Union Ministers Prakash Javadekar, Narendra Singh Tomar, and Nitin Gadkari attended a press conference today addressing the important decisions taken in a cabinet meeting.
New Delhi| Union Ministers Prakash Javadekar, Narendra Singh Tomar, and Nitin Gadkari attended a press conference today addressing the important decisions taken in a cabinet meeting today headed by PM Narendra Modi.
Union Minister Prakash Javadekar said that key steps have been taken by the government to boost MSMEs and Rs 20,000 crores have been infused into the sector. He also added that the government has formulated the roadmap for implementing the measures for the MSME sector, as announced in Aatma Nirbhar Bharat package. These measures will improve the ease of doing business, attract investment, and create jobs. He also said that Cabinet has approved MSP for 14 Kharif crops and farmers will get 50-83 percent more than cost.
Cabinet has also provided Rs 50,000 crore equity investment help for MSMEs and has allowed MSMEs to get listed. Javdekar also said that the cabinet has approved Rs 20,000 crore subordinated debt for stressed MSMEs. This will benefit 2 lakh stressed MSMEs. Javdekar said that important decisions have been taken in regards to the welfare of farmers, the definition of MSME widened, Kisan credit card scheme for farmers, a loan scheme for street vendors.
Union Minister Narendra Tomar said, “Minimum support prices (MSP) for 14 Kharif crops increased by 50- 83%, it will provide relief to the farmers.” He also said that the farmers will get more time to repay their loans, till August now. The government has also hiked paddy MSP by Rs 53 per quintal to Rs 1,868 per quintal for the 2020-21 crop year.
Union Minister Nitin Gadkari informed, “Cabinet has approved modalities and road map for implementing two packages for MSMEs– Rs 20,000 crore package for distressed MSMEs and Rs 50,000 crore equity infusion through Fund of Funds.”
The Cabinet has also the cleared definition changes for the MSME sector. Rs 50 crore investment, Rs 250 crore turnover for medium units. Relaxation of norms for loans to farmers under Kisan credit card scheme have also been provided.
Provision for more loans for street vendors has also been provided which will benefit 5 million vendors. The union minister said that it is for the first time since India’s independence that such a decision has been taken for street vendors and footpath vendors.
The agriculture minister also said that farmers who will repay their loans timely till August 31, will get a 4% waiver on their loans.
The investment limit on plant and machinery has also been increased.