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Tag: relief

  • List of Economic Relief measures announced by the Government for Startups and Businesses

    The Covid-19 had created a huge impact on the Indian economy and the lockdown due to the second wave had left a lot of people unemployed and a lot of businesses around the country to be closed down. However, the Government has announced various Economic Reliefs to boost the economy concentrating on various businesses and startups. In this article let’s look at more information on the Economic Relief Measures.

    Economic Relief Measures – Latest News
    Loan Guarantee Scheme
    ECLGS
    Support to the Tourism Industry
    Atmanirbhar Bharat Rozgar Yojana
    Subsidy on Fertilizers
    Underwriting of Additional Projects
    Other Economic Relief Measures
    FAQ

    Economic Relief Measures – Latest News

    The Finance Minister of the country, Nirmala Sitharaman had addressed the press conference on 28 June 2021 and has discussed about various economic relief measures. The Finance Minister has addressed various reliefs for the sectors affected due to Covid-19.


    Loan Guarantee Scheme

    The Finance Minister has announced a Loan Guarantee Scheme for the affected sectors due to Covid-19 of around INR 1.1 lakh crore. The Government will provide a guarantee coverage that is 70% for new projects and around 50% for the expansion and the duration for the guarantee will be up to 3 years.

    This is concentrated on the health sectors and medical infra specially targeting the underserved areas would get an amount of INR 50,000 crore. Other sectors would get INR 60,000 crore and the interest rates would be around 8.25 % p.a.

    ECLGS

    The Emergency Credit Line Guarantee Scheme of an additional INR 1.5 lakh crore has been announced. The coverage on Contact-Intensive sectors will be continued and the loan amount that is proposed and the limit of admissible guarantee is expected to increase above 20%.

    Support to the Tourism Industry

    The Government has announced to provide support to the tourism industry by providing monetary support to more than 11,000 travel and tourism stakeholders and tourist guides. The tourism sector will also be provided with loans under the new loan guarantee scheme for areas affected due to Covid.

    The Government has announced that it would provide loans that are 100% guaranteed up to INR 10 lakhs for the Travel and Tourism sector agencies and an amount up to 1 lakh for the licensed tourist guides.

    The Finance Minister also announced that they would provide free tourist visas and conveyed that once the issuance of visas is restarted the first 5 lakh visas will be issued free of cost and that is offer will be available only once per person. This scheme will be valid till 31 March 2022 or until the number reached 5 lakh tourists.

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    Atmanirbhar Bharat Rozgar Yojana

    The Atmanirbhar Bharat Rozgar Yojana has been extended from 30 June 2021 to 21 March 2022. The scheme provides incentives for the employers in order to increase the new employment opportunities through EPPFO.

    The Government has also approved an outlay of INR 22,810 crore that is expected to benefit around 58.50 lakh beneficiaries by providing them with a monthly wage of around INR 15,000. So far, the benefits of around INR 902 crore have been given to around 79,577 beneficiary establishments.

    Nirmala Sitharaman also stated through the press release that through this scheme from the last October until 18 June 2021 around 2.14 million people have been benefited from around 79,577 establishments.

    Subsidy on Fertilizers

    An additional subsidy for P&K fertilizers and DAP fertilizers has been announced. The NBS subsidy has been increased to INR 42,275 crore in the FY 2021-22 from INR 27,000 crore in the FY 2020-21. An additional amount of INR 14,755 crore is announced to be provided for DAP as well as NPK based complex fertilizers.

    The Government has also conveyed that an amount of INR 85,413 crores has been paid to the farmers.

    Underwriting of Additional Projects

    The Finance Minister also said that there would be underwriting of the additional export projects through the EXIM bank that is worth around INR 33,000 crore. The Minister also conveyed that in the span of the next 5 years there would be an equity infusion in the Export Credit Guarantee Corp of INR 88,000 crore.

    Other Economic Relief Measures

    Some of the other announcements during the press release include providing a viability gap funding of INR 19,041 crore for broadband connectivity in villages through Public Private partnerships, flexibility in claiming incentives linked to production by the large-scale electronics manufacturers, etc.

    Conclusion

    Narendra Modi, the Prime Minister of India had tweeted that the announcements will help in stimulating the economic activities, boost the production and increase the exports as well as increase the employment opportunities.

    FAQ

    How did Covid 19 impacted Indian economy?

    The economic impact of the COVID-19 pandemic in India has been largely disruptive. India’s growth in the fourth quarter of the fiscal year 2020 went down to 3.1%

    Is the Visa free under the Economic relief measure by the government?

    The first 5 lakh visas will be issued free of cost and the offer is only available once per person.

  • All the latest donations from Big Companies to India for fighting the Second Wave

    The increase in the Covid-19 cases has led to a lot of tech companies and big corporates helping India during the crisis. The second wave of the coronavirus pandemic has hit India really hard with the daily cases rising and the deaths in the country increasing.

    The citizens of the country are finding it hard to access the basic medical requirements. This is when a lot of companies have come forward to help India. Let’s look at the latest donations from big companies for India in order to fight the Covid-19.

