FM unveils 2nd tranche of Rs 20 lakh cr package - Street vendors, migrants, urban poor, middle income group gain big! TOP POINTS
Union Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur addressed another press conference on Thursday to provide details of the massive special package.
Union Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur addressed another press conference on Thursday to provide details of the massive special package announced by PM Narendra Modi on Tuesday in his address to the nation. This is the 2nd press conference by Nirmala Sitharaman in 2 days after the announcement of special relief package in the wake of Covid-19 pandemic. Nirmala Sitharaman unveiled major steps for street vendors, migrants, urban poor, middle-income group and others. Here are all the TOP THINGS to know:-
- Rs 2 lakh crore Concessional credit boost to 2.5 crore farmers through Kisan Credit Cards; Fishermen and Animal Husbandry farmers will also be included in this drive
- To benefit around 3 crore farmers, mostly small and marginal farmers, Govt announces Rs 30,000 crores Additional Emergency Working Capital Funding through NABARD
-To create job opportunities for Tribals /Adivasis -Plans worth Rs 6000 crores to be approved shortly under Compensatory Afforestation Management & Planning Authority (CAMPA) Funds
- Government to extend the Credit Linked Subsidy Scheme CLSS up to March 2021; 2.5 lakhs middle income families to benefit during 2020-21
- Government to support nearly 50 lakh street vendors- Rs 5000 cr Special Credit Facility for Street Vendors
- Government of India will provide Interest subvention of 2% for prompt MUDRA-Shishu Loans payees for a period of 12 months - Relief of Rs 1500 cr to MUDRA-Shishu loanees
- Migrant Workers / Urban Poor to have Affordable Rental Housing Complexes (ARHC): Government will launch a scheme under PMAY
- 'One Nation One Ration Card' by March 2021 - -One Nation One Ration Card will be implemented- 67 crore beneficiaries in 23 states covering 83% of PDS population will be covered by national portability by August 2020: FM Sitharaman
- Free Food grain supply to migrants for 2 months
- About 8 crores migrants to benefit from this
- Rs. 3500 Crore will be spent on this intervention for 2 months: FM
- Free food grains supply to all migrants for the next 2 months. For non-card holders, they shall be given 5kg wheat/rice per person & 1 kg chana per family/month for 2 months. 8 crore migrants will benefit- Rs 3500 crores to be spent on this: FM
- Govt for universal right to minimum wages; regional disparity in minimum wages to be bridged by national floor wage: FM on reforms in works
- 14.62 crore man-days generated up to May 13 under MNREGA with Rs 10,000 cr spend, says FM Sitharaman on employment for migrant workers
- Extending EPF Support for business and organised workers for another 3 months for salary months of June, July and August 2020 - will provide liquidity for workers in MSME and other Businesses
- 'Government Committed to the welfare of Workers': FM
-12,000 self-help groups (SHGs) have produced more than 3 crore masks and 1.2 lakh litres of sanitizers during COVID19 period. 7,200 new SHGs for urban poor have been formed during the last two months: FM Nirmala Sitharaman
-We have already generated 14.62 crore person-days of work till 13th May, which is 40-50% more persons enrolled as compared to last May. Migrant workers going back to their states being actively enrolled: FM Nirmala Sitharaman
-Govt has permitted state govts to utilise SDRF for setting up shelter for migrants&providing them food&water etc...We are conscious, we are attending to the migrants and giving them in various different ways: FM Nirmala Sitharaman
-Interest subvention and prompt repayment incentive on crop loans due from 1st March has been extended to 31st May: FM Nirmala Sitharaman
- Aatma Nirbhar Bharat Package: MGNREGA support to returning Migrants
-14.62 crore person-days of work generated till 13th May 2020
-Actual Expenditure till date is around Rs. 10,000 Cr
- Aatma Nirbhar Bharat Package provides support for Migrants & Urban Poor:
Govt permitted State Governments to utilise SDRF for setting up shelter for migrants
Central Government released Rs 11002 crore of its contribution in advance to all States on 3rd April
- Liquidity Support to Farmers & Rural Economy provided post COVID19 as part of Aatma Nirbhar Bharat Package : Finance Minister
- Interest subvention and prompt repayment incentive on crop loans due from 1st March has been extended to 31st May: FM Nirmala Sitharaman
- 3 crore marginal farmers have already availed Rs 4 lakh cr of loans on concessional rates, says FM unveiling 2nd tranche of eco package
- Direct Support to Farmers & Rural Economy provided post COVID19 as part of Aatma Nirbhar Bharat Package: Finance Minister
- Today's initiatives focuses on migrant workers, street vendors, small traders, the self-employed & small farmers: FM Nirmala Sitharaman
- Finance Minister Nirmala Sitharaman says 2nd tranche of eco stimulus package to benefit migrant workers, street vendors, small farmers
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Earlier on Wednesday, Union Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur addressed a press conference to give details of the Rs 20 lakh cr relief package amount announced by PM Narendra Modi in his address to the nation.
Union Finance Minister Nirmala Sitharaman came out with 15 new and some enhanced measures to revive businesses, and support workers via fiscal incentives and regulatory easing under the mega stimulus package -- Self-Reliant India Movement -- which was announced by Prime Minister Narendra Modi on Tuesday evening.
Announcing a special economic package, Prime Minister Narendra Modi on Tuesday night said the recent decisions by the government, the decisions by the RBI combined with Tuesday's financial package announcement come to about Rs 20 lakh crore - nearly 10 percent of India's GDP. There is an unprecedented crisis but India will neither get tired nor give up the fight against coronavirus, Modi said, and asserted that we have to protect ourselves and move ahead as well.
The mega Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi includes previously announced measures to save the lockdown-battered economy, and focuses on tax breaks for small businesses as well as incentives for domestic manufacturing.
The combined package works out to roughly 10 per cent of the GDP, making it among the most substantial in the world after the financial packages announced by the United States, which is 13 per cent of its GDP, and by Japan, which is over 21 per cent of its GDP.
The Rs 20 lakh crore package includes Rs 1.7 lakh crore package of free foodgrains to poor and cash to poor women and elderly, announced in March, as well as the Reserve Bank's liquidity measures and interest rate cuts. While the March stimulus was 0.8 per cent of GDP, RBI's cut in interest rates and liquidity boosting measures totalled to 3.2 per cent of the GDP (about Rs 6.5 lakh crore).
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