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Covid-19 Economic Relief Package; Here Are The 10 BIG Announcements

By FnF Correspondent | PUBLISHED: 26, Mar 2020, 18:29 pm IST | UPDATED: 26, Mar 2020, 18:29 pm IST

Covid-19 Economic Relief Package; Here Are The 10 BIG Announcements Delhi: In the wake of the coronavirus outbreak in India and the 21-day lockdown, the government on Thursday announced a major relief fund worth Rs1.7 lakh crore for the poor people, in a bid to ward off a financial crisis, that may follow the pandemic. Finance Minister Nirmala Sitharaman addressed the media amid high hopes of a stimulus package and made the following announcements:

  • A package is ready for the poor who need immediate help like migrant workers and urban and rural poor. No one will go hungry. The package is worth Rs 1.7 lakh crore.
  • There will be Rs 50 lakh insurance per health care worker as a medical insurance cover for them for three months. Hopefully, we would be able to contain the virus in this period.
  • Pradhan Mantri Gareeb Kalyan Ann Yojna(for next 3 months):80 cr poor people covered(2/3rd of India’s population), in addition to already allotted 5Kg of rice/wheat per person,an additional 5kg will be free. Additional 1kg pulse (acc to regional preference) will be given.
      • Wage increase in MGNREGA- 5 crore families benefited, an increase of Rs 2000 per worker on average as additional income.
      • Old age, Divyang, pensioners: 3 crore people covered, one-time amount of additional Rs 1000 in two installments through DBT (hence no middlemen) over 3 months to be given. 20 crore Jan Dhan Women account holders covered- Ex gratia amount of Rs 500 per month for the next three months, announces FM Sitharaman.
      • Self Help women groups (7 crore houses holds covered), collateral-free loans doubled to 20 Lakh, to increase money in hand, announces Finance Minister Nirmala Sitharaman.
      • Ujjawala scheme near 8.3 crore BPL families covered in this, so that no running short of cooking medium, for 3 months free cylinders.
      • Govt of India will pay the Employees' Provident Fund(EPF) contribution, both of employer and employee, put together it will be 24%, this will be for next 3 months.This is for those establishments which have upto 100 employees and 90% of them earn less that 15,000. Govt ready to amend the regulation of EPF due to this pandemic so that workers can draw upto 75% non-refundable advance from credit in PF account or 3 months salary, whichever is lower. This decision is going to benefit 4.8 crore workers.
      • Welfare for building and construction workers, registered 3.5 crore workers to be benefited, Central Govt has given orders to State Govts to use fund (Rs31,000 crore) to provide relief, announces FM Sitharaman. District Mineral Fund: Central Govt to request State Govts to use this fund to augment medical testing and screening and providing health attention, announces FM Sitharaman
       
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