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India declares 1.7 lakh crore finance package to help poor during Lockdown

27 March, 2020 07:33:47
India declares 1.7 lakh crore finance package to help poor during Lockdown

The Finance Minister, Nirmala Sitharaman, today declared a mega finance package to help the poor of India. This package is for all states and all respective card holders as given in the following categories. Let’s have a look: 

PM Gareeb Kalyan Scheme will entail Rs 1.7 lakh crore.

It will include both cash transfer and food security.

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.

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

Farmers: First instalment of Rs 2,000 of PM Kisan Yojana will be given in first week of April. 8.69 crore farmers will get immediate benefit out of it.

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.

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.

Women Jan Dhan account holders: Ex gratia of Rs 500 per month for next three months. This will benefit 20 crore women.

Women Ujjawala scheme beneficiaries: For three months, free cylinders. Will benefit 8.3 crore BPL families.

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.

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.

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 crore workers.

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.

Utilise the funds available under the district mineral fund for testing activities, medical screening, providing health attention needed to fight the coronavirus pandemic.

The Prime Minister has also announced an Economic Task Force and many more benefits for the poor to come soon depending on the crisis. All these above benefits are valid for those in West Bengal. However, no direct funding to the state government has been announced pertaining to the Corona specific money needed to fight the crisis. 

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