Finance Minister Relief Package – Coronavirus Lockdown

Finance Minister Nirmala Sitharaman has announced 1.7 lakh crore relief packages for the poor people in India who are financially affected due to Coronavirus Lockdown. The package will include Cash transfers, food security and a lot more for the needy people.

As we all know that presently India is under 21 days Lockdown, because of COVID-19. The Lockdown has started from 25th March 2020 and it will continue up to 14th April 2020. As a result of Coronavirus Lock down, India is now facing more financial challenges, not only the government of India, the poor people and daily wages are suffering a lot due to this 21 days lock down.

To overcome this situation, government has come up with the Pradhan Mantri Garib Kalyan Yojana Scheme. In this scheme the government of India has allotted Rs.1.7 lakh crore for economically weaker section people. It has been estimated that nearly 800 million people will get free cooking gas, free food, Rs.1000 cash and Rs. 50 lakh insurance for the pandemic workers.

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On announcing the above details, the Finance Minister Nirmala Sitharaman said “We’ve immediately responded within 36 hours of the lockdown. We’ve first reached out to the poorest of the poor, who need help” She also added that this relief fund will be into action immediately.

Additionally, all states have been instructed to use the Building and Construction Workers Welfare fund for construction workers to pay Rs.2000 under the Pradhan Mantri Kisan Yojana Scheme.

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Highlights of this package

The government has taken these measures, to make sure that economically backward people in India should not get suffer for food and money. Above all, Government intent that no people should starve from basic facilities in this lockdown

  1. The government of India will give free ration for the people
  2. 5 Kg of Rice or Wheat will be given for the people every month. This free ration will be given until 3 months.
  3. Additionally, 1 kg of Pulses will also be given for the next 3 months
  4. Jan Dhan account holders will get Rs.500 every month for the next 3 months.
  5. In Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) the wages will be raised from Rs. 182 to Rs. 202
  6. The Government also takes the responsibility of Provident fund contribution. In this scheme, for the next three months, the government will pay the entire provident fund contribution for the employees, who earns less than 15,000 per month, this scheme applies for the companies who has less than 100 employees

Letter to RBI to pause EMI & Loan Repayments

Above taking all the relief measures, the finance ministry also wrote a letter to Reserve Bank of India to stop collecting the equated monthly installments (EMIs) and loan repayments for three months to balance the economic pressure due to the outbreak of COVID-19.

The Finance Ministry is working vigorously to give a stress-free lockdown for Indian people financially. So the Finance Ministry has repeatedly requesting the Reserve Bank of India for pause and relaxation for the EMI Payments, Loan Payments and Repayments for few months. The Ministry also mentioned that because of the Pandemic Disease, many businesses are in loss and the whole nation is in lock down situation, which resulted in salary cuts and layoffs.

Presently, the RBI announces that a moratorium of all EMI and outstanding loan for three months. So there will not be a deduction for EMI from the bank account for the next three months. Probably the EMI will resume after the moratorium Period. Actually speaking, this is a great relief for all the EMI payers and people with outstanding loans.

Government has taken a lot of measures to make us secure from the pandemic Coronavirus, but in return they ask only for break the chain and lockdown for 21 days to save our nation. Let’s support our Government.

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