure liquidity in the system, and in perhaps his biggest move, announced the option of a 3-month moratorium on all term loans outstanding on March 1, 2020.

MASSIVE: RBI announces 3-month moratorium on EMI installments of all term loans

He summed up as follows:

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