World Bank approves $1 billion aid to India |
The World Bank approved a $1 billion aid package to support India`s efforts to provide social assistance to poor and vulnerable households that were severely affected by the coronavirus pandemic. With this initiative, the institution increases its commitment to the nation to $2 billion. Last month, the entity announced a $1 billion package to help the medical sector. An immediate allocation of $ 750 million will help increase cash transfers and food delivery to provide strong protection for workers struggling with the health crisis and benefit migrants and informal workers. A second installment of $250 million will expand the social protection program for fiscal year 2021.Half of India`s population lives on less than three dollars a day. More than 90% of the country`s workforce works in the informal sector, without the possibility of accumulating large savings or obtaining social benefits such as low wages or health insurance, the World Bank said. The Indian government announced May 12 a rescue of 20 trillion rupees ($260 billion) to overcome the massive economic crisis caused by the pandemic. Millions of migrant workers returned from big cities to their villages as they were unable to find work.
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