Finance Minister Nirmala Sitharaman unveils the details of the Rs 20 lakh cr economic package declared by PM in his address to the nation.
New Delhi| Finance Minister Nirmala Sitharaman addressed another press conference on Thursday to give out details of the second section of the Rs 20 lakh crore economic package announced by PM.
Today’s initiatives focus on migrant workers, street vendors, small traders, the self-employed & small farmers: FM Nirmala Sitharaman
The mega stimulus package of Rs 20 Lakh Crore is being released by the Central government to help restore the economy hit by the pandemic.
The announcement has already soared the markets, with the benchmark equity market indices on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) opening nearly 4% higher.
Key Highlights From FM Nirmala Sitharaman’s Presser:
- Interest subvention and prompt repayment incentive on crop loans due from 1st March have been extended to 31st May. Further, 25 lakh new Kisan Credi Cards have been sanctioned with a loan limit of Rs 25,000 crore.
- The government has permitted states to utilise SDRF for setting up shelters for migrants and providing them food and water to reach out to the urban poor. At least Rs 11,000 crore was sent for this purpose.
- The centre has assisted self-help groups, which have produced 3 crore masks, 1.20 lakh litres for sanitizers. This provides job opportunities to the urban poor, says FM. Further, 7,200 new SHG have been formed since March 15, 2020, to generate employment.
- The government is supporting migrant labourers who have returned to their home states by creating work under the MNREGA. 14.62 crore person-days of work generated till May 1. Actual expenditure to date is around Rs 10,000 crore.
- Work offered to 2.33 crore wage seekers yesterday in 1.87 lakh gram panchayat. 40-50% more persons enrolled, compared to May last year. These workers are being actively enrolled. Govt plans to continue MGNREGA work during the monsoon – plantations, horticulture, livestock-related work.
- The measures to benefit workers in the country: Govt for the universal right to minimum wages; regional disparity in minimum wages to be bridged by national floor wage. Annual health check-up for all employees. Occupational safety and health code also apply to establishments engaged in work of hazardous nature even with a threshold of fewer than 10 workers.
- 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
- 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
- Government to launch a scheme for affordable rental housing for migrant workers/urban poor to provide ease of living by converting govt-funded housing in cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through a concessionaire.
- 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 crores to MUDRA-Shishu loan payees.
- Government to support nearly 50 lakh street vendors with Rs 5000 crore Special Credit Facility.
- Government to extend the Credit Linked Subsidy Scheme (CLSS) for the middle-income group (annual income Rs 6-18 lakhs) up to March 2021; 2.5 lakh middle income families to benefit during 2020-21.
- NABARD to extend additional re-finance support of Rs 30,000 crores for crop loan requirement of Rural Co-op banks and RRBs. Rs 30,000 crores additional emergency working capital funding through NABARD; 3 crore farmers to benefit.
- To create employment for tribals /Adivasis -plans worth Rs 6000 crores to be approved shortly under Compensatory Afforestation Management & Planning Authority (CAMPA) Funds.
- Rs 2 lakh crore concessional credit boost to 2.5 crore farmers through Kisan Credit Cards.
(Inputs from ANI)