Finance Minister Nirmala Sitharaman on Wednesday announced the first tranche of the Rs 20 lakh crore economic stimulus package that was announced by Prime Minister Narendra Modi on Tuesday. In the measures detailed in the announcement, MSMEs, NBFCs, the real estate industry, and the EPF benefitted from the announcement.
The Prime Minister’s Office has also announced that Rs 3,100 crore will be allocated from the PM-CARES Fund to fight COVID-19. Around Rs 2,000 crore is earmarked for the purchase of ventilators, Rs 1,000 crore will be used to take care of migrant labourers, and the rest will be invested in vaccine development.
The announcements come as the number of COVID-19 cases in India crossed 77,000, with more than 2,500 deaths reported, according to Worldometer. Meanwhile, in Madhya Pradesh’s Sagar district, social distancing norms were flouted when a crowd gathered to welcome a monk and his group when they arrived. The video went viral on social media.
Across the world, the number of COVID-19 cases neared 4.4 million, and the number of deaths reached just shy of 300,000. Only a few places in the world remain free of coronavirus as Lesotho becomes the last nation in Africa to report cases. Meanwhile, economies all over the world are opening up. Mexico announced that it will reopen car plants, Germany is set to relax controls on all its borders, and Iceland is easing immigration restrictions.
Here’s a roundup of YourStory’s coverage today of how India and the world are dealing with the coronavirus pandemic.
MSMEs, NBFCs, real estate get a boost from the first tranche of Rs 20 lakh crore economic package
The government has announced the reduction of tax deducted at source (TDS) by 25 percent with immediate effect and will be applicable till March 2021.
This edtech startup grew 250 pc amid coronavirus lockdown by digitising schools
Noida-based edtech startup Edumarshal has expanded its offering from online campus management to video-based learning, and has grown 250 percent since the coronavirus lockdown.
[Startup Bharat] This data marketplace app is enabling COVID-19 contact tracing in rural India
Las Vegas-based Aiisma uses USSD feature for COVID-19 contact tracing in rural India, where users may not have access to phones with 3G, 4G, or 5G networks.
[Product Roadmap] How B2B marketplace Jumbotail has been able to maintain scale amid the coronavirus crisis
A product roadmap clarifies the why, what, and how behind what a tech startup is building. This week, we take a closer look at B2B ecommerce startup Jumbotail, which uses technology to address the inventory challenges of unorganised kiranas.
Contact tracing app Aarogya Setu crosses 100M users amid privacy concerns
Aarogya Setu is now being used by over 100 million people. The government is planning to increase adoption of the app in feature phones too.
Staqu launches AI-enabled services for corporates to navigate through post-COVID-19 economy
The company is part of COVID-19 Response Committee formed by NITI Aayog. Its key offerings include COVID identification, suspect tracing, PPE monitoring, security, safety, and hygiene analytics and people analytics.
Coronavirus: FM announces Rs 3 lakh crore collateral-free loans for MSMEs, other measures to bring relief
Nirmala Sitharaman announced a slew of measures for SMEs, including revising definition and other measures to tackle liquidity and NPA concerns, all of which are aimed at making India ‘aatmanirbhar’ (self-reliant).
Mind control: Here’s how to take care of your mental health during the COVID-19 lockdown
Mental Health Awareness Month is observed in the month of May across the globe. If you are feeling extremely isolated, depressed, and helpless during the lockdown or trying to help someone with a mental health disorder, here are ways in which you can help yourself or a loved one.
Now, a fabric helmet for coronavirus protection in crowded settings
UPES researchers, who developed the fabric helmet, say the primary beneficiaries will be students in schools and colleges where maintaining social distancing can be difficult.
Under COVID-19 lockdown, Village Development Committees are now vital support systems for villagers
Village Development Communities are enabling access to health, education, water, sanitation, and livelihood, to make villages self-reliant.
The Good, The Bad and The Ugly: Six long lasting impacts of Covid19
From a cleaner environment to mental health issues, a look at what’s in store in and after-COVID-19 world.
Coronavirus: Stimulus package to unleash economic growth, drive post-pandemic recovery, says India Inc
India Inc on Tuesday said PM Modi’s Rs 20 lakh crore stimulus package was the “need of the hour” as it will pave the way for post-pandemic recovery and unleash the next wave of economic growth.
Lockdown impact: Big-ticket films likely to skip theatres and go direct to digital
“There is a lot of big money involved. Also, if you release on OTT you cannot release it in theatres. If you release a film in theatre it will come on satellite as well as digital later,” said trade analyst Taran Adarsh.
COVID-19 crisis opportunity to support own innovativeness: Ratan Tata
The current health crisis is a time to “not dismiss something as being too far out but being something we should look at”, said Ratan Tata.
Will boost liquidity, empower entrepreneurs: Modi on Sitharaman’s announcements
Seeking to boost the COVID-19-hit economy, Sitharaman announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs.
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line ‘Coronavirus Disruption’ to email@example.com