India’s $22.6 billion Coronavirus financial action plan pales in comparison to the rest of world
- The world has pledged over $5 billion to fight the debilitating effect of the Coronavirus pandemic around the World.
- Today, India announced a ₹1.7 lakh crore ($22.5 billion) relief fund to helppoor Indian homes with food grain and provide insurance cover to medical workers, and more.
- However, India’s plan pales in comparison to the rest the world where country’s have spent over $5 trillion, with US having approved a $2 trillion dollar stimulus bill earlier today.
- Follow the comprehensive coverage of the coronavirus pandemic and its impact, and other useful resources that can help you in the fight on Business Insider India.
AdvertisementIndia finally joined the slew of countries around the world offering financial assistance amidst the debilitation effect of Coronavirus on people and economies. The Pradhan Mantri Garib Kalyaan Yojana (PMGKY) will dole out ₹1.7 lakh crore ($22.6 billion) to help vulnerable sections of society during the lockdown.
“We’ve come up with a package which will immediately take care of the welfare concerns of the poor and the suffering workers, and those who need immediate help,” said Finance Minister
Around the world, countries collectively pledged $5 trillion to fight the Coronavirus pandemic.
India’s financial crisis
Earlier today, the US senate approved a plan to provide a $2 trillion stimulus, which includes giving individuals in the lower and middle income groups a $1,200 cheque each. This is the third stimulus package announced by the US government.
While the US has more resources than India, it also has a fraction of its population. It means India has little to distribute amongst its 1.3 billion people. The Coronavirus rescue plan provides extra food grain for three months per household. It also give a ₹50 lakh insurance cover to medical workers
Sitharaman also announced relief for MNREGA workers, poor widows, poor pensioners, women with Jan Dhan accounts, organised workers, and construction workers — who are bearing the brunt of the Coronavirus crisis.
Here’s how other countries around the world are allocation their financial aid:
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