How much Lakh Crore Rupees ? 20 Lakh crore in Numbers ? Goverment – PM Modi announced a Rs 20 lakh crore huge economic stimulus package.
The nationwide lockdown began on March 24, the RBI and the government have been them announced roughly Rs 7.1 lakh crore of stimulus, if one were to treat fiscal and monetary stimuli on par.
India so far has had the harshest lockdown in the world accompanied by the most measly fiscal support to vulnerable sections of the economy. In fact, the narrative spun by the finance ministry over the past 45 days was that India did not have the resources for a big bang fiscal package similar to those delivered by many developed nations.
Nevertheless Prime Minister Narendra Modi on Tuesday chose to unveil a mega fiscal package of Rs. 20 lakh crore – equivalent to 10% of India’s GDP – even as a more calibrated ‘Lockdown 4.0’ is planned for an as yet indefinite number of weeks from May 17.
The political optics of the package clearly suggest that Modi wants to be seen as generous in spending as other big countries. This includes the United States, which put together a rescue package of about 13% of GDP.
The prime minister has said the Rs 20 lakh crore package includes all the liquidity-enhancing measure already announced recently by the RBI. Depending on how you calculate, the central bank’s efforts adds up to roughly Rs 5 lakh crore. It also will include the first relief package aimed at India’s poorest, which was worth Rs 1.7 lakh crore. So what is left for the Centre to deliver is a little over Rs 13 lakh crore. Of this, MSME minister Nitin Gadkari has said a large amount is already owed by the government – both Centre and state – to small companies in India. Gadkari told CNBC last week that there was such a large amount in outstanding dues from government to the MSME sector that he wouldn’t want to even reveal the figure. One suspects it runs into a few lakh crores, including GST refund dues to exporters. Gadkari said the MSMEs may get guaranteed bank loans against such outstandings. It will be unfair if the government adds this to its relief package because this is money already owed to small businesses.
How many zeros are in one lakh crore?
1 lakh = 1,00,000
1 crore – 1,00,00,000
so 1 lakh crore = 1,00,00,00,000,000
So there are 12 zeros in 1 lakh crore.
3 zeros in 1,000 – One Thousand
4 zeros in 10,000 – Ten Thousand
5 zeros in 100,000 – 1 Lakh / 100 Thousand
6 zeros in 1,000,000 – 10 Lakh / 1 Million
7 zeros in 10,000,000 – 1 Crore / 10 Million
8 zeros in 100,000,000 – 10 Crore / 100 Million
9 zeros in 1,000,000,000 – 100 Crore / 1 Billion
10 zeros in 10,000,000,000 – 1,000 Crore / 10 Billion
11 zeros in 100,000,000,000 – 10,000 Crore / 100 Billion
12 zeros in 1,000,000,000,000 – 1 Lakh Crore / 1 Trillion
13 zeros in 10,000,000,000,000 – 10 Lakh Crore / 10 Trillion