Government economic stimulus for reviving the Indian economy

Government economic stimulus  for reviving the Indian economy

Today's initiative focusses on migrant workers, self employed people, etc.

Migrant workers
1. Free food grain supply to all migrants for next two months for 8 crore migrants. INR 35bn will be spent on these migrants.

2. Portability of ration cards being announced.

3. Affordable rental accomodation - rental housing scheme by incentivizing private sector to build housing complexes and collect rent.

Sishu loans of Mudra
Interest subvention announced for those with loan outstanding of INR50k or less. Total outstanding is INR1.6trn.

Street vendors
Government will launch will facilitate scheme which will help Street vendors avail loans. They can avail loans of around 10k, and a provision of INR 50bn is being provided.

Housing
Extend the credit linked subsidy scheme - Lowest strata of middle income group (annual income of INR0.6mn to 1.8mn) get subsidised interest loans.

Campa funds
INR 60bn worth of projects from states to be approved to employ tribal and adivasi people.

Farmers
1. An INR300bn additional emergency funding line to farmers from NABARD (above the 900bn that they usually do).

2. Kissan credit cards - 2.5 crore farmers don't have them.Concessional credit can be availed. Around 2lac crore of credit is being planned for disbursement.

Overall today's package includes relief measures. These are incremental in nature and more in the regulatory form. Fiscal outgo is not even 10000cr. We await the reflationary measures

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Nirmala Sitharaman has announced a huge financial package to boost the Indian Republic in its fight against deadly Corona Virus. She announced a relief package worth Rs 1.70 lakh crore to help the nation's poor tackle the financial difficulties during thi

Nirmala Sitharaman has announced a huge financial package to boost the Indian Republic in its fight against deadly Corona Virus. She announced a relief package worth Rs 1.70 lakh crore to help the nation's poor tackle the financial difficulties during this critical juncture.

The package includes a mix of food security and direct cash transfer benefits which shield poor families during the lockdown.

PMGKY package

Under the Pradhan Mantri Gareeb Kalyan Ann Yojna (PMGKY) which is a part of the relief package, at least 80 crore poor people will be covered.

Under the scheme, an additional five kilos of rice/wheat will be given to 80 crore individuals -- over the 5 kilo they already get -- along with a one-kilo pulse per household for a period of three months.

Talking about health workers she informed the media that safai karamcharis, ward-boys, nurses, paramedics, technicians, doctors and specialists and other health would be covered by a special insurance scheme. Any health professional who while treating Covid-19 patients meets with some accident, then he/she would be compensated with an amount of Rs 50 lakh under the scheme.

Direct Benefit Transfer Scheme

This scheme will be provided to senior citizens, widows, farmers and daily wage laborers.

1. 8.69 crore farmers to be immediately benefited through direct cash transfers under Kisan Samman Nidhi. Instalment of Rs 2,000 in the first week of April will be transferred.
2. Wages under MNREGA will also be increased by Rs 2000 per worker on an average as additional income to help daily wage labourers.
3. Three crore senior citizens, persons with disabilities (Divyangs) and widows will get one-time additional amount of Rs 1,000 in two instalments, to be given through DBT over a period of three months
4. 20 crore Jan Dhan women account holders will be covered under the relief package and a compensation of Rs 500 per month for the next three months.
5. BPL families will get free cylinders for three months under the Ujjawala scheme as well.
6. Collateral-free loans have been doubled to Rs 20 Lakh for women self-help groups under the Deen Dayal National Livelihood Mission. It will help seven crore women.
7. The government will bear the cost of EPF contribution of both employer and employee (24 per cent) for the next three months. However, this is only for those establishments which have up to 100 employees and 90 per cent of them earn less than Rs 15,000. This is like to benefit around 4.8 crore employees.

How India is fighting the Corona Virus

How India is fighting the Corona Virus?

India a Country of more than billion people has united once again for a common cause i.e. fighting with the corona virus at all fonts.

With the number of novel coronavirus (Covid-19) patients crossing 500-mark in India, several states of India announced a complete lockdown till the end of the month.

Futhermore, to contain the spread COVID-19 outbreak in India, all integrated check posts (ICPs) at all airports, seaports, land ports, rail ports, and river ports are closed down.{loadpostion leadtechad}

Apart from ensuring the safe return of hundreds of Indians from China, Iran and other countries, the Indian government has taken decisive measures to contain community spread,” said Sriram Gutta, Head of Community Development, India and South Asia at the World Economic Forum,

Taking rapid actions to limit travel by suspending visas and quarantining all incoming travellers has helped. All international passengers entering India undergo Universal Health Screening. According to health officials from Indian Govt. more than 1 million passengers have been screened at airports, limiting the entry of coronavirus. Indian citizens have been also advised by the Govt. to avoid all non-essential travel abroad, and citizens have been evacuated from Iran, Italy, China and Japan.

A “novel coronavirus” landing page on the Ministry of Health, Govt. of India’s website gives the numbers of phone helplines, as well as detailed advice and guidelines.

The Public Health department of Maharashtra said that consuming more garlic, curry leaves or cow’s urine would neither treat nor prevent coronavirus infection. Instead, they urged people to practise good hygiene, contain coughs and sneezes and eat nutritious food.

Santosh Kumar Gangwar, MoS Ministry of Labour and Employment has issued an advisory to all states & UTs to transfer funds in the account of construction workers through DBT (Direct Benefit Transfer) mode from the cess fund collected by the Labour Welfare Boards.

Keeping in view the spread of #COVID19, the epidemic and complete lockdown throughout the country the last date of accepting the June 2020 term-end examination forms without late fee has been extended up to 30th April 2020: Indira Gandhi National Open University (IGNOU)

Andhra Pradesh Govt: All govt&private establishments shall make payments of wages/salaries fully to workers/employees including those working under contract&outsourcing basis during lockdown period. Any violation will invite penal action under the Epidemics Diseases Act 1897.

Andhra Pradesh Government: April ration of rice&1 kg of red gram dal will be given free of cost to all rice card holders. April ration supplies shall be distributed in advance at fair price shops from March 29. All rice card holding families will get 1-time support of Rs 1000.

There will be complete lockdown in Goa from midnight today till March 31: Goa CM Pramod Sawant

Government Medical College, Jammu declared as dedicated COVID19 hospital for Jammu Province, to be readied by 25th March evening: Principal Secretary Planning Jammu&Kashmir Rohit Kansal.

Health Department workers like doctors, nurses and all those who attend to Coronavirus patients will be given one month's extra salary: Tamil Nadu CM Edappadi K Palaniswami in state assembly.

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