Corona Combat: India Announces 1,70,000 Crore Economic Stimulus

Coronavirus Combat: India Announces 1,70,000 Crore Economic Stimulus

The government of India had finalized an Economic Stimulus of about 1,70,000 Crore to deal with the impact of Coronavirus Lockdown. Finance Minister Nirmala Sitharaman announced it a little while ago at the Press Conference. The Government also announced several relief measures to the poor on this occasion. It would have been better if the middle-class is also taken care of. 1,70,000 Crore Economic package will be implemented with immediate effect and cash doles will begin from April 1st. Here are the salient features of the 1,70,000 Crore Economic Stimulus:

1. 80 Crore poor people which is around two-thirds of Indian Population will get 5 kg wheat or rice and 1 kg of preferred pulses for free every month for the next three months

2. Rs 50 lakh per person insurance cover for doctors, paramedic, healthcare workers dealing with coronavirus outbreak. Around 20,000 from medical fraternity covered.

3. Rs 1.70 lakh crore Pradhan Mantri Gareeb Kalyan scheme to help the needy

4. Government to transfer Rs 2000 to the farmers in the first week of April under existing PM Kishan Yojana. This will benefit 8.69 crore farmers

5. Five Crore families dependent on MNREGA wages will be benefitted as MNREGA wage is going to be increased to Rs 202 a day from Rs 182.

6. An exgratia of Rs 1,000 to 3 cr poor senior citizen, poor widows and poor disabled

7. 500 Rupees per month for the next three months to 20 Crore Women Jan Dhan Account Holders.

8. Ujjwala beneficiaries to get free cooking gas (LPG) cylinders in the next three months; this will benefit 8.3 crore BPL families

9. Collateral-free loan doubled to Rs 20 lakh to 63 lakh women self-help groups which will benefit 7 crore households

10. To benefit small businesses, the Government will pay employee, employer contribution to PF for three months for an establishment with 90 percent of staff with Rs 15,000 wage.

11. Workers will be allowed to draw non-refundable advance of 75 pc from credit in PF account or 3 months salary, whichever is lower

12. State governments to be directed under Buildings and Other Construction Workers’ Fund to utilise an existing Rs 31,000 crore welfare fund for benefit of 3.5 crore construction workers.

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