New Delhi: COVID -19 Pandemic affected economy to a great extent. The Indian government has made efforts to mitigate its impact on the economy. During a discussion with world bank official, Finance Minister Nirmala Sitharaman said that the country has taken many measures to contain the spread of the pandemic, and also to mitigate its effect on the economy.
Sitharaman said that the corona Pandemic which started before our last meeting in April, continues to impact the developing and developed countries till date and the hard-fought gains in reducing the level of poverty, achieved over a number of years, are at great risk of being lost. FM also said that the government announced its first stimulus of $23 billion to provide direct cash transfers and food security measures to poor. This was followed by special economic package of $271 billion. She said, "Measures were announced to provide relief to the businesses, bring about major reforms in the labour sector by simplifying, amalgamating and rationalising 44 central labour laws, provide effective social protection to the migrant workers through National Portability of ration cards."
FM said that collective action plays an important role in an effective response to the pandemic and welcomed the strong performance in Q4 of FY 2020 wherein World Bank Group has committed $45 billion for corona response.
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