30 Mar 2020Posted By: Mudit Handa


4 Major Economic Reliefs Provided by the Government amid Coronavirus

We all know that the world is confronting the threat of Novel Coronavirus disease, also known as COVID-19. The total number of infected cases of COVID-19 in India has reached over 1,000. The Indian government has already imposed a complete lockdown throughout the nation so that the risk of the coronavirus infection reaching the dreadful third stage can be controlled.

This lockdown which is to continue till April 14, has disrupted the normalcy of businesses. As a result, many businessmen are unable to duly fulfill legal compliance. Hence, the Honorable FM Smt. Nirmala Sitharaman had held a press conference over Video Conferencing on 26th March 2020 and had announced numerous economic reliefs for the poor as well as Corona-fighters.

Here are the main reliefs introduced by the Indian government.

 

1. Economic reliefs for the poor as well as Corona-fighters

The government has proposed to give Economic relief to the poor as well as the Corona-fighters, who are working day and night to mitigate the threat of coronavirus, under the PM Garib Kalyan Yojana. Those reliefs are listed below:- 

  • The Package worth is ₹1.7 Lakh Crores.

  • This Package will benefit the migrant workers, women and disabled persons

  • Gratitude to the Front line warriors fighting against coronavirus

  • Insurance cover of ₹50 Lakh per person for the Doctors, COVID-19 Paramedic workers, Sanitation workers and all those who are working on the front line against Coronavirus.


2. Reliefs under PM Garib Kalyan Ann (अन्न) Yojana

The Pradhan Mantri Garib Kalyan Ann Yojna covers 80 crore poor people, which is 2/3rd of the population. Under this scheme, the Government will provide 5 Kg of Rice / Wheat per month and over above 5 Kg per month, there will be given another 5 Kg free for 3 months. Also, 1 Kg of pulse per month shall be given for each household.


3. Economic Measures by Direct Benefit Transfer scheme

Under the Direct Benefit Transfer schemes and other benefit schemes, there are 8 specific announcements made by the FM:-

  1. Farmers – Of the annual-benefit of 6000/-, the Govt will provide the ₹2000/- immediately in the first week of April.

  2. MNREGA – There will be a wage increase of Rs. 2000/- per worker i.e. from ₹182/- to ₹202/- per day wage.

  3. Old Age People, Widow and 'Divyang' people – There will be an ex-gratia amount of ₹1,000/- in 2 installments of ₹500/- each in the next 3 months under Direct Beneficiary Transfer scheme.

  4. Women Jan Dhan Account holders – Will be getting ex-gratia amount of ₹500/- per amount for the next 3 months

  5. Ujjwala Yojana – For 8.3 crore of BPL family under Ujjwala scheme, free cylinders for the next 3 months

  6. Garib Kalyan Yojna – Women Self Help Group (SHG) benefitting 7 Crore household will be benefitted, they will get 20 Lakh collateral-free loan, instead of ₹10 Lakhs. The Women SHG can also avail other long term benefits provided by the government if they have the Udyog Aadhaar aka MSME registration.

  7. Organized Sector – The government will pay the EPF contribution both of the employer and employee which is 12 % each for the next 3 months for all those establishments having up to 100 employees and 90% of whom earned less than ₹15000/- per month. Construction workers – To give directions to the State Government to utilize the Construction Funds managed by the Central Government, which will be utilized for the benefit of construction workers from the Fund which is of INR 31000 Crores.

  8. District Mineral Funds – Requesting the State Government to utilize the District Mineral Funds to testing activities, screening activities, and other activities to fight the Coronavirus.


4. Employee Provident Fund Relief

FM Smt. Nirmala Sitharaman had also announced that for the coming 3 months, the EPF contribution share of the employees and the employers having EPF registration will be paid by the government.

Know about the Employee Provident Fund related Reliefs in detail.

These are some major reliefs given by the Indian Government to poor as well as Corona-fighters of India.

With that, we Salute the Doctors, Policemen and all other Corona-fighters of India, who are working day & night to Combat COVID-19.  

 

If you require any other sort of guidance with respect to EPF registration or MSME registration, please feel free to contact our business advisors at 8881-069-069.

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