Accelerating India’s COVID-19 Social Protection Response Programme 

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