India goes on Complete LOCKDOWN to fight COVID-19; allocates Rs 15,000 crores

On March 24, 2020, PM Modi announced that Government of India has allocated Rs 15,000 crores to fight against Corona Virus. The Fund is to be used to increase health infrastructure in the country. This includes testing kits, beds and training professionals to combat the disease.

Highlights

The allocated funds are also to be used in procurement of personal protective equipment for health care workers. The Prime Minister has also announced complete lock down of the country for 21 days.

What are excluded in the Lock Down?

The Union Home Ministry has listed the commercial establishments that will continue to operate during the lock down. It includes power generation units, petrol pumps, cold storage units, private security agencies, food, medical equipment and pharmaceuticals.

Recent GoI Measures

The GoI has taken several measures to contain the spread of the virus. It had invoked the Disaster Management Act, 2005. The COVID-19 was listed as “notified Disaster”. Also, the Epidemics Diseases Act, 1897 was invoked. Ban on exports of sanitizers, face masks were imposed.

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IMF: Recession due to COVID-19 to be worse than 2009

On March 24, 2020, the International Monetary Fund announced that the recession to be caused due to Corona Virus is to be worse than the 2009. IMF has specifically warned the G20 nations that the current economic outlook is towards negative. The G20 nations are to hold a virtual summit in a week to come out with a global solution to combat Corona Virus.

Highlights

The IMF says that currently the shutdown has now brought the world to 1.5% downturn. Marking this, the investors have already removed their investments from emerging markets. And this has accounted to 83 billion USD.

Also, the outlook for global growth for the 2020 year is negative.

IMF Relief Measures

In order to fight Corona Virus, IMF is to deploy 1 trillion USD. More than 80 countries have requested emergency funds from IMF.

2008 Crisis

During the 2008 Financial Crisis, the Global Economy had contracted to 0.6% in 2009 according to IMF. However, the emerging markets like India and China were growing rapidly.

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