AKIPRESS.COM - The World Bank has approved $1 billion in emergency response to support India’s efforts at providing social assistance to poor and vulnerable households severely impacted by the COVID-19 pandemic.
A bank statement says the move will increase its total commitment to India to $2 billion. A $1 billion package was announced last month for India’s health sector.
An immediate allocation of $750 million will help scale-up cash transfers and food benefits to provide robust social protection for essential workers involved in coronavirus relief efforts and benefit migrants and informal workers, the bank statement said late Thursday.
A second influx of $250 million will deepen the social protection package in fiscal year 2021, it said.
Half of India’s population earns less than $3 a day. More than 90 percent of India’s workforce is employed in the informal sector, without access to significant savings or workplace-based social protection benefits such as paid sick leave or social insurance, the statement said.