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Last Updated : Mar 26, 2020 12:31 PM IST | Source: Moneycontrol.com

Coronavirus pandemic | Govt considering Rs 60,000 crore income support plan for the poor: Report

The plan might involve transfer of Rs 5,000-6,000 into the bank accounts of 80-100 million poor families.

The government is considering a Rs 60,000 crore income support scheme for the poor to provide relief during the coronavirus outbreak, according to a Business Standard report.

The plan might involve a transfer of Rs 5,000-6,000 into the bank accounts of 80-100 million poor families, the report said.

Officials have not yet specified the size of the monetary package, the report said. The scheme is expected to be a part of the stimulus package, likely to be announced soon.

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"Economic activity has come to a near halt. Work in factories, workshops, farms, the services sector, and other labour-intensive sectors has just stopped. The poorest families, especially those dependent on daily wages, will not be able to survive the lockdown," a source quoted in the report said.

The package might also include deferment of equated monthly instalments (EMIs) for targeted individuals, and loan repayments for micro, small and medium enterprises (MSMEs), sources told the publication.

According to a Reuters report, the stimulus package is pegged at over Rs 1.5 lakh crore.

The stimulus package is likely to be announced by finance minister Nirmala Sitharaman at a press conference at 1 pm on March 26.

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First Published on Mar 26, 2020 12:30 pm
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