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  • Category: Government

    What is the meaning of economic task force?


    Interested in knowing all about the economic task force? Want to know its meaning, and the tasks to be undertaken by the task force? Here, on this page our experts shall provide you answers to understand the task force.

    The world is facing a pandemic of coronavirus. The COVID-19 is spreading like fire in the forest and the majority of the nations are affected tremendously. PM of India, Narendra Modi has announced that the economic task force is being set up to tackle the economic slowdown in India. What is the meaning of the economic task force? What are tasks will be taken by this task force?
  • Answers

    4 Answers found.
  • The economic task force will be working under the chairmanship of the Finance Minister. They will study the impact of COVID 19 on Indian society.
    This task force has to study and identify the worst-hit areas because of this virus. They have to decide on the drastic steps to be taken to bring back the system to a normal state. Many people will lose salaries and PMhas requested various employers to pay the salaries and the government will support the losses. So this task force has to study many other issues and decide d on the help to be extended, Some of the points include are

    1, Relaxation in NPA norms,
    2. Deferral of tax payments
    3. Income support for the people working in the unorganized sector.

    Travel, tourism, and hotel industries are some of the worst-affected sectors. fuel minerals, electricity and water, and rubber, plastic, coke and petroleum products, etc are also likely to be impacted adversely. This task force committee has to study these areas also and come out with proposals for reviving these areas also,

    drrao
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  • The coronavirus pandemic is in its initial stages in India and its effects are being felt in each and every activity in our country. The biggest worry is about the welfare of the people in general and helping the poor and out of the job people in particular. Seeing the gravity of the situation Govt has announced to form an economic task force at higher levels under the ministry of finance which can ponder and formulate some immediate package or financial help for the people who are directly or indirectly affected by the present crisis. It is evident that due to the health threats many business outlets are closed and only those which are of essential nature are open. In this situation many people have lost their jobs. The people from far away villages who are engaged in cities in petty jobs are finding themselves unemployed and have no other recourse except to return to their villages which itself is a risky thing as travelling is the most risky activity having more chances of getting the virus infections. Likewise there are many people who are not only jobless but trapped in a place where there is no one to help them. Govt has taken the step of forming an economic task force to address many such issues.

    It is expected that many NGOs and other charitable organisation would also extend help in such a situation but seeing the massiveness of this problem it is necessary that Govt takes a stock of the situation and announces some reliefs and other measures during this tough time.

    The economic task force has to come up with such measures immediately to help the needy ones at this juncture. Generally, such task forces are supposed to announce certain financial aids to the affected people. Some of the measures could be -

    1. To provide basic food and amenities to the lower strata of the work force who are now out of the jobs and stranded here and there.

    2. In the remote corners of the country the poor people who are depending on the monthly remittances of their sole bread earner family member, are to be taken care through village level gram-panchayat network.

    3. The activities of many national level agencies is to be channelised for the common cause of helping the economically backward members of the society.

    4. As many of the Govt projects would be postponed or closed the large workforce employed there is to be suitably re-employed in less vulnerable areas.

    5. In such difficult times the transportation of material from one place to another and its distribution to the needy becomes the prime activity and this has to be considered a thrust area by the task force.

    6. India is a big country and many people because of the health threat might try to flee to other places only to make the situation worse. Task force has to devise help and support at local levels to arrest that trend.

    It is clear that the job of the task force is herculean in nature but if good measures are taken and citizens also cooperate and support then definitely things would improve in this respect and economic task force would be a boon for the affected people.

    Knowledge is power.

  • Economic Task Force will be responsible for the detailed studies of the impact of economic turmoil due to the spread of COVID 19. The areas are to be divided in the sub areas and each sub area, there will be a study how the growth of the economy can be sustained so as to take care of the crisis of the affected people.
    It is a known fact that because of wide spread of the corona, many employers would would release their employees asking them to have a temporary leave without the salary leading to their financial crisis.
    Hence the committee will review all sorts of reforms under the chairmanship of the Finanance Minister and would devise some means to relieve their hardships. Such provisions could be included-
    1) The task force would provide basic food and other essential items to the affected people.
    2) Unprivileged class of people would receive different packages of food and other essential items as sanctioned by the committee.
    3) The thrust are would be to strengthen the income of the economically backward class. Cheap loans from the banks would be streamlined if they are interested to initiate independent business.
    4) Suitable deployment of the relieved workforce from the present jobs should be taken on the priority basis.
    5) Identifying the persons affected in the corona virus and keep a close vigil so that they should not move to other areas in the state of infection causing others infected . They need all sorts of helps including some financial packages to meet the hardship.

  • 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


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