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Indian steel sector has pledged Rs 500 cr to PM CARES fund: Pradhan

Minister of Steel Dharmendra Pradhan announced a contribution of over Rs 500 crore by the Indian steel sector towards the PM-CARES fund
New Delhi: Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan announced a contribution of over Rs 500 crore by the Indian steel sector towards the PM-CARES fund to assist the government in the fight against COVID-19 pandemic. The contribution has come from PSUs and private entities in the steel sector. It comes as India is under a 21-day-long lockdown to curb the spread of Coronavirus.

Employees at steel PSUs donate part of their salary to PM CARES fund

Pradhan, said on Twitter, “It is with great pleasure, and much pride, that I announce that the steel sector is ready with a contribution of over Rs 500 crore by PSUs and private sector combined towards the PM Cares Fund. Additionally, Rs 15 cr is being contributed by colleagues of PSUs from their salaries for the PM CARES Fund.” “I am touched by this gesture of the steel fraternity to do its bit in protecting the country at the time of its greatest need,” he further added.

What is PM CARES fund?

Keeping in mind the need for having a dedicated national fund with the primary objective of dealing with any kind of emergency or distress situation, like posed by the COVID-19 pandemic, and to provide relief to the affected, the government has set up a public charitable trust under the name of ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund).’ The Prime Minister is the chairman of this trust and its members include Defence Minister Rajnath Singh, Home Minister Amit Shah, and Finance Minister Nirmala Sitharaman.

The backdrop

The news comes as India has so far reported 1,071 confirmed cases and 29 deaths due to Coronavirus pandemic. The Ministry of Health has said that Coronavirus transmission in India is still at the local stage and reiterated that it took 12 days for cases of infection to rise from 100 to 1,000, which is a rate that is much slower than some of the developed countries.