Digital wallet boost: Thai government to inject 600,000 million baht into economy

The government is set to inject 600,000 million baht into the economy through the well-documented digital wallet initiative. This programme will provide 10,000 baht to Thai citizens aged 16 and above, with an income not exceeding 70,000 baht and savings of no more than 500,000 baht. The initiative, set to run for six months, will be applicable within the citizen’s district as per their identity card.

The announcement came today, at 2pm from the Government House Puckdee Bodin Building by 61 year old Thai PM Srettha Thavisin, who is also the Minister of Finance. The Bangkok-born PM stated that this is not merely a dream but a reality in progress, with the best possible solution for boosting the economy identified.

The 600,000 million baht will be allocated with 500,000 million baht for 50 million households and 100,000 million baht for improving capabilities. However, the proposal must undergo legal processes and receive approval.

The government was informed by the Bank of Thailand, the National Economic and Social Development Council, and other agencies. The conditions for the digital wallet were revised to be more stringent. The government grants spending rights of 10,000 baht to Thais aged 16 and above with income less than 70,000 baht and deposits less than 500,000 baht.

If income exceeds 70,000 baht but deposits are 500,000 baht, they will not be eligible. Similarly, if income is below 70,000 baht but deposits exceed 500,000 baht, they will not be eligible. The initiative will run for six months and be extended to the district level.

The government will also leverage the 100,000 million baht to stimulate new investments, attract capable individuals to drive economic growth, and ensure that all Thais have a role in boosting the economy, reported KhaoSod.

EDFund launch

The government plans to launch an EDFund that allows Thais to deduct personal income tax from purchasing goods, not exceeding 50,000 baht. They need to submit tax invoices and the state will refund the tax.

This initiative is open, even for those who do not receive the digital wallet. It benefits the economy in two ways – stimulating the short-term economy with every segment of the population playing a crucial role through consumption and investment and creating a foundation for the digital economy.

The Thai prime minister confirmed that this is not charity but a payment right for citizens to participate with the government in spending. He urged all citizens to exercise their rights and participate in boosting the growth of the country with Thai pride.