    Pfizer
    Mahindra Group
    Sony Group
    Qualcomm
    SpiceJet
    Google
    Xiaomi India
    Microsoft
    Amazon
    Paytm
    Ford Motors
    One Plus
    FAQ

    Pfizer

    Pfizer which is an American based pharmaceutical company has announced that it will send medicines for the treatment of Covid-19 to India. The company announced that it would send medicines worth USD 70 million (around INR 510 crores) to India from its distribution centres.

    Albert Bourla, the CEO of Pfizer said in an email that to the employees of India that the company is deeply concerned about the critical condition faced by India due to Covid-19.

    Mahindra Group

    The chairman of Mahindra Group, Anand Mahindra has launched a project in Maharashtra called as Oxygen on Wheels. This project will focus on the easy transportation of oxygen from production plants to hospitals and homes amid the coronavirus pandemic.

    Anand Mahindra had posted a tweet that conveyed that in the current situation oxygen is the key to reduce mortality and the problem is not the production of oxygen but the transportation and he added that the company is trying to bridge the gap between that.

    Sony Group

    Sony Group had also recently announced that the company will provide a donation of around USD 1 million (around INR 7.4 crore) in order to help India amid the Covid-19 crisis. The company said that it would procure PCR testing machines and oxygen for medical purposes by donating the amount to UNICEF and other organizations.

    Qualcomm

    Qualcomm which is a chipmaker had recently announced that it would provide a donation of around USD 4 million (around INR 30 crores) to India amid the surge of Covid-19. The company said that one of the key strains faced by the company is the shortage of medical supplies and lifesaving equipment.

    The company said that they have been thriving hard and actively working towards finding ways to provide relief to the Indian community through philanthropic activities.

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    SpiceJet

    SpiceJet has announced that the cargo arm of the company SpiceXpress has airlifted more than 4,400 oxygen concentrators from different countries such as Hong Kong, USA, Singapore and China in the last two weeks.

    The company added that they have transported around 34 million doses of vaccines for Covid-19 to India between January 12 and April 12 and also around 700 concentrators from China to New Delhi.

    Google

    Sundar Pichai, the CEO of Google and Alphabet announced that the company will be donating an amount of INR 135 crores to India in order to fight against the coronavirus pandemic. The company will provide funding for two grants.

    The first grant will be given to GiveIndia in order to provide cash assistance to the families that have been affected due to the Covid-19 crisis. The grant amount is expected to be around INR 20 crore.

    The second grant will be given to UNICEF in order to provide oxygen and the required medical supplies and testing equipment.

    Xiaomi India

    Xiaomi which is one of the leading smartphone companies in India had announced that it would provide an amount of around INR 3 crore to India. The amount will be for procuring 1000+ oxygen concentrators.

    The CEO of the company conveyed that these oxygen concentrators will be supplied to the hospitals and the state governments according to the requirement. The company also announced that it is working together with GiveIndia to help the frontline workers of the country by raising a capital of INR 1 crore.

    Microsoft

    The CEO of Microsoft Satya Nadela had announced that the company will help India in purchasing critical oxygen concentrators and also added that the company will use its resources, voice and technology to help India fight against the Covid-19 pandemic.

    Amazon

    Amazon India has been collaborating with different organizations in order to urgently lift oxygen concentrators of around 8,000 and 500 BiPAP machines from Singapore. The company conveyed that it would take care of the cost for lifting the concentrators and BiPAP machines through Air India and other national carriers.

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    Paytm

    The CEO of Paytm Vijay Shekhar Sharma had announced on Sunday that the Paytm foundation will raise an amount of INR 2 crore through donations for oxygen concentrators. Paytm also added that they would add the same amount of money towards the donation from the company.

    Ford Motors

    Ford Motors which is an American based automobile major has announced that the company will donate surgical masks of around 50 lakhs in number, 1 lakh N95 masks and 50,000 gowns in order to fight against the Covid-19 second wave in India.

    The company said that Ford Fund will also donate around USD 200,000 (around INR 1.5 crore) to support various organizations that are providing Covid-19 relief in Brazil and India.

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    One Plus

    One Plus one of the premium mobile phone brands in India has said that it would donate around 400 oxygenators in order to help the Indians to fight against the Covid-19 pandemic. The One Plus Global community has also expressed their interest in making contributions for the country.

    The company has also tied up with GiveIndia in order to raise funds for the frontline workers in India.

    FAQ

    What is the current Covid situation in India?

    India is in the midst of second wave of COVID-19 and is recording over 300,000 daily coronavirus infections.

    Who issued the official name of COVID-19?

    The official names COVID-19 and SARS-CoV-2 were issued by the WHO on 11 February 2020.

    Which Covid vaccine is used in India?

    Covishield vaccine, manufactured by Serum Institute of India, and Bharat Biotech’s Covaxin are being used for the vaccination programme.

    Conclusion

    The second wave has been increasing and the situation of the country is worsening as days pass. The governments and different organizations are working together in fighting the second wave of the Covid-19 pandemic. There are also many individual volunteers and foundations providing support to fight the country against the deadly virus.