Accelerating India’s COVID-19 Social Protection Response Programme 

  • IASbaba
  • May 19, 2020
  • 0
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Accelerating India’s COVID-19 Social Protection Response Programme 

Part of: GS Prelims and GS-II – Health; Global groupings

In News:

  • The Government of India and the World Bank have recently signed an agreement for $750 million of $1 billion assistance.

Key takeaways:

  • Assistance is proposed for Accelerating India’s COVID-19 Social Protection Response Programme to support India’s efforts at protecting vulnerable households impacted by the COVID-19 pandemic. 
  • It will be implemented by the Ministry of Finance
  • Also, $1 billion support was announced earlier in April 2020 as well by the Bank.
  • The new support will be funded in two phases. 
  • The first phase will be an immediate allocation of $750 million for fiscal year 2020. 
  • It will be implemented countrywide through the Pradhan Mantri Garib Kalyan Yojana (PMGKY). 
  • The remaining allocation of $250 million will be made available for fiscal year 2021 in the second phase
  • In this phase, additional cash and in-kind benefits based on local needs will be extended through state governments and social protection delivery systems. 

Important value additions:

World Bank

  • It is an international financial institution. 
  • It provides loans and grants to the poorer countries for the purpose of pursuing capital projects.
  • It comprises two institutions: 
    • the International Bank for Reconstruction and Development (IBRD) 
    • the International Development Association (IDA)
  • Headquarter : Washington D.C

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