PM CARES Fund Financial Overview (2022-23)

The Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) received significant contributions and disbursed funds for various initiatives in the financial year 2022-23.

Contributions and Income

• The Fund received a total of Rs 912 crore in contributions. 
  • Rs 909.64 crore from voluntary contributions.
  • Rs 2.57 crore from foreign contributions.
• Additional interest income amounted to Rs 170.38 crore. 
  • Rs 154 crore from regular accounts.
  • Rs 16.07 crore from foreign contributions account.
• Received refunds totaling Rs 225 crore, including Rs 202 crore from procurement of ventilators.

Disbursal of Funds

• Total disbursal of Rs 439 crore during 2022-23. 
  • Rs 346 crore for PM CARES initiatives for children.
  • Rs 91.87 crore for procuring 99,986 oxygen concentrators.
  • Rs 1.51 crore on contribution refunds.
  • Rs 24,000 on legal charges.
  • Rs 278 on bank and SMS charges.

Financial Balances and Growth

• Closing balance at the end of 2022-23 was Rs 6,284 crore, a 16% increase from the previous year.
• Historical closing balances: 
  • 2020-21: Rs 7,014 crore.
  • 2019-20: Rs 3,077 crore.

Overall Contributions (2019-2023)

• Total contributions received over four years: Rs 13,605 crore. 
  • Voluntary contributions: Rs 13,067 crore.
  • Foreign contributions: Rs 538 crore.
• Total interest income: Rs 565 crore.

Fund Establishment and Management

• Registered as a Public Charitable Trust on March 27, 2020.
• Primary objective: To address emergencies like the COVID-19 pandemic.
• Leadership:
  • Prime Minister as ex-officio chairman.
  • Defence, Home, and Finance Ministers as ex-officio trustees.
  • Additional trustees nominated by the PM: Justice K T Thomas (retd.) and Kariya Munda.

Benefits for Donors

• Donations qualify for 80G benefits for 100% tax exemption under the Income Tax Act, 1961.
• Donations can be counted as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013.

Current Account Deficit (CAD) Overview

The country's current account deficit (CAD) slightly improved to $11.2 billion, which is 1.2% of the GDP, in the July-September 2024 quarter. This is a marginal decline from $11.3 billion or 1.3% of GDP during the same period the previous fiscal year.

• April-September Period (H1 FY2024-25):
  • CAD was $21.4 billion (1.2% of GDP) compared to $20.2 billion (1.2% of GDP) in H1 2023-24.
  • Definition: CAD is the difference between exports and imports of goods and services, indicating the health of the external sector.

Merchandise and Services Trade

• Merchandise Trade Deficit: Increased to $75.3 billion in Q2 FY2024-25 from $64.5 billion in the same period of FY2023-24.
• Net Services Receipts: Rose to $44.5 billion in Q2 FY2024-25 from $39.9 billion a year ago.
• Services exports showed year-on-year growth across various categories such as computer, business, travel, and transportation services.

Private Transfers and Investments

• Private Transfer Receipts: Increased to $31.9 billion in the second quarter from $28.1 billion in the same period last year.
• Net Foreign Direct Investment: Recorded an outflow of $2.2 billion in the reporting quarter, compared to $0.8 billion the previous year.

Foreign Portfolio Investment (FPI) and Deposits

• Net FPI Inflows: Increased to $19.9 billion in Q2 2024-25, up from $4.9 billion in Q2 2023-24.
• For April-September 2024, net FPI inflows were $20.8 billion, slightly above the $20.7 billion a year ago.
• Non-Resident Deposits (NRI deposits): Net inflows rose to $6.2 billion in Q2, higher than $3.2 billion the previous year.

Foreign Exchange Reserves

There was an accretion of $18.6 billion to the foreign exchange reserves on a balance of payment basis in Q2 FY2024-25, much higher than the $2.5 billion recorded in Q2 FY2023-24.