The World Bank has lauded Prime Minister Narendra Modi’s mission calling for self-reliance named Atmanirbhar Bharat Abhiyan when it approved a $1 billion USD package for India’s urban poor and migrant population amid the coronavirus pandemic that has grossly affected the economy.
World Bank’s India Director Junaid Ahmad appreciated India’s efforts in providing social assistance to poor and vulnerable households while announcing the package as aid from the World Bank.
In a video, Ahmad said, “I think PM’s Atmanirbhar Mission is very important in terms of directions and India is not making a distinction between life and livelihoods in the aftermath of Covid-19.”
He added, “Social distancing has led to the slowdown of the economy. Government of India has focussed on Garib Kalyan Yojna to help poor and vulnerable as a bridge between the health interventions is happening and where the economy can be revived.”
Social distancing has led to slowdown of economy. Govt of India has focused on Garib Kalyan Yojna to help protect poor & vulnerable as a bridge between from health interventions are happening & where the economy can be revived: Junaid Ahmad, World Bank Country Director for India pic.twitter.com/Qfsvn4TFjr— ANI (@ANI) May 15, 2020
World bank informed that the multi-billion-dollar social protection package was in addition to the previous package of dollar 1 billion allocated to India for coronavirus emergency response and health systems.
Junaid Ahmad added, “The World Bank’s billion-dollar support for social protection will help India leverage its PM Garib Kalyan Yojana (PMGKY).”
Atmanirbhar Bharat Abhiyan
Prime Minister on 12 may announce a special package with a message of self-reliance to the country. The special financial package is worth 20 lakh crore of 266 billion dollars for reviving the economy that has been very much affected due to lockdown. The Prime Minister informed us that the package is 10 percent of India’s GDP.
PM Modi said, “To prove the resolve of a self-reliant India, this package includes- land, labour, liquidity and law. The grand palace of self-reliance will rest on five pillars. The first pilar is Economy, an economy that will bring quantum jump, not incremental change; the second pillar- Infrastructure that can be the identity of modern India; third pillar- System which will be based on technology-driven processes able to fulfil 21st-century dreams, not rules and regulations of last century; fourth pillar- our Democracy, as the world’s largest and the vibrant democracy is the strength of India; and the fifth pillar- Demand, the cycle of demand and supply in our economy is our strength, and it should be used to its full potential.”
He clarified that this package is for our cottage industries, small-scale industries, for MSME which is the means of livelihood of crores of people, which is the strong basis of our resolve for self-reliant India.
World Bank rolled out multi billion emergency aid
Earlier, the world bank had rolled out a 160 billion dollar emergency aid in dealing with the coronavirus crisis globally.
As per reports, the board of Development lender had announced the first-ever fast-track crisis funding with an initial fund of 1.9 billion dollars that is reportedly going to project in 25 countries and will be extended up to 40 nations.