Chidambaram suggests measures to help financial crisis during the lockdown

Loretta Morfin

I am Loretta Morfin and I have over 16 years experience in the financial services industry giving me a vast understanding of how news affects the financial markets.

I am an active day trader spending the majority of my time analyzing earnings reports and watching commodities and derivatives. I have a Masters Degree in Economics from Westminster University with previous roles counting Investment Banking.

Address: 3966 Euclid Avenue, San Luis Obispo, CA 93401, USA
Phone: (+1) 805-361-3810
Email: lorettamorfin@importtourism.com
Loretta Morfin

Prime Minister Narendra Modi’s decided to lockdown the country for 21 days in the wake of COVID-19 pandemic.  P. Chidambaram Senior Congress leader  and a Former Finance Minister on Wednesday welcomed the decision against the corona virus and suggested 10 measures for the survival of the poor for these 21 days, including cash transfer in bank accounts of the poor and vulnerable who are in need.

As stated by the former minister that Modi’s announcement which states a lockdown of 21 days is a moment which can be turned as water washed in this battle that we are fighting against the corona virus and we should put the debates behind of us that were in discussion before 24th March which looked up on as a initiation of a new battle in which the people of this country are foot soldier and the PM, Modi is the commander guiding the battle.

Chidambaram also says that lockdown and making people stay home is a good rally to fight against corona virus but it needs to be well thought and well planned as people will require food and other basic necessities to stay home for the next 21 days. Not only these three weeks but also for the days or weeks which are beyond the lockdown period says the former finance minister.

He talks about protecting the current employments and wages of the people and minimize the effect on the people as much as possible.

He talked about measures that can be taken such as giving some cash and money to the poor who rely on everyday business for their daily needs.

The congress leader says that the government should double the amount which is paid to the farmers under the PM-KISAN to ₹12,000 and should immediately make sure that the amount is been transferred to the accounts of these farmers of each beneficiary.

He also stated that the tenant farmers should also be valid for this amount and should be paid in two instalments and also, transfer an amount of ₹6,000 in the urban poor Jan Dhan bank account holders.

He says that the way to help the poor will be by providing them with some amount of food and eatables required for cooking and every ration card holder in the country should be given 10kg of rice or wheat free of cost as a one time measure in the next 21 days and there should be a provision for home delivery of these materials so that people do not gather at one place to receive them.

The government should take measures to ask the employers and companies to ensure the current levels of employment do not go down and the wages are not been skipped or deducted. He says that the Government needs to guarantee the employers to make the wages of the employees which amount will be reimbursed by the government within 30days f the payment of the employees.

He also urged that the government should extent the deadlines for any types of taxes or payments which has to be done by the people until 30th June.

Loretta Morfin

Loretta Morfin

I am Loretta Morfin and I have over 16 years experience in the financial services industry giving me a vast understanding of how news affects the financial markets. I am an active day trader spending the majority of my time analyzing earnings reports and watching commodities and derivatives. I have a Masters Degree in Economics from Westminster University with previous roles counting Investment Banking. Address: 3966 Euclid Avenue, San Luis Obispo, CA 93401, USA Phone: (+1) 805-361-3810 Email: lorettamorfin@importtourism.com