With over 4,200 positive cases and 220 deaths – numbers that are only increasing day by day – and revenue expected to take a massive hit due to the 40day lockdown, Maharashtra, the worst-affected state in the Covid-19 pandemic, is in desperate need of funds for testing, lab equipment, quarantining and other relief work.
It is not alone. States across the country will need to be handheld in terms of funds, with resources pooled in from across Central and state ministries to help tackle a pandemic of this proportion. The question then is, are there dedicated funds to address the situation?
The Options Available
The focus currently is on the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund), a new trust constituted by Prime Minister Narendra Modi to mobilise resources through donations to fight the coronavirus outbreak. However, the Centre and states already have a separate fund – not dependent on donations but budgetary allocations – for relief and rehabilitation work in case of a disaster. The fund has two parts – the State Disaster Response Fund (SDRF) and the National Disaster Response Fund (NDRF). Together, they have a size of ₹32,000 crore, of which close to ₹29,000 crore is with states under SDRF.
While SDRFs comprise the bulk of the fund allotted by the Centre for disaster management, donation-based funds such as the Prime Minister’s National Relief Fund and the Chief Minister’s Relief Fund are other sources.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Look Before You Leap
In 2025, Investors Will Need To Factor In Volatility Across Asset Classes
"Focus on the challenge of each customer"
SHASHANK KUMAR MD & CO-FOUNDER I RAZORPAY Razorpay is India's first full-stack financial solutions company
PEDAL ON THE FUTURE
THE MG WINDSOR EV, WITH ITS FUTURISTIC AND MINIMALIST DESIGN, COMBINES THE BEST OF BOTH WORLDS-COMFORT AND TECHNOLOGY
BREATHE EASY
Whether you're battling allergies, looking to remove pollutants, or simply want to breathe easier, the right air purifier can make a difference
The Taste of India in a Glass
FROM ROYAL LIQUEURS TO DISTILLED MAHUA, INDIAN HERITAGE ALCOHOLIC BEVERAGES ARE HAVING THEIR DAY IN THE SUN
MISSING ADVISORS
INDIA HAS JUST ONE INVESTMENT ADVISOR FOR NEARLY EVERY 200,000 INVESTORS. AT A TIME WHEN RETAIL PARTICIPATION IN THE STOCK MARKETS IS BOOMING, THIS ASSUMES SIGNIFICANCE
TURNING A CORNER
SHARED ELECTRIC MOBILITY START-UP YULU'S SHIFT TO SERVICING THE QUICK COMMERCE SECTOR IS HELPING IT GROW FAST. IT IS NOW FOCUSSING ON IMPROVING ROAD SAFETY FEATURES AS IT TURNS EBITDA POSITIVE
REALITY CHECK
INDIAN STOCK MARKETS PLUNGED BEGINNING OCTOBER FOR A HOST OF REASONS, INCLUDING A FALL IN FII OWNERSHIP. HOW DEEP WILL THE CORRECTION BE?
TRUMP'S TRADE TANGO
The return of Donald Trump as the 47th President of the US has put the global economy on edge. India, too, is unlikely to remain unaffected. How will policymakers meet this latest challenge?
"The essence of the Trump administration will be transactional”
Global investor, analyst, and best-selling author Ruchir Sharma decodes why Donald Trump won the elections, what India should do, the risks, and more
