A second fiscal stimulus package appears close but, a month after the lockdown started, any further measures now will probably arrive too late to prevent an annual contraction in growth this year. Meanwhile, news today that Franklin Templeton will wind down six of its debt schemes could cause some panic among mutual fund investors and force the RBI to get creative once more. The only crumb of comfort for policymakers is that the macro impact from a weaker rupee, which hit a new low against the US dollar this week, is likely to be limited.
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