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Monday, June 28, 2021

Government announces Rs 1.1 lakh crore relief package for Corona-affected sector

Government announces Rs 1.1 lakh crore relief package for Corona-affected sector

The government may make a big announcement today to revive the Indian economy affected by the Koro epidemic. Finance Minister Nirmala Sitharaman and Anurag Thakur are currently holding a conference. A relief package of Rs 1.1 lakh crore has been announced for the sectors affected by the corona.

Finance Minister's Press Conference LIVE:1.1 lakh crore for Kovid affected sector

Finance Minister Nirmala Sitharaman has announced Rs 1.1 lakh crore for the Kovid-affected sector. Many big announcements are being made to breathe new life into the Indian economy affected by the Corona epidemic.

Apart from this, Rs 50,000 crore has been announced for the health sector. This amount will be spent for non-metro medical infra. Many sectors are in crisis due to the second wave of Corona epidemic and help is being sought from the government in this regard. In the last few days, the government has also hinted that it may consider helping the sectors that are most at risk.

At first I tried to avoid this question of uncle jokingly, but after insisting on his very emphasis, I said stop, I will find out and tell in a few days. Not only my uncle, but the government has raised the expectations of all the citizens of the country since the recent announcement of Rs 20 lakh crore made by the Prime Minister to deal with the COVID-19 epidemic. They feel that this economic package will have an unexpected positive impact in their lives.

The thing to understand now is what is the economic relief package and why is it needed? If you try to find the answer to these questions in easy words, then the purpose of the economic relief package is to provide relief to the economy from any economic crisis. It works for the stressed economy in the same way that a medicine works for a sick person. If the medicine is 100 percent effective, then it can eliminate the disease from the root, similarly any current economic relief package is also an attempt to recover the economy that has been sick due to COVID-19 epidemic. But even after effective treatment of every serious disease, it leaves its long-term effects, in the same way it would not be logical to say that everything will become normal after this economic package.

In the past, many large economies such as the United States have provided 10 percent of their GDP and Japan 20 percent of their GDP as an economic relief package. This is to say that all the economies struggling with this crisis are treating themselves to deal with this disease. It is not a nutritious diet given to a health person which enhances his / her abilities, rather it is a diet to enhance the immunity fighting disease.

The second biggest thing is that with this economic relief package, the Prime Minister talked about becoming self-reliant, as well as the use of indigenous goods. Here self-sufficiency refers to self-sufficiency in the context of the economy, so that we can import to meet our needs. Do not depend on. It is obvious that when the whole world is grappling with this economic crisis, then all the countries of the world are giving priority to the objective of getting their economy out of crisis instead of following the ideal rules of globalization, for which they are resorting to protectionism and There is a possibility that there will be a huge reduction in global trade for the coming few years. In these circumstances, if India discourages its imports to reduce its trade deficit, then it becomes necessary for it to produce the goods for which it is dependent on imports from abroad for its supply.

We try to understand the problems that have been tried to solve with the help of economic relief package. Nearly a quarter of India's population lives below the poverty line, while around seven crore people live in extreme poverty. In such current economic crisis, this class can be a victim of starvation problem. Keeping this point in this relief package, special measures have been taken to address the challenges before this class.

The MSMEs sector, which is the most employment-intensive sector after agriculture, provides employment to about 12 crore people. According to the Central Statistics Office (CSO), the MSMEs sector's contribution to India's total GVA (Gross Value Added) was around 31.8 percent in the year 2016-2017, while the MSMEs sector accounted for about 48 percent of the total exports in the year 2018-19. . From the above data we can understand the importance of MSMEs sector. While large economic units spend only 10 percent of their total expenditure on the workforce, MSMEs account for about 35 percent, which is evidence that the distribution of benefits in MSMEs is relatively more equitable.

But the current economic crisis has posed a challenge to the existence of these areas. About 90 percent of MSMEs in the country have been severely affected by the COVID-19 epidemic. Keeping this fact in mind, in the announced economic package, only about 5 lakh crore rupees have been announced for this sector, which is about one fourth of the total relief package.
There is no accurate assessment of the duration of the crisis that we are facing now, there is no idea how serious this problem can be. Instead of limiting our expectations, we need to understand all the dimensions of this problem and make a long-term strategy and get it down to the ground. As much as it is necessary for an economy, it is also necessary for us at the individual level.

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Due to this epidemic, there is also a possibility of extensive changes in the working method, which is not limited to any one area. If you are a student, then you have to be ready to learn through new mediums. If you are connected with an employment, then according to the changed work scenario you need to train yourself to get out of your comfort zone. This is to say that you have to be so alert and ready to recognize any opportunity that arises before you and take advantage of it by hauling it like a hawk.

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