Union Finance Minister Nirmala Sitharaman on Thursday announced an economic bailout package to combat coronavirus. She said that the Government is working so that those affected specifically like migrant workers can be helped.

Top Highlights of the Announcement

  • “We don’t want anyone to remain hungry. The package is worth Rs 1.7 lakh crore via cash transfer and food subsidy.”

  • Prime Minister Gareeb Kalyan scheme will offer help to 1,70,00 crore migrants and poor people.

  • Medical insurance of Rs 50 lakh each for doctors, nurses, paramedics and other healthcare workers who are on the cutting edge of the fight against Covid-19

  • 80 crore poor beneficiaries of the Pradhan Mantri Gareeb Kalyan Ann Yojna will get an extra 5 kg of wheat/rice and 1 kg of pulses for the next three months.

  • 69 crore agriculturists will benefit through direct cash transfers under PM Kisan Yojana. Installment of Rs 2,000 in the first week of April will be transferred.

  • An increment in wages of MGNREGA labourers will advantage 5 crore families. Each labourer will get an extra wage of Rs 2,000 for the next three months.

  • Women Jan Dhan account holders will get an extra sum of Rs 500 per month for the next three months benefitting 20.5 crore women

  • Under the Ujjwala scheme, families below the poverty line will get free cooking gas for the next three months. There are about 8.3 crore recipients of this scheme.

  • Self-help women groups will get collateral-free credits of up to Rs 20 lakh. This is often likely to benefit seven crore families.

  • The government will pay the Employee Provident Fund contribution both employer and employee (total 24%) for the next 3 months. This is for those foundations which have up to 100 representatives and 90% of them earn less than Rs 15,000.

  • The government will moreover correct the Employees’ Provident Fund Organisation regulation to permit non-refundable advance of 75% of the sum standing to the credit or three months’ compensation, whichever is lower.

  • Rs 31,000 crore to provide help to construction workers whose lives have been hampered by the coronavirus pandemic.

She also asked the government to use the locale support to expand therapeutic testing and screening and giving attention to health. Declaring measures to supply help to trade businesses, the Finance Minister said that all clearance entries will presently work round-the-clock till June 30. She moreover guaranteed that the Finance Ministry and Reserve Bank of India are observing the stock markets, which have hit strange levels of vulnerability ever since the outbreak of coronavirus.