FM Nirmala Sitharaman announced Economic relief package during Lockdown

Finance minister Nirmala Sitharaman has announced a mega relief package of 1.7 lakh crore rupees for the migrant workers and poor people affected by the lockdown amid COVID-19 outbreak. The scheme has been named Pradhan Mantri Garib Kalyan Scheme. This food security scheme will assist the economically weaker sections to bridge over the added challenge of lockdown and job loss during the worldwide outbreak of coronavirus.

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Here are some important takeaways from Finance Minister Speech:

PM Gareeb Kalyan Scheme will entail Rs 1.7 lakh crore. It’ll include both cash transfer and food security. This scheme will be targetting 80 crore people.
The government provide insurance cover worth Rs 50 lakh for sanitation workers, ASHA workers, doctors, nurses, paramedics just in case they have it as they’re on the frontlines of the corona battle.
Over and above 5kg of rice/wheat that’s already given, another 5 kg per person are going to be given liberally to around 80 crore people through PDS. Besides, one kg of preferred and region-specific choice of the pulse will also be given.
The first instalment of PM Kisan scheme for farmers of Rs 2,000 will be given in the 1st week of April. Around 8.69 crore farmers will get immediate benefit out of it.
The wages of MGNREGA workers has been increased from Rs. 182 to ₹202 per day. This will benefit 5 crore families and will result in an additional ₹2,000 given per worker. Social distancing norms must be followed at MGNREGA worksites during this period.
An additional ex-gratia amount of Rs 1,000 for old age and widows for next three months available in two instalments. It will benefit 3 crore widows and senior citizens.
Women Jan Dhan account holders will receive Rs 500 in their accounts so that they can take care of their households. This will happen for the next 3 months. This will benefit 20 crore women.
Women Ujjawala scheme beneficiaries will be given free cylinders for the next 3 months. This will benefit 8.3 crore BPL families.
Under the Deen Dayal National Livelihood Mission, the collateral-free loan will be given to, Women Self Help Groups up to Rs 20 lakh from Rs 10 lakh earlier. Impact on 7 crore holders through 63 lakh SHGs.
Government of India will pay the EPF contribution both of the employer and the employee put together 24% for the next three months. This is for those establishments with up to 100 employees, 90% of them earning less than Rs 15,000.
For the organised sector, EPFO regulation will be amended so that workers can draw up to 75% for their contingency expenditure non-refundable advance or three months of wages in advance whichever is less. This will benefit 4.8 cr workers.
The state government have been directed to use the welfare fund for building & construction labourers which has around Rs 31,000 crore to help those who are facing economic disruption because of the lockdown.
Utilise the funds available under the district mineral fund for testing activities, medical screening, providing health attention needed to fight the coronavirus pandemic.
The Confederation of Indian Industry (CII) lobby group, had sought a stimulus of about 1% of the GDP or Rs 2 lakh crore, has sought a three-month moratorium on all loans and said all repayment obligations should be suspended for this period.