G-20 Meeting : India Taking All Necessary Measures Against Covid-19 Says Finance Minister
Finance Minister Nirmala Sitharaman said on Wednesday that the government is taking all necessary measures in the wake of current situation. She said, the government has disbursed $ 3.9 billion (Rs 30 thousand crore) to the weaker sections of the society in a few weeks. She also added that the allocation was made directly to the beneficiaries account through digital technology to prevent them from reaching together in public places.
The Finance Minister gave this information in the second meeting held through video conferencing of Finance Ministers and Governors of Central Bank of G20 countries. Sitharaman discussed the role of finance ministers and central banks in saving people’s lives and their livelihoods through sustainable methods while maintaining macroeconomic stability.
Targeted help to vulnerable sections immediately, at the right time
According to the release of the Finance Ministry, the Finance Minister in her meeting told about the measures taken by the Government of India to provide targeted assistance to the weaker sections of the society at the right time. She said, “So far in a few weeks India has provided financial assistance of more than 3.9 billion dollars to more than 32 crore people. In doing so, direct benefit transfer was done using digital technology so that the beneficiaries could avoid reaching banks to withdraw their amounts”.
India has taken many steps
Sitharaman also said on the occasion that monetary policy measures taken by the Government of India and the Reserve Bank of India and other regulators have helped prevent market stagnation and control the flow of credit. She said these measures include liquidity support of $ 50 billion, regulatory and supervisory measures for accessibility of loans, reducing installments of loan payments, financing working capital and postponing interest payments on such financing.
Sitharaman, meanwhile, praised the tireless efforts made by the Saudi Arabian leadership in implementing the decisions taken at an extraordinary summit of G-20 leaders to prepare an action plan for united efforts against Covid-19. Sitharaman represented India in this second extraordinary meeting held on 31 March 2020.
Measures will be taken to protect life, employment and income
A ministry release said that an action plan has been prepared in this meeting of the G-20 countries on the instructions of their leaders. The plan agreed to coordinate public health and financial measures and provide assistance to needy countries while minimizing the bottleneck of the global supply chain. According to the action plan, the G-20 will take steps to protect people’s lives, their employment and income. At the same time, they will restore trust, maintain financial stability, bring economic growth back on track and move forward rapidly.
The world will soon overcome this crisis
Sitharaman described this action plan as a step in the right direction. She said that this document will pave the way for the G20 countries to take action against the Covid-19 epidemic in the short and medium term, both individually and collectively. She hoped that the world would soon overcome this crisis and said that the lessons we will learn from it will help in taking policy measures with the understanding to tackle any such crisis in future.
This meeting of the G-20 countries comes a day after the meeting of the G-7 countries, in which the G-7 countries have agreed to temporarily stop the payment of loan installments to the world’s poorest countries. However, she said that this would be possible only when G-20 countries also agree on this. The G20 is
Finance Minister Nirmala Sitharaman said on Wednesday that the government is taking all necessary measures in the wake of current situation. She said, the government has disbursed $ 3.9 billion (Rs 30 thousand crore) to the weaker sections of the society in a few weeks. She also added that the allocation was made directly to the beneficiaries account through digital technology to prevent them from reaching together in public places.
The Finance Minister gave this information in the second meeting held through video conferencing of Finance Ministers and Governors of Central Bank of G20 countries. Sitharaman discussed the role of finance ministers and central banks in saving people’s lives and their livelihoods through sustainable methods, while maintaining macroeconomic stability.
Targeted help to vulnerable sections immediately, at the right time
According to the release of the Finance Ministry, the Finance Minister in her meeting told about the measures taken by the Government of India to provide targeted assistance to the weaker sections of the society at the right time. She said, “So far in a few weeks India has provided financial assistance of more than 3.9 billion dollars to more than 32 crore people. In doing so, direct benefit transfer was done using digital technology so that the beneficiaries could avoid reaching banks to withdraw their amounts”.
India has taken many steps
Sitharaman also said on the occasion that monetary policy measures taken by the Government of India and the Reserve Bank of India and other regulators have helped prevent market stagnation and control the flow of credit. She said these measures include liquidity support of $ 50 billion, regulatory and supervisory measures for accessibility of loans, reducing installments of loan payments, financing working capital and postponing interest payments on such financing.
Sitharaman, meanwhile, praised the tireless efforts made by the Saudi Arabian leadership in implementing the decisions taken at an extraordinary summit of G-20 leaders to prepare an action plan for united efforts against Covid-19. Sitharaman represented India in this second extraordinary meeting held on 31 March 2020.
Measures will be taken to protect life, employment and income
A ministry release said that an action plan has been prepared in this meeting of the G-20 countries on the instructions of their leaders. The plan agreed to coordinate public health and financial measures and provide assistance to needy countries while minimizing the bottleneck of the global supply chain. According to the action plan, the G-20 will take steps to protect people’s lives, their employment and income. At the same time, they will restore trust, maintain financial stability, bring economic growth back on track and move forward rapidly.
The world will soon overcome this crisis
Sitharaman described this action plan as a step in the right direction. She said that this document will pave the way for the G20 countries to take action against the Covid-19 epidemic in the short and medium term, both individually and collectively. She hoped that the world would soon overcome this crisis and said that the lessons we will learn from it will help in taking policy measures with the understanding to tackle any such crisis in future.
This meeting of the G-20 countries comes a day after the meeting of the G-7 countries, in which the G-7 countries have agreed to temporarily stop the payment of loan installments to the world’s poorest countries. However, she said that this would be possible only when G-20 countries also agree on this.
