Although social activists and concerned economists demanded at least Rs. 1 lakh crore to be earmarked in favour of the Mahatma Gandhi Rural Employment Guarantee Scheme (MGNREGS), the Finance Minister in her budget speech on 1st February allocated only Rs.61,500 crore to it for the financial year 2020-21. As compared to the fund spent on MGNREGA in 2019-20 (i.e. revised estimate of Rs.71,001.81 crore), the amount set aside for the...
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Need new stimulus of Rs.10 lakh crore: Economists Collective
-The Hindu Economists urge cash transfers to 80% of households to revive economy. The Centre needs to announce a ₹10 lakh crore fiscal stimulus package providing universal food ration and cash transfers for 80% of households in order to revive the economy at this time, the Heterodox Economists Collective has urged. Employment guarantees must be expanded for both rural and urban workers at a time of soaring joblessness, the group of economists...
More »Second stimulus: Govt plans targeting based on need, MSMEs to begin with -Aanchal Magazine & Sunny Verma
-The Indian Express PM wary of open-ended provisions: Fund for MSME with guarantee likely. AS the Covid pandemic and the prolonged lockdown batter all sectors of the economy, the government, sources said, is working on a rescue package that, for now, may address the needs of the micro, small and medium enterprise (MSME) segment rather than the larger corporate sector. More than six meetings have been held at the Prime Minister’s Office —...
More »Recent reports predict gloomy days ahead for the overall economy
Most reports and studies by official agencies, international think tanks and private entities indicate the cataclysmic impact of the coronavirus pandemic on the economy and society. They anticipate that lockdowns imposed by various countries across the globe to reduce the exponential diffusion of COVID-19 (i.e. for flattening the curve by social distancing and quarantines) would adversely affect economic growth and disrupt supply chains in most sectors, on top of causing...
More »FM’s announcement of Rs 1.7 lakh crore in the wake of COVID-19, is less than half of the Rs. 3.75 lakh crores required to fulfill the minimal “emergency measures”, convey concerned citizens & grassroots activists
-Press releases by NREGA Sangharsh Morcha dated 26th March, 2020 Civil society activists and concerned citizens have responded to the emergency measures that were announced by the Finance Minister on 26th March, 2020 for the poor, the vulnerable and the migrant & informal workers. An open letter by NREGA Sangharsh Morcha -- an umbrella organisation of CSOs and social activists working for the unorganised sector and MGNREGA workers -- has been issued...
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