Financial choices accessible with Government to battle Corona virus pandemic
While the nation is combating the deadly second wave of the Corona pandemic amid spiralling requirement for oxygen as 1000’s have succumbed to the lethal virus in the course of the fortnight, many owing to the dear fuel’ unavailability, the Centre has introduced that it could assist arrange 551 devoted oxygen vegetation by funding them by way of its PM CARES fund. This would increase oxygen’s provide.
The Centre had arrange the fund in March 2020 to cope with the scenario arising out of the pandemic and as per the account assertion which was put out by the fund in September final 12 months, there have been Rs 3,076 crore as on March 31, 2020 when it comes to closing stability in it.
Incidentally, the Prime Minister’s National Relief Fund can be there, however it’s primarily used for tackling pure calamities, riots and assembly medical bills for coronary heart illnesses, most cancers remedy and burn accidents. As on December 2019, there have been Rs 3,800 crore within the fund.
Now because the scenario appears to be taking a flip for the more serious, the well being infrastructure of the nation is going through its final problem, and the necessity for funds has turn out to be all of the extra acute.
Let’s subsequently see that what all are the monetary choices accessible with the Government of India aside from the PM CARES fund, to fall again upon so as to battle this medical emergency. Read on.
World Bank Loan Worth $2.5 Billion:
Last 12 months India had acquired loans price $2.5 billion from the World Bank in three instalments to battle the pandemic. These have been supplied beneath three classifications – well being, social safety and financial stimulus.
Minister of State for Finance Anurag Thakur had knowledgeable the Rajya Sabha in the course of the Monsoon session final 12 months that the World Bank gave three loans for well being ($1 billion), for social safety (0.75 billion) and for financial stimulus ($0.75 billion). These loans have been disbursed to the Government of India between April and July 2020.
Amount Saved After Effecting Cuts In Salaries And Allowances Of Members of Parliament:
In April 2020, the Government introduced an ordinance to minimize down month-to-month salaries and allowances of MPs by 30%. The Salaries and Allowances of Ministers (Amendment) Ordinance, 2020 was launched to amend the Salaries and Allowances of Ministers Act 1952, which administers the bills of lawmakers. This minimize was relevant for the monetary 12 months 2020-21, i.e. until March 31, 2021.
The wage of an MP is Rs 1 lakh whereas in addition they get a constituency allowance which is Rs 70,000 per thirty days. A 30% minimize meant that the month-to-month wage of a lawmaker got here down to Rs 70,000 and the constituency allowance was lowered to Rs 49,000 a month.
There are 543 Lok Sabha and 245 Rajya Sabha MPs, which suggests there are a complete of 788 MPs.
A Rs 30,000 minimize for every MP from the month-to-month wage translated to an addition of Rs 2,36,40,000 crore within the Government’s kitty. A Rs 21,000 discount within the constituency allowance for every MP led to Rs 1,65,48,000 crore going to the exchequer.
Thus a complete of Rs 4,01,88,000 crore was deposited in Government’s coffers after these cuts have been affected.
Suspension Of MPLADs Fund Of All MPs For 2 Years:
With the clamping of the nation-wide lockdown on March 24, 2020 to limit unfold of Corona virus, the Government aside from chopping down on salaries and allowances of MPs, had additionally suspended the allotment of MPLADs funds for 2 years, i.e. 2020-21 and 2021-22.
The complete consolidated quantity for these two years translated to Rs 7,900 crore, which is within the Centre’s coffers after the scheme’s suspension.
