India Unveils Tranches of Economic Package

 

 

May 15, 2020

Anna Murray 

 

India has imposed nationwide lockdown since March 25 in order to curb the spread of coronavirus pandemic. The lockdown, which currently is extended through May 17, has brought most of India’s economic activity to a standstill as businesses and factories were shut down to render thousands unemployed. During the COVID-19 lockdown period, tens of thousands of migrants have been fleeing cities on foot while trying to return to their home villages.

 

On May 12, Prime Minister Narendra Modi, vowing to make India self-reliant during his national address, announced the government’s plan to render an Rs 3.16 lakh crore package of free food grain for migrant workers, concessional credit to farmers, and working capital loan for street vendors. The economic package will be 10% of India’s Gross Domestic Product (GDP) to allow the resumption of economic activity.

 

Meanwhile, Minister Sitharaman has held daily press conferences and unveiled tranches of a series of economic stimulus measures. On May 14, Finance Minister Nirmala Sitharaman announced details of the Rs 20 lakh crore packages aiming at migrant workers, street hawkers, small farmers, and small traders. On May 15, Minister Sitharaman also announced in New Delhi of offering 80 million migrants with grain supplies worth US$463 million in benefit. There has been reportedly the plight of many migrant workers who have been walking for days without adequate food and water.

 

 

 

source: 
Federation of World Peace and Love