With rising cases of Coronavirus pandemic in India and across the globe, there is a fall in the economy worldwide and every country is to safeguard the economy of the country. As every sector in our country is being affected due to COVID-19, the government has decided to form a Covid-19 economic response task force to control the fall down due to the pandemic. The finance minister Nirmala Sitharaman will be the head of the task force. Some of the relief announced by the government are as follows:
i) The center will transfer Rs.30 crores to the Jan Dhan account-holders.
ii) PM has announced an Rs.15,000 crore fund for the healthcare sector.
iii) Finance Minister has announced that the last dates for filing GST returns and income tax return would be extended.
iv) 'PM CARES' fundraising launched by the Prime Minister asking people to contribute to fighting such situations.
v) Rs.80 crores are announced by the center for the food security scheme to provide 7 kg ration every month at a subsidized rate of Rs.2/kg for wheat and Rs.3/kg for rice.
vi) Rs.170,000 crores are announced as an economic relief measure for the below poverty line(BPL) families for cash transfer and food security under Pradhan Mantri Garib Kalyan Yojana and Pradhan Mantri Ujjwala Yojana.
vii) The center has given Tax breaks to companies to retain and pay salaries to their workers.
Some of the relief announced by other sources are as follows:
a)Rs.374,000 crores are injected into the country's financial system by Reserve Bank of India(RBI) along with reducing repo rates and holding EMIs for three months.
b) The Kerala government has announced every family of the state double ration and social security pensions. They even extended the deadline for tax recovery on motor vehicles and buildings, to provide loans to weak sections, etc.
c) The Delhi government has announced to double the Free rations and provide higher pensions for widows, elderly and differently-abled people of the state.
d) The Uttar Pradesh(UP) government has announced to transfer Rs.1,000 to all daily wage laborers of the state.
e) The Punjab government has decided to provide Rs.3,000 to the registered construction workers of the state.
f) The Harayana government has announced to transfer Rs.1,000 to the account of laborers, street vendors and rickshaw pullers of the state.
g) Many corporate companies have given concessions on essential products of the current situations i.e. during pandemics, like sanitizers and disinfectants, etc.
“The most important thing in life is to learn how to give out love, and to let it come in." — Morrie Schwartz