FM’s 1.7 Lakh Crore Package to hit by Lockdown- Government steps against coronavirus outbreak

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FM’s 1.7 Lakh Crore Package to help the poor hit by Lockdown, Government steps against coronavirus outbreak. Read all details here

The Finance Minister announced plans by the Government aimed for the poor people. Amid the nation – wide lockdown, concerns regarding the unorganised sector have been aired. People urged the Government to take necessary action.

The plan is to distribute 5 kg rice / wheat per person each month for the next three months. The intended number of people is 80 crore. This is in addition to the 5 kg rice / wheat they already receive.

Details on FM’s announcement of 1.7 Lakh Crore Package to help the poor hit by Lockdown, Government steps against coronavirus outbreak

Finance Minister Nirmala Sitharam announced a package of Rs 1.7 lakh crore. The economic package has been announced to help migrants, labourers, poor and agricultural workers. It was announced to relieve the impact of the outbreak and lockdown imposed to stop the spread of the disease.

Sitharam said that it was to come to effect immediately. She also said that it had been made to reach out to the most vulnerable sections of the society. The society that is the most in need of immediate help because of economic disruption. The decision came after two days after the announcement of the lockdown.

The points from the made announcement:-

  1. Insurance for health and sanitation workers that will be worth Rs. 50 lakh per person. It has been estimated that almost 20 lakh workers are to be benefited.
  2.  Pradhan Mantri Gareeb Kalyan Anna Yojana in which 80 crore poor people will get 5 kg per person rice/wheat each month for the next 3 months in addition to 5kg of rice/wheat they already get. Besides, 1kg of pulse according to the regional preference for each household.
  3. First installment of PM KISAN is to be transferred immediately. The installment of Rs 2,000 is to be transferred to accounts in the first week of April. Around 8.3 crore farmers are to benefit out of this.
  4. People above the age of 60, poor widows, poor and old divyang are to get ex-gratia. The ex gratia will be of Rs 1,000 in two installments. It will be sent over the next three months. This will benefit 3 crore people.
  5. 8.3 crore BPL Ujjwala Yojana beneficiaries will be given free cylinders. This is for the next three months.
  6. Collateral-free loans to 63 lakh Women Self-Help Groups is to be doubled from Rs 10 lakh to Rs 20 lakh. This will be immediately put in the hands of 7 crore households.
  7. For the organized sector, the Government will pay the EPF contribution both of which the employer and employee (12% each) for the next 3 months. This is only for those establishments which have up to 100 employees, where 90% of employees earn less than Rs 15000 per month.
  8. The EPF scheme regulation will be amended to allow non refundable advance to 75 percent of the amount. The amount standing to the credit or 3 months wages whichever is lower. This is for the benefit of 4.8 crore workers.
  9. For construction workers, the welfare fund for building and construction workers currently has Rs 31 thousand crore will be used. This will benefit 3.5 crore registered workers.

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