InvestorQ : What has been the progress on the Garib Kalyan Yojana announced by Nirmala Sitharaman with a lot of fanfare as an antidote for the economic slowdown?
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What has been the progress on the Garib Kalyan Yojana announced by Nirmala Sitharaman with a lot of fanfare as an antidote for the economic slowdown?

Answer
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Rashi Mehra answered.
3 months ago


It must be said that the government has moved very fast in the last 3 months since the package was first announced. The government has stated that nearly 42 crore Indians had received assistance from the government under the Garib Kalyan Package and the total outlay for the same had been closer to Rs.65,454 crore.

When the first lockdown was announced in late May 2020, the government opted to support the monetary rate cuts with a fiscal boost too. The package was announced in March this year to provide free food grains and cash payment to women as well as to poor senior citizens and farmers.

A part of this allocation was also front-loaded towards payment of the first instalment of the PM-Kisan minimum income initiative. Three instalments of around Rs.10,000 crore have already been credited to the bank accounts of women under Jan Dhan scheme and that has created a huge income relief effect on the Indian markets.