Finance Minister Announces CoronaVirus Relief Package, forgets Businesses – Do You want to Raise a Complaint?

Finance Minister Nirmala Sitharaman on Thursday announced a relief package to help fight the Covid-19 outbreak. She said the relief package is aimed at shielding the poor during the ongoing Covid-19 pandemic. But….What about Businesses?

Highlights of the announcement are as under:

1. PM Gareeb Kalyan Scheme will entail Rs 1.7 lakh crore.

2.  It will include both cash transfer and food security.

3.  Provide insurance cover worth Rs 50 lakh for sanitation workers, ASHA workers, doctors, nurses, paramedics in case they need it as they are on the frontlines of the corona battle.

4.  Over and above 5kg of rice/wheat that is already given, another 5 kg per person will be given free to around 80 crore people through PDS. Besides, one kg of preferred and region-specific choice of the pulse will also be given.

Direct cash transfer through DBT

1. Farmers: The first installment of Rs 2,000 of PM Kisan will be given in the first week of April. 8.69 cr farmers will get immediate benefits out of it.

2.  MNREGA: Increase in wage rate from Rs 182 to Rs 202 amounting to increase of Rs 2000 per worker leading to benefitting 5 crore people.

3. Old age/widows: An ex-gratia amount of Rs 1,000 for the next three months available in two installments. It will benefit 3 crore widows and senior citizens.

4. Women Jan Dhan account holders: Ex gratia of Rs 500 per month for the next three months. This will benefit 20 crore women.

5. Women Ujjawala scheme beneficiaries: For three months, free cylinders. Will benefit 8.3 crore BPL families.

6. Women Self Help Groups: Under the Deen Dayal National Livelihood Mission, collateral-free loan will be given up to Rs 20 lakh from Rs 10 lakh earlier. Impact on 7 crore holders through 63 lakh SHGs.

7. Organized sector: The government of India will pay the EPF contribution both of the employers 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.

8. 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.

9. Construction workers: State government have been directed to use the welfare fund for building & construction laborers which has around Rs 31,000 crore to help those who are facing economic disruption because of the lockdown.

10. Utilize the funds available under the district mineral fund for testing activities, medical screening, providing health attention needed to fight the coronavirus pandemic.

Yes…That’s it! No relief to Entrepreneurs. What about SME’s, StartUps and Businesses that are being affected the most. The economy slow down has engulfed almost every sector. No relief Provided!!!