The PM CARES Fund Trust decided to allocate Rs 3,100 crore for the fight against the coronavirus pandemic, the Prime Minister's Office recently said in a statement.

Prime Minister Narendra Modi
Prime Minister Narendra Modi.IANS

Out of the Rs 3,100 crore, nearly Rs 2,000 crore will be earmarked for the purchase of ventilators and Rs 1,000 crore for care of migrant labourers, it said.

Another Rs 100 crore will be given to support coronavirus vaccine development, the statement said.


The trust formed on March 27 is headed by the prime minister. The other ex-officio members of the trust are the defence minister, the home minister and the finance minister.

PM Modi says Indian economy needs to take quantum jump

Announcing an economic package to tide over the coronavirus crisis, Prime Minister Narendra Modi on Tuesday said the Indian economy should take a quantum jump, and not in an incremental manner.

Addressing the nation on Tuesday evening, Modi said that economy, infrastructure, demography and demand would be among the major features of India in the coming days.

"We need to have such an economy that makes a quantum jump, and not in an incremental manner," he said.

Stressing the need for robust infrastructure, he said India should develop an infrastructure which becomes its identity.

Talking of the large demand-base in the country, the Prime Minister said the demand and supply chain of the economy should be used to the fullest.

Announcing the Rs 20 lakh crore package, he said the country would have to move forward with bold reforms and also become self-reliant.

He also stressed the need for buying and promoting local products. "Every Indian will have to be vocal for local," Modi said.

He announced the "Aatma Nirbhar Bharat Abhiyaan" (Self-reliant India Campaign) which would involve an outlay of Rs 20 lakh crore.

Modi said the details of the package would be outlined in the days ahead by Finance Minister Nirmala Sitharaman.

(With agency inputs)