FM Announces Second Trance Of Economic Package, Aims At Farmers, Migrant Workers, Street Vendors And Affordable Housing

Finance Minister (FM) Nirmala Sitharaman announced the second tranche of economic stimulus of Rs 20 lakh crore to suppot the migrant workers, small farmers, street vendors and affordable housing. The FM noted that 3 crore marginal farmers availed loans at concessional rates. These 3 cr farmers had already benefited from Rs 4.22 lakh crore of loans given to them. Interest subvention and prompt repayment incentive on crop loans, due from March 1, extended up to May 31, 2020. 25 lakh new Kisan Credit Cards sanctioned with a loan limit of Rs 25,000 crore.

FM also notified Liquidity Support to Farmers & Rural Economy provided post COVID. This includes 63 lakh loans of Rs. 86,600 crore approved in Agriculture between 1.3.2020 to 30.04.2020, refinancing of Rs.29,500 crore provided by NABARD, to Cooperative Banks & Regional Rural Banks in March,2020, support of Rs. 4,200 crore provided under Rural Infrastructure Development Fund to States during March, 2020 for rural infrastructure and working capital limit of Rs. 6,700 crore sanctioned for procurement of agriculture produce to State Government entities since March, 2020.

For affordable housing, the Government is to extend the Credit Linked Subsidy Scheme or CLSS up to March 2021 about 2.5 lakhs middle income families to benefit during 2020-21. FM announced that affordable Rental Housing for migrants and urban poor is set to be launched under PM Awas Yojana.

PDS ration cards are to be portable across India, can be used in any part of the country. Around 67 crore beneficiaries - 83% of all PDS population - to be covered by this 100% coverage by Mar 2021. Free food grain to be supplied to around 8 crore migrants for 2 months. Those who do not hold central / state ration cards will be given 5 kg of rice/wheat and 1 kg of chana for next two months.

FM noted that Government would support nearly 50 lakh street vendors via Rs 5000 crore Special Credit Facility. 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 crore to MUDRA-Shishu loanees.

To create job opportunities for Tribals /Adivasis -Plans worth Rs 6000 crores to be approved shortly under Compensatory Afforestation Management & Planning Authority (CAMPA) Funds.

Powered by Capital Market - Live News