Economy News

Measures taken by India to combat COVID-19 impact

Nirmala Sitharaman, the Finance Minister of India, participated in the 102nd meeting of World Bank Development Committee Plenary. She talked about the impact COVID-19 still has on India and the related risks.

Finance minister said that India has taken a host of measures to battle the impact. She also talked about the major risk COVID-19 poses to the poverty reducing measures that have been taken by India so far.

Government of India has taken numerous measures to contain the social and economic impact of coronavirus. For example, India offered worth USD 23 billion in the form of cash transfers and food security measures.

Followed by that was the special economic package worth USD 271 Billion (10% of Indian GDP). It was based on the clarion call given by Prime Minister Narendra Modi for “atmanirbhar bharat” or self reliance.

“Measures have been announced to provide relief to the business, bring about major reforms in the labour sector by simplifying, amalgamating and rationalising 44 central labour laws, provide effective social protection to the migrant workers through National Portability of ration cards,” she said, according to a statement issued by the finance ministry.

The rural sector has been supported by NABARD via additional liquidity of USD 27.13 billion in the farm sector and by way of increased allocation for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)

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