{"id":8447,"date":"2020-04-01T09:11:53","date_gmt":"2020-04-01T09:11:53","guid":{"rendered":"\/blog\/?p=8447"},"modified":"2020-05-06T06:54:26","modified_gmt":"2020-05-06T06:54:26","slug":"what-are-the-measures-taken-by-the-finance-ministry-to-tackle-coronavirus-in-india","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/rbi-regulations\/what-are-the-measures-taken-by-the-finance-ministry-to-tackle-coronavirus-in-india\/","title":{"rendered":"What are the Measures Taken by the Finance Ministry to Tackle Coronavirus in India?"},"content":{"rendered":"\n

The novel coronavirus\nhas spread like wildfire ever since its unfortunate inception in Wuhan, China.\nCountries like Italy, Spain, Iran and the USA have already hit phase 3 and are\nscrambling to keep the disease at bay. India too is following suit in taking\nevery precautionary measure to put a stop to the looming menace. With the onset\nof a 21-day lockdown, the government is gearing up to prevent the effect of COVID-19\non the economy. Recently, Finance Minister Nirmala Sitharaman addressed the\npossibility of a financial crisis in the coming months. The Ministry of Finance\nhas taken certain fiscal measures to prevent the country\u2019s economic difficulties\nduring the pandemic. Here\u2019s a list of key issues tackled by the body:<\/p>\n\n\n\n

Relief packages for the\nunderprivileged  <\/strong><\/p>\n\n\n\n

The Finance Ministry has announced that relief packages shall be disbursed to the underprivileged sector, with main focus on daily wage labourers, rural workers, senior citizens, disabled persons and women. An amount of Rs 1.7 crore has been allocated for providing essential food items, home utilities and cash funds to those falling under the BPL. \u201cThese announcements will be implemented immediately\u201d, assured Nirmala Sitharaman.<\/p>\n\n\n\n

\"Coronavirus<\/figure>\n\n\n\n

Additional Read<\/strong>:- Finance Minister\u2019s Announcements on Relief Measures over Coronavirus lockdown<\/a> <\/p>\n\n\n\n

Facilitation of essential services <\/strong><\/p>\n\n\n\n

The Ministry\nhas also announced that essential services shall continue to remain open to\nfacilitate the basic functioning of the country. To prevent panic and hysteria amongst\nthe masses, it was immediately announced and published in the Gazette that\npharmacies, grocery stores, ATMs, banks, and hospitals, among others, shall continue\nto function. However, people serving in the various public fields have been\ndirected to practice extra precaution at all times. <\/p>\n\n\n\n

Relaxation in tax and company rules <\/strong><\/p>\n\n\n\n

For companies\nand SMEs, the Ministry has relaxed certain regulations, including extending the\ntime for filing financial year returns, cutting back interest rates from 12% to\n9% and relaxing the penalty in the event of failure to file GST returns. There\nhave been certain relaxations for citizens as well. For instance, there shall\nbe no charge on debit card transactions and the minimum balance requirement in\na savings account has been waived.<\/p>\n\n\n\n

Provision of medical resources<\/strong><\/p>\n\n\n\n

The medical and health industry is the backbone of the country and the Finance Ministry is leaving no stone unturned in prioritizing the health and security of the diligent professionals serving in the field. An insurance cover of an estimated amount of Rs 50 lakhs has been allocated to every member of the field, covering doctors, nurses, ward persons, paramedics, and allied hospital staff for a period of 3 months. The Ministry has also directed state governments to increase the provision of medical equipment to ensure the maximum protection of medical professionals. <\/p>\n\n\n\n

Additional Read<\/strong>:- RBI Press Conference on Monetary Relief Measures in the Time of COVID-19: Key Takeaways <\/a><\/p>\n\n\n\n

With the Finance Ministry\u2019s quick response in times of crisis, the country can hope to avert the onset of a massive public health disaster and simultaneously cushion the blow of a falling economy. However, it is also crucial that every citizen of the country remains responsible and adheres to the directives of the state. <\/p>\n","protected":false},"excerpt":{"rendered":"

The novel coronavirus has spread like wildfire ever since its unfortunate inception in Wuhan, China. <\/p>\n

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