India announces $22.6 b relief package for poor, $1.96 b pakage to boost medical facilities.

[Anik101]

FM Nirmala Sitharaman announces Rs 1.7 lakh crore relief package for poor
The FM announced a slew of measures to ease the burden on the poor who will be hit hard by the lockdown.
By ET Online | Updated: Mar 26, 2020, 04.05 PM IST

Fight against Covid-19: FM Sitharaman announces Rs 1.7 lakh crore 'PM Gareeb Kalyan Scheme'
Finance minister Nirmala Sitharaman has announced a slew of measures to deal with the economic distress caused due to the coronavirus pandemic and the subsequent lockdown announced to deal with the situation.

The finance minister had already announced some measures on Tuesday that included extension of tax deadlines, easing minimum balance norms for savings account, and increasing threshold of insolvency filing to Rs one crore from Rs one lakh.
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Here's what the FM said:

1. PM Gareeb Kalyan Scheme will entail Rs 1.7 lakh crore.
2. It will include both cash transfer and food security.
3. Provide insurance cover worth Rs 50 lakh for sanitation workers, ASHA workers, doctors, nurses, paramedics in case they need it as they are on the frontlines of the corona battle.
4. Over and above 5kg of rice/wheat that is already given, another 5 kg per person will be given free to around 80 crore people through PDS. Besides, one kg of preferred and region specific choice of pulse will also be given.

Direct cash transfer through DBT

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1. Farmers: First instalment of Rs 2,000 of PM Kisan will be given in first week of April. 8.69 cr farmers will get immediate benefit out of it.
2. MNREGA: Increase in wage rate from Rs 182 to Rs 202 amounting to increase of Rs 2000 per worker leading to benefitting 5 crore people.
3. Old age/widows: An ex-gratia amount of Rs 1,000 for next three months available in two instalments. It will benefit 3 crore widows and senior citizens.
4. Women Jan Dhan account holders: Ex gratia of Rs 500 per month for next three months. This will benefit 20 crore women.
5. Women Ujjawala sheme beneficiaries: For three months, free cylinders. Will benefit 8.3 crore BPL families.
6. Women Self Help Groups: Under the Deen Dayal National Livelihood Mission, collateral free loan will be given up to Rs 20 lakh from Rs 10 lakh earlier. Impact on 7 crore holders through 63 lakh SHGs.
7. Organised sector: Government of India will pay the EPF contribution both of the employer and the employee put together 24% for next three months. This is for those establishments with up to 100 employees, 90% of them earning less than Rs 15,000.
8. For organised sector, EPFO regulation will be amended so that workers can draw up to 75% for their contingency expenditure non-refundable advance or three months of wages in advance whichever is less. This will benefit 4.8 cr workers.
9. Construction workers: State government have been directed to use the welfare fund for building & construction labourers which has around Rs 31,000 crore to help those who are facing economic disruption because of the lockdown.
10. Utilise the funds available under the district mineral fund for testing activities, medical screening, providing health attention needed to fight the coronavirus pandemic.

It is expected that another relief package for the industry will come up soon. The Confederation of Indian Industry (CII) lobby group, had sought a stimulus of about 1% of the GDP or Rs 2 lakh crore, has sought a three-month moratorium on all loans and said all repayment obligations should be suspended for this period.

The Prime Minister had announced an Economic Task Force to be chaired by the finance minister.

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The 21-day lockdown announced by Prime Minister Narendra Modi will affect the revenue stream of companies and hit hard their bottomlines. Various rating agencies have revised downwards their Q4 economic growth projections and alos the growth estimates for next fiscal year FY21.

On Wednesday, Union minister Prakash Javadekar had said that the Centre is supporting various state governments in relief for the poor.



Coronavirus in India: Rs 15,000 crore allocated to strengthen country's health infrastructure.

Press Trust of India
New Delhi
March 24, 2020
UPDATED: March 24, 2020 23:16 IST

Prime Minister Narendra Modi on Tuesday addressed the nation for the second time in less than a week on the pandemic raging across much of the world. (Photo: PTI)



Underlining that health services should be the only priority of state governments at this time, Prime Minister Narendra Modi on Tuesday said the Centre has made a provision of Rs 15,000 crore to strengthen the country's health infrastructure to tackle coronavirus.

In his second address to the nation in less than a week on the pandemic raging across much of the world, PM Modi informed that the availability of testing facilities related to Covid-19, personal protective equipment, isolation beds, ICU beds, ventilators and other necessary tools are being increased rapidly.

The Centre has made a provision of Rs 15,000 crore for strengthening country's health infrastructure for the treatment of coronavirus-infected patients, PM Modi said.

PM Modi said he has requested the state governments that their only priority at this time should be health services.

PM Modi also suggested people to stay away from superstitions, rumours and everyone must follow only credible medical advice.

