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Economy

Watch | The Wire Business Report: FM’s Rescue Package Short On Size and Details

The announcement boasts of several measures. But are they enough? The Wire's Mitali Mukherjee breaks it down for us.

On Thursday, finance minister Nirmala Sitharaman announced a financial relief package for India’s poor and migrant workers and called it the Prime Minister Garib Kalyan Scheme.

The Scheme has two parts. One is the cash transfer and the second is food security. This was announced along with 50 lakh per person insurance cover to health care workers risking their lives on the front-lines of this pandemic.

According to the relief package, 800 million poor people in the country will get 5 kg of rice or wheat and 1 kg pulses in addition to the ration they already get under the Public Distribution System.

With regard to cash transfers, India’s farmers will get the first PM Kisan instalment of Rs 2,000 in April 2020 itself. For poor widows, the aged and the disabled, an ex-gratia transfer of Rs 1,000 will be done for the next three months, in two instalments. For women with Jan Dhan Yojana accounts, an ex-gratia transfer of Rs 500 will be done for the next three months.

But is this enough? The Wire’s Mitali Mukherjee breaks it down for us.