World Bank supports India with US $one billion package
World Bank has announced a one billion dollar package for migrant workers and poor people across India to aid them during this heavy coronavirus crisis. World bank’s country director for India Junaid Ahmad has made a statement that this package will leverage the Pradhan Mantri Garib Kalyan Yojana (PMJKY) under which already finance minister announced Rs.1.70 lakh crore relief package for the poor. World bank has committed themselves for the second time to come forward to help India to rise out of this pandemic. Their previous one billion support towards India’s health sector was a big contribution that played a vital supportive role last month that addressed immediate and emergency needs.
Ahmad also added that, migrant workers and poor people in various states will find this funding more useful and this fund will be a safety net to the 90% of workers working in the unorganised sectors. World bank mainly views on combining India’s all 400-plus social security schemes at technology level to make available of all the support so that people will be made aware of all the support schemes and need not run here and there to access them.
With a responsibility to balance the social security between urban poor and rural, this package will be allocated in two phases. Phase 1 will be accomplished through an immediate allocation of $750 million for the present year 2020 countrywide under PMGKY out which the US $550 million will be credited by International Development Association and the US $200 million will be a loan from the International Bank for Reconstruction and Development. The remaining $250 million will be allocated for the upcoming fiscal year 2021 which will focus more on local needs that will be reaching people through state governments.
According to the world bank’s approval plan of US $160 billion to aid countries to face and overcome the impact of this crisis, India was the largest beneficiary of their first wave of programs. This package will be a helping hand for our nation and especially to the migrant workers that could save many lives.