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Finance Minister Sitharaman said – took several steps to deal with infection, 10 percent of GDP given as incentive package

new Delhi: Finance Minister Nirmala Sitharaman said on Friday that the government has taken several steps to deal with the impact of the coronavirus epidemic, including a patent package of 10 percent of the country’s gross domestic product (GDP) and major reforms in the labor sector.

Participating in the plenary session of the 102nd meeting of the World Bank Development Committee, Sitharaman said that the Covid-19epidemic is continuously affecting development and developed countries. He said that after many years of tireless hard work, the achievement of reducing the level of poverty has been achieved, because of this disease, the risk of abandoning it is at stake.

Sitharaman said that the Indian government took a number of steps to stop the epidemic from spreading as well as to reduce its social and economic impact. First, the government released the first stimulus of $ 23 billion, with direct transfers to the poor and measures for food security.

After this, a special economic package of $ 271 billion was released under Prime Minister Narendra Modi’s call for self-reliant India, which is equivalent to 10 percent of India’s GDP.

According to the statement of the Finance Ministry, he said, “Companies should take steps to provide relief.” The laws were simplified, major reforms were made in the labor sector by incorporating and rationalizing 44 central labor laws. Effective social security was provided to the migrant laborers through the system of using the ration card anywhere. ‘

Sitharaman said that support was provided in rural areas through NABARD (National Bank for Agriculture and Rural Development). Allocation in the agriculture sector and in Mahatma Gandhi National Rural Employment Scheme (MGNREGA) helped to raise $ 27.13 billion. He said that in order to strengthen the health infrastructure in view of the epidemic, the government has approved $ 2.03 billion.

The Finance Minister said that as a responsible member of the global community, India is ready to share its experiences and play a leading role in the South Asian region under the policy of ‘Neighbor First’. He said that collective action is important to effectively combat the epidemic.

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