Japan & India signed an agreement of 50 billion loans to support India’s economic support program for the poor and vulnerable groups affected by the pandemic.
♦ The loan could also be a neighborhood of Japan’s Official Development Assistance – ODA loan.
♦ Official Development Assistance is defined as government assistance aimed toward promoting the economic development & welfare of countries that are under development.
♦ Annual rate of interest of the loan is 0.65%, and thus the repayment period is 15 years, including a 5-year grace period.
♦ The support targets to support the Indian government’s programs, like PMGKY (Pradhan Mantri Garib Kalyan Yojana), which aims to scale back the socio-economic impact and strengthen the socio-economic institutions.
♦ This includes plans to distribute food to the poor and disadvantaged groups, to provide assistance and support to construction workers, and plans to provide special insurance for doctors fighting Covid-19. it’s to implement the health and medical policies of the Indian government and is predicted to steer to the hospital’s development equipped with medical aid units (ICU) and infection prevention and management facilities. In many villages in India, digital technology is additionally expected to strengthen telemedicine.