The scheme could mean transferring Rs 5,000-6,000 into the bank accounts of 80-100 million poor families, Business Standard has learnt
The Narendra Modi government is said to be considering an income support scheme for those worst hit by the slump in economic activity owing to the coronavirus pandemic and the resultant nationwide lockdown. The scheme could mean transferring Rs 5,000-6,000 into the bank accounts of 80-100 million poor families, Business Standard has learnt. A one-time transfer of Rs 6,000 each into 100 million accounts will cost the exchequer Rs 60,000 crore. However, given how dynamic the situation is, officials are not yet willing to give the monetary size of the package.
There are also discussions on allowing a deferment of equated monthly instalments (EMIs) for targeted individuals, and loan repayments for micro, small and medium enterprises (MSMEs). But this will require providing some support to the banking system as well, sources said. These measures are likely to be part of a comprehensive economic package to fight the downturn in the country, which is currently locked down to contain the spread of coronavirus. The package can be announced any day now.
News agency Reuters reported that the size of the economic package could be anywhere between Rs 1.5 trillion and Rs 2.3 trillion. Any stimulus package will not only include the monetary component of an income support scheme, but also for MSMEs and others. As of Wednesday, COVID-19 had infected 440 ,321 people globally and over 606 in India.“Economic activity has come to a near halt. Work in factories, workshops, farms, the services sector, and other labour-intensive sectors has just stopped. The poorest families, especially those dependent on daily wages, will not be able to survive the lockdown,” said a person aware of the deliberations in the COVID-19 economic response task force.
No comments:
Post a Comment