The Center should abandon budget targets in times of crisis: IPC (M)

The CPI(M) said on Monday the government could raise funds to compensate the families of COVID-19 victims if it dropped its “concern” about maintaining budget deficit levels in the event of a crisis.

The Center, in an affidavit before the Supreme Court, said that the payment of ex gratia compensation is beyond the means and finances of the central government and the state governments, as they are under great pressure.

“The argument that handing out ex gratia payments will strain government finances is specious. The central government may very well raise the necessary resources if it abandons its preoccupation with maintaining budget deficit levels in a crisis of this magnitude. Such fiscal fundamentalism in this

disaster makes no sense,” the party said in a statement.

He also said that millions of people have lost their livelihoods over the past year and are receiving very little help even in the fight against the coronavirus pandemic with totally inadequate health facilities, drug shortages vitals, etc.

“The informal sector which is the basis of the livelihood of crores of day laborers has been virtually destroyed. This Covid pandemic has added to such ruin which started earlier with demonetization and GST.

“Under these circumstances, ex gratia payment to families who have lost their members due to the pandemic is a basic humanitarian need,” the Communist Party of India (Marxist) said.

She demanded that compensation for the families of Covid victims be paid in accordance with the provisions of the Disaster Management Act.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Comments are closed.