Indian Government finally unveils an economic stimulus package to deal with COVID 19

*HIGHLIGHTS OF FM’S ANNOUNCEMENT*ON 26TH MARCH, 2020 DUE TO COVID-19 OUTBREAK:

Finance Minister Nirmala Sitharaman held a public interview at 1 pm on Thursday. It is her second location to the media inside a matter of seven days. The Finance Minister is required to report an eagerly awaited relief package for the coronavirus-hit economy. In her last public interview, Finance Minister had said that an economic package was being taken a gander at and maybe declared sooner than later. Industry pioneers and labourers are admiring the bundle as organizations have taken a serious beating in the midst of the across the nation lockdown, which will be more than 20 days from now.

Gareeb Kalyan scheme to provide benefits of 1.70L Cr

• Insurance Cover- 50 L per person for all doctors nurses sanitation workers involved
• PM Gareeb Kalyan Anna Yojana- Every  "Gareeb" will get 5kg Wheat and 5kg Rice over + 1 kg pulse available regionally for next 3m over and above normal quota ( for 80 Cr people)

 Cash Transfers 

 -FARMERS: 

Annual 6000 already Addition 2000 at begs of FY. To benefit 8.69 Cr farmers

- MNREGA:

A wage increase from Rs 182 to Rs 202. To benefit 5cr families

- POOR WIDOWS, SENIOR CITIZENS HANDICAPPED: 

Rs. 1000 Ex gratia to benefit in 2 instalments to benefit 3 Cr people. 

- JAN DHAN A/C HOLDERS: 

Women to get Rs.500 p.m. for next 3 month to benefit 20.5 Cr women 

-UJWALA SCHEME WOMEN:

 Free cylinders for 3 months to benefit 8.3 Crore women

- WOMEN SELF HELP GROUP'S: 

Collateral free loan will be given up to 20L ( earlier 10L) to benefit 7 Cr households (63 L SHGs)

- ORGANISED SECTOR WORKERS:

 PM Gareeb kalian yojna - GOI will pay EPF contribution of both employer and employee for next 3 m (24% Contribution) for establishments having up to  100 employees and 90% of total employees draw less than 15000 p.m. The EPFO regulations to be amended to allow non-refundable advance up to 75% of the balance or 3-month wages whichever is lower to benefit 4.8 Cr Employees

-CONSTRUCTION SECTOR WORKERS:

Welfare fund currently has 31000 Cr and 3.5 Cr registered workers. GOI to give instructions to State govt to prevent economic disruption by use of these funds

 -DISTRICT MINERAL FUND:

To be used by State govt for testing, medication, etc

All benefits will directly be transferred to beneficiaries accounts

STIMULUS PACKAGE ANNOUNCEMENT DUE TO (COVID-19)

•FM has announced medical insurance cover of Rs 50 lakh per health worker.

•PM Gareeb KalyanYojana’ will include cash transfers to the poor and migrants.

•The 'Prime Minister GareebKalyan Scheme' will be of Rs 1.7 lakh crore.

•Food-related announcements: 80 crore people will come under the ‘Pradhan mantra Gareeb Kalyan Ana Yojana (food scheme)’. Everyone under this scheme will get 5 kg of wheat/rice for free in addition to what they are already getting. We will also give one kg of one choice of the pulse to each household under this scheme for the next three months. They can take it in two instalments also.

•For farmers: They receive Rs 6,000 per annum through the PM-KISAN scheme. We will now be giving the first instalment upfront. Around 8.69 crore farmer will get immediate benefit out of this.

•For daily workers: Wage increase under MNREGA will benefit 5 crore families. The wage increase will result in an additional income of Rs 2,000 per worker.

•Poor senior citizens, widows and 'divyangs' to receive Rs 1,000 over the next three months.

•Women Jan Dhan account holders to get Rs 500 per month for the next three months. 

•8.3 crore families below the poverty line will get free LPG cylinders for three months.

•63 lakh self-help groups for women in the country. They get up to Rs 10 lakh collateral-free loans right now. We are doubling that to Rs 20 lakh.

•Announcements for the organised sector: Centre will pay the EPF contribution both, of the employer and of the employee (12 per cent each) for the next three months. This is for all those establishments that have up to 100 employees and 90 per cent of whom earn under Rs 15,000 per month. Provident scheme regulations will be an amendment to allow the non-refundable advance of 75 per cent or three months’ wages, whichever is lower. This will benefit 4.8 crore workers who are registered with the EPF.

•For construction workers: There is a Buildings and Other Construction Workers’ Fund. They are giving directions to states to release those funds.
 

Author:

eStartIndia Team