{"id":172220,"date":"2020-05-15T19:01:02","date_gmt":"2020-05-15T19:01:02","guid":{"rendered":"http:\/\/punjabpost.in\/welcome\/?p=172220"},"modified":"2020-05-15T19:01:02","modified_gmt":"2020-05-15T19:01:02","slug":"one-billion-dollar-from-world-bank-to-protect-indias-poorest-from-covid-19","status":"publish","type":"post","link":"https:\/\/punjabpost.in\/welcome\/172220","title":{"rendered":"One Billion Dollar from World Bank to Protect India\u2019s Poorest from COVID-19"},"content":{"rendered":"

New Delhi, May 15 (Punjab Post Bureau) – The Government of India and the World Bank today signed a $750 \"\"million of $1 billion proposed for Accelerating India\u2019s COVID-19 Social Protection Response Programme to support India\u2019s efforts at providing social assistance to the poor and vulnerable households, severely impacted by the COVID-19 pandemic.<\/p>\n

                    This takes the total commitment from the Bank towards emergency COVID-19 response in India to $2 billion. A $1 billion support was announced last month towards immediate support to India\u2019s health sector.<\/p>\n

                 This new support will be funded in two phases \u2013 an immediate allocation of $750 million for fiscal year 2020 and a $250 million second tranche that will be made available for fiscal year 2021.<\/p>\n

                  The agreement was signed by Shri Sameer Kumar Khare Additional Secretary Department of Economic Affairs Ministry of Finance on behalf of the Government of India and Mr Junaid Ahmad, Country Director, India on behalf of the World Bank.<\/p>\n

                   Shri Khare said that a strong and portable social protection system is critical to carry vulnerable households through the current and future crises. This programme will expand the impact and coverage of India\u2019s social protection system by helping vulnerable groups access more social benefits directly and across the country.<\/p>\n

                 The first phase of the operation will be implemented countrywide through the Pradhan Mantri Garib Kalyan Yojana (PMGKY). It will immediately help scale-up cash transfers and food benefits, using a core set of pre-existing national platforms and programmes such as the Public Distribution System (PDS) and Direct Benefit Transfers (DBT); provide robust social protection for essential workers involved in COVID-19 relief efforts; and benefit vulnerable groups, particularly migrants and informal workers, who face high risks of exclusion under the PMGKY. In the second phase, the programme will deepen the social protection package, whereby additional cash and in-kind benefits based on local needs will be extended through state governments and portable social protection delivery systems.<\/p>\n

               Social protection is a critical investment since half of India\u2019s population earns less than $3 a day and are precariously close to the poverty line. Over 90 per cent of India\u2019s workforce is employed in the informal sector, without access to significant savings or workplace based social protection benefits such as paid sick leave or social insurance. Over 9 million migrants, who cross state borders to work each year, are also at greater risk as social assistance programmes in India largely provide benefits to residents within states, without adequate portability of benefits across state boundaries. Importantly, in an urbanising India cities and towns will need targeted support as India\u2019s largest social protection programmes are focused on rural populations.<\/p>\n

               Mr Junaid Ahmad said that the response to the COVID-19 pandemic around the world has required governments to introduce social distancing and lock downs in unprecedented ways. These measures, intended to slow down the spread of the virus have, however, impacted economies and jobs \u2013 especially in the informal sector. India with the world\u2019s largest lockdown has not been an exception to this trend. In this context, cash transfers and food benefits will help the poor and vulnerable access a \u2018safety bridge\u2019 towards a time when the economy will start to revive.<\/p>\n

The programme will create a system that will strengthen the delivery of India\u2019s safety nets program. It will:<\/p>\n