Accelerating India’s COVID-19 Social Protection Response Programme
Part of: GS Prelims and GS-II – Health; Global groupings
- The Government of India and the World Bank have recently signed an agreement for $750 million of $1 billion assistance.
- 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:
- 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