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PM CARES Fund Trust allots Rs 3,100 crore for fight against coronavirus: PMO

Out of Rs 3,100 crore, a sum of around Rs 2,000 crore will be earmarked for the purchase of ventilators, Rs 1,000 crore will be used for care of migrant labourers and Rs100 crore will be given to support vaccine development, says PMO

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 13, 2020  | 21:29 IST
PM CARES Fund Trust allots Rs 3,100 crore for fight against coronavirus: PMO
Prime Minister Narendra Modi is the chairman of PM CARES Fund Trust

PM CARES Fund Trust, set up by Prime Minister Narendra Modi to tackle distress situations such as that posed by the COVID-19 pandemic, has reportedly allocated Rs 3,100 crore for fight against coronavirus.

"Out of Rs 3,100 crore, a sum of approximately Rs 2,000 crore will be earmarked for the purchase of ventilators, Rs 1,000 crore will be used for care of migrant labourers and Rs100 crore will be given to support vaccine development," news agency ANI quoted Prime Minister's Office (PMO) as saying.

Established on March 27, 2020, PM CARES (Prime Minister's Citizen Assistance and Relief in Emergency Situations) Fund Trust intends to deal with any kind of emergency or distress situation, like posed by the COVID-19 pandemic, and to provide relief to the affected. The trust is headed by Prime Minister (ex-Officio) and other ex-officio Members of the trust are Defence Minister, Home Minister and Finance Minister.

Also Read: Coronavirus live updates: PM Cares allots Rs 2,100 crore for ventilators, Rs 1,000 crore for migrants

In a bid to mitigate the economic impact of coronavirus outbreak, PM Modi on Tuesday announced a massive stimulus package of Rs 20 lakh crore to support India's fight against coronavirus. This financial package will be used to make India self-reliant and support various sectors. The Atmanirbhar Bharat Abhiyan economic package of Rs 20 lakh crore, equals to 10 per cent of India GDP, is among the biggest stimulus in the world after the economic packages announced by Japan, which is over 21 per cent of its GDP, and the United States, which is 13 per cent of its GDP.

"This package emphasises on land, labour and other crucial factors. It is for MSME, agriculture and other sectors that employ millions. It is for those farmers, labourers and middle-class that pays tax and contribute to India's growth," the PM had said.

Also Read: Economic relief package 'frivolous and gimmicky,' say MSME bodies

PM CARES Fund accepts voluntary contributions by individuals/organisations as well as contributions as part of CSR from Companies/Public Sector Undertakings (PSUs). However, the trust does not accept contributions flowing out of budgetary sources of the PSUs. One can contributions by net Banking (SBI and other commercial Banks); card payments - SBI ATM-cum-debit card, other bank debit cards, credit card, prepaid card, foreign card; NEFT/RTGS through SBI branch. Contributions can also be made online through the portal of PMO i.e. pmindia.gov.in as well as through the portals of the collection banks.

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