Raising of funds in times of battle and despair!

        Prof. Nilaya Murthy
      Faculty, IndSearch
      23rd April 2020

With a message that ‘Charity begins at home’ – Our Honourable Prime Minister Narendra Modi, President Ram Nath Kovind, Vice-President, Cabinet Ministers, Governors of all states and all Members of Parliament will take 30% pay cuts for a year and contribute to combat this Corona crisis and menace by signalling to all classes be it rich or economically backward that our aim is to emerge victorious in this grand fight against the pandemic.

So folks, till when do we have to wait for the storm to pass or are we blinded by the adage- This too shall pass!

Well, being positive is what we need in difficult times, but is our economy responding the way we wish it to?

The Covid 19 has given us enough of reasons that economy is slowing down if not sinking altogether.

The International Monetary Fund (IMF) has stated that the economic uncertainty related to coronavirus is exceptionally high than any past pandemic. Our former RBI governor Raghuram Rajan addressed the issue stating that India is facing the greatest emergency since Independence.

More than 90 countries have turned to IMF for emergency funding and already a whopping $90 million have been siphoned to different countries for relief.

WHO, UNICEF, UN, UNDP are helping to provide real time Health information and preventing the spread of panic amongst millions across the globe.

India is one of the countries who is benefitting from IMF and World Bank – the two most beneficial and valuable International funding agencies.

The World Bank has approved $ 1 million for battling the crisis, SAARC Emergency Fund has been created by all the SAARC nations where all the countries have come together and contributed $ US 18.8 million.

Internally India is raising funds through internal sources like PM-Cares fund and CM Relief fund at a national level.

Public and Private Companies, business legends like Ratan Tata, Narayan Murthy, Mukesh Ambani, Anand Mahindra, Gautam Adani and so many more along with sportspersons, celebrities, writers, actors have all come forward with their contributions.

Every Individual irrespective of their religion, caste or creed is fighting a battle today and contributing his bit in monetary and non-monetary terms.

The Government is magnanimously providing us with a lion’s share  of the funds by waiving off loan interests, reducing Repo and reverse Repo rates, free medical help, free insurance, tax relief for 100% donation amount, free treatment under Ayushman Bharat scheme and the biggest reason to live- hope in this darkest hour.

We as a country have undoubtedly become one and have shown the World that being a Samaritan and contributing our bit is the need of humanity for wants are many, but the basic needs are what a man needs as proven true even by Maslow through his need hierarchy theory.

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