 

[Pakistan Space Agency]

Only a 3 times bigger package than Pakistan for a 6 times larger population?

 

[Anik101]

Only a 3 times bigger package than Pakistan for a 6 times larger population?

Why do you guys bring this Pakistan vs India thing everywhere


$22.6 billion pakage is only for relief to poor. $1.96 billion has been announced to boost emergency medical supplies.
Read it again :
It is expected that another relief package for the industry will come up soon. The Confederation of Indian Industry (CII) lobby group, had sought a stimulus of about 1% of the GDP or Rs 2 lakh crore.

 

[Novice09]

Why do you guys bring this Pakistan vs India thing everywhere


$22.6 billion pakage is only for relief to poor. $1.96 billion has been announced to boost emergency medical supplies.
Read it again :
It is expected that another relief package for the industry will come up soon. The Confederation of Indian Industry (CII) lobby group, had sought a stimulus of about 1% of the GDP or Rs 2 lakh crore.

He missed the MOST IMPORTANT THING... too much for him...

Good step!

India has $500+/-Bln in reserves so it is in safe position...and can always buy emergency supplies of food and medicine.

Hopefully, the relief reaches all those worst effected and not into the pockets of the corrupt Babuz/Politicoz.

What is good is good...

Most of the money would be TRANSFERRED DIRECTLY INTO THE BANK ACCOUNT OF BENEFICIARIES... I can see that only UJWALA scheme holders can be cheated... but blue book (gas received record) will play a major role...

Today we Indians are ENJOYING THE BENEFITS OF DIGITAL INDIA...

 

[Anik101]

Good step!

India has $500+/-Bln in reserves so it is in safe position...and can always buy emergency supplies of food and medicine.

Hopefully, the relief reaches all those worst effected and not into the pockets of the corrupt Babuz/Politicoz.

What is good is good...

We have Direct benefit transfer in india to evade such babus.

 

[kmc_chacko]

$22.6 billion pakage is only for relief to poor. $1.96 billion has been announced to boost emergency medical supplies.
Read it again :
It is expected that another relief package for the industry will come up soon. The Confederation of Indian Industry (CII) lobby group, had sought a stimulus of about 1% of the GDP or Rs 2 lakh crore.

I think GoI is implementing relief in a orderly manner
a. Each state of the union has announced relief packages as they required eg : Kerala Governament's Rs 20,000 crore relief package
b. Central Government has taken many steps in this week eg:
1. On 24.03.2020 Centre has allocated of Rs. 15,000 crore to strengthen health infrastructure to combat COVID-19 pandemic
2. On 25.03.2020 Finance minister announced slew of relaxation in tax and payment compliance's by reducing the quantum of penalties, extending the deadline to make clear the dues among others to help the public and corporates these steps will add up to 2-3 per cent of GDP
3. On 26.03.2020 Finance minister announced a Rs 1.7 lakh crore relief package involving cash transfers and food security, aimed at ensuring that the most vulnerable sections of society have enough resources to survive the ongoing lockdown and the loss of livelihoods caused by the Covid-19 pandemic.
4. Government to pay employer, employee’s PF contribution for 3 months the move will benefit over 4.8 crore employees in the organised sector.
5. Finance minister Nirmala Sitharaman raised the threshold for insolvency filings for micro, small and medium enterprises (MSMEs) to Rs 1 crore from Rs 1 lakh
6. Government allowed Private Corporates/Companies to spend their corporate social responsibility (CSR) funds to fight the Covid-19 pandemic, a notified disaster

and hope following steps will be initiated in coming days
1. Finance ministry has suggested the Reserve Bank of India (RBI) to implement emergency measures to help the borrowers who are affected by the coronavirus lockdown.
2. Packages of SME Sector like Liquidity support at a cheaper rate of interest
3. Packages for Banking Sector to provide emergency credit to carry on their endeavors

Most of the money would be TRANSFERRED DIRECTLY INTO THE BANK ACCOUNT OF BENEFICIARIES... I can see that only UJWALA scheme holders can be cheated... but blue book (gas received record) will play a major role...

Today we Indians are ENJOYING THE BENEFITS OF DIGITAL INDIA...

Ujwala Scheme will be tightened and if found misused then punished so I don't think the service provider/agencies will take such risk as chances of cancellation of license is very high

 

[Nilgiri]

Only a 3 times bigger package than Pakistan for a 6 times larger population?

No need to worry about us.

We have 50 times the total market cap (immediate frontier to leverage on) and 50 times the forex reserves (foreign cash to deploy/leverage) of you lot with the just "6 times larger" population.

Do the math on that first maybe? It's very much like comparing "Pakistan Space Agency" to ISRO .

There is reason it is unthinkable for our PM to grovel for "debt write off"...it would be like putting a .44 magnum bullet into long term private and corporate investor confidence (which apparently is total lost cause for you). You see we are actually building up a country here the correct way.