INDIA FIGHTS ECONOMIC EPIDEMIC G20 readies $5tn war chest to combat virus
~1.7L-cr plan launched; rural wages raised; higher food transfers; cash for women; relaxation on PF
Since the lockdown has been in force... we have come out with a package which will immediately take care of the concerns and welfare of poor and suffering workers and those who need immediate help NIRMALA SITHARAMAN, finance minister
day’s conference — nor any indication as to when one such package could be expected. Sitharaman announced a medial insurance cover of ~50 lakh per person for doctors, health care personnel and sanitation staff, acknowledging their contribution at this crisis hour. The PMGKY had two broad components: the first was centred on ensuring food availability and support; and the second, on income support. On food, Sitharaman said 800 million people — two-thirds of the country’s population — would now be eligible for, in addition to the existing allocation of five kg of wheat or rice, another five kg of wheat or rice per month, for the next three months, for free. They will also get one kg of pulses, according to the specific regional variant of the pulse in their geographical area, in this period. “This is meant to ensure that no one stays hungry,” emphasised Sitharaman. In terms of direct financial support, the FM announced support under eight distinct categories using the direct benefits transfer framework.
NEW DELHI: The G20 states on Thursday said they would inject more than $5 trillion into the global economy to counter the social and economic impact of the Covid-19 pandemic and to safeguard jobs and revive growth. Prime Minister Narendra Modi, who joined an extraordinary virtual G20 leaders’ summit, said the pandemic offered an opportunity to forge a new concept of globalisation that wasn’t focused solely on an economic agenda.
He also called for the reform of the WHO, which was based on “last century’s models”, according to people familiar with developments.
The summit, convened by G20 president Saudi Arabia following a suggestion from Modi, marked the first time the grouping’s leaders met via video conference and discussed issues that were not focussed on economy and finance.
A communique issued after the meeting said the G20 will work with the WHO, IMF , World Bank and the United Nations to protect lives, safeguard jobs, preserve financial stability and revive growth, minimise disruptions to trade and global supply chains and provide aid to all countries.