While on one hand the novel COVID 19 is spreading at a lightning speed, the entire world is making fervid efforts to overcome this pandemic. The Indian Government has taken some strong steps to fight with this pandemic. A lesson learnt from the experiences and trends of other nations suffering severely from this disease, is strongly implemented by way of measures at all levels, viz, announcement of complete lock-down across the country, ban on international and domestic flights during the lock-down period and bold economic decisions to provide relief to the citizens. In line of this action plan of the Government of India, the Hon’ble Finance Minister, Mrs. Nirmala Sitaraman announced ‘PM Gareeb Kalyan Scheme’ on March 26, 2020. This article contains key highlights of the said scheme to apprise the readers of the latest economic developments in the country, in spite of the panicking situation.
A day after Modi govt. began its economy rescue in right earnest with INR 1.70 lakh crore coronavirus counter, the Reserve Bank of India joined the big fight today with a host of measures aimed at minimising the damage from Covid-19. Today RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. This is an updated guide on the measures taken by RBI to improve liquidity, reduce cost of funds, help middle class and businesses. These measures come just hours after Moody's Investors Service cut India's growth forecasts for 2020 calendar year to 2.5% from 5.3%.
Simmering of compliance burden - The rapid splurge of COVID-19 has made it difficult for the businesses to run their operations. After the announcement of historic lockdown of 21 days announced by the Hon'ble Prime Minister, the business operations came to entire standstill. Looking at this panicking situation accross the country, the Hon'ble Finance Minister announced various compliance relaxation provisions under various legislations like Income-tax, GST, Customs and Excise, Company Law and IBC."