CORONAVIRUS : INDIA HAS NO BAILOUT PLANS

It is not the people of any nation responsible for the surges and uncertainty in economic policy, increased systematic risk, and thereby, the cost of capital in the economy. As a result, we have higher economic policy uncertainty lowered investment, especially because of the irreversibility of investment.The government we choose may kill or add life to economy. The economy of any country must be capable and prepared to support the nation and her people in any sudden and crisis ridden eventuality. 

Covid-19 has come at a worse time for India, already in the middle of an economic slowdown. It has led to an economic lockdown in India. In comparison to other countries India has no plans of relief measures to bailout the people of india from the outbreak of this killing disease. Let us see what other countries have to offer for their people.

CHINA

Chinese authorities allocated 110.48 billion Yuan ($15.93 billion) for coronavirus-related funding. China's central bank launched $79 billion stimulus effort to help the country's ailing economy. The People's Bank of China cut reserve requirements for banks that will free up to $78.8 billion in funds that will aid the firms affected by the COVID-19 outbreak.

US

President Donald Trump signed a spending bill of $8.3 billion to fight the pandemic. State of emergency has been announced allowing the Federal Government to distribute up to $50 billion in financial aid to states, cities, and territories. Package of $1 trillion allocated to fight the coronavirus-driven economic slowdown.

AUSTRALIA

$66 billion for coronavirus allocated to provide relief for small business, casuals and welfare recipients in addition to A$715m ($429m) rescue package for the domestic airline industry.

Those Australians found affected by the economic downturn, will be able to access a "coronavirus supplement" of $550 a fortnight for the next six months.

NETHERLANDS

Dutch government has decided to implement a series of measures designed not only to protect health, but also to protect people's jobs and livelihoods and to minimise the impact on self-employed people, small and medium-sized enterprises and major companies. 

UK

UK announced an unprecedented package of government-backed and guaranteed loans to support businesses, making available an initial £330 billion of guarantees – equivalent to 15% of GDP.

If anyone is too ill to work can get £94.25 per week Statutory Sick Pay (SSP). It will be paid by their employer for up to 28 weeks.

If you are not eligible for SSP – for example if you are self-employed or earning below the Lower Earnings Limit of £118 per week – and you have COVID-19. 

CANADA

The government has extending the deadlines for filing personal tax returns. 

The government has also increased the annual Canada Child Benefit (CCB) amounts by from $250 to $300 per child. It It is estimated that more than 3.5 million families will benefit.

Students loans are allowed interest-free moratorium on repaying for six-months.

NEW ZEALAND

The New Zealand government has announced an amount of 12.1 billion New Zealand dollars ($7.3 billion) stimulus package to fight the pandemic. Out of the total amount, 5 billion New Zealand dollars will be allocated for wage subsidies, 2.8 billion New Zealand dollars for income support, 2.8 billion New Zealand dollars in business tax relief and an amount of 600 million New Zealand dollars has been allocated for the airline industry.

SPAIN

An amount of 200 billion euros ($220 billion) have been sanctioned by the Spanish government to fight the coronavirus epidemic. It is the largest financial aid in the country's democratic history.

ITALY

Italy, which recorded the maximum  deaths due to the coronavirus pandemic, has announced a rescue package of up to 25 billion euros ($28 billion). The 25-billion-euro package includes - 10 billion euros allocated to support employment, 3.5 billion euros to strengthen healthcare system and individual cash bonuses to the Italians still working during country-wide lockdown. The package also include loan guarantees to small and medium businesses hit by the crisis. Additionally, a monthly subsidy of 600 euros have been announced for 5 million workers including those self -employed or seasonal workers. And, parents have been entitled to claim up to 600 euros from the government in order to pay babysitters amid the COVID-19 pandemic.

GERMAN

Germany announced up to 550 billion euros ($610 billion) to companies hit by coronavirus. The German government is also expanding its subsidies to compensate jobless people. The state of Bavaria, which is home to BMW and Siemens, has launched a fund of 10 billion euros ($11.21 billion) to buy stakes in companies, struggling due to the coronavirus outbreak.

SWITZERLAND

The country has pledged 10 billion Swiss Franc ($10.5 billion) in aid for its companies. Its aid programme is targeted at small businesses and freelancers who have been hit by government enforced lockdowns amid the coronavirus epidemic.

FRANCE

The Emmanuel Macron government has launched an exceptional and massive initiative to pay workers, who have lost jobs due to the coronavirus mayhem. The president guaranteed 300 billion euros ($335 billion) worth of loans to help businesses get through the coronavirus crisis. France government also announced that it will mobilise 45 billion euros ($50.22 billion) in crisis measures to help its companies stay afloat.

INDIA

Till date, Indian government has not announced any stimulus packages for companies or businesses or for common citizens except local Delhi and Kerala state governments. The centre seems proactive in controlling the number of coronavirus cases. The ground realities are pathetic which the government knows well but would not agree. On the other hand the people in politics and corridors of power are found flaunting coronavirus medical advisories, intermingling, partying well, deeply engaged in hijacking MLAs to break and make their own government in state and the Parliament and state Assemblies are kept still open.

So dear, good you all came out on your door to clap and drum the steel plates and responded to the appeal made by our class juggler who has got a blessing in disguise with the global outbreak of coronavirus to divert nation's attention from serious challenges facing our crisis ridden economy. 

We all are well off and privileged ones gifted with education and resources and can avail media and social media facilities to keep updated ourselves. Good we have lauded those who are risking their lives in hospital, public places, guarding law and order and media persons keeping us awared. I also clapped and lauded. 

How about those unlettered, poor and marginalized lots living in temporary clusters and night shelters? The administration has yet to announce advisories, benefits of hand cleaning and personal hygiene through loud speakers and public address systems fitted on mobile vehicles and free distribution of soaps if not handrub sanitizers. I think it is not going to be a series of big budget awareness drive on fatal coronavirus threats in comparison to flooding the newspapers with full front page Ads apart from audio visual ones to promote party interest. I beat up my back in utter agony for these poor and miserable.