Finance Minister Nirmala Sitharaman announced on 14th May 2020 the second installment of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi to give relief to the sluggish economy and Indian people due to Coronavirus lockdown.
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| Nirmala Sitharaman Finance Minister |
The Finance Minister of India has made announcements for migrant laborers, hawkers, small traders and farmers, and the middle class. Let us see what are the announcements.
Nirmala Sitharaman said that if the farmers will be given cheaper loans through Kisan Credit Card, then it has been decided to give free ration to the migrant laborers for 2 months.
2 lakh crore rupees through Kisan Credit Card
2.5 crore farmers will be given a loan of 2 lakh crore rupees at a concessional rate. A special campaign will be conducted for this. Fishermen and livestock farmers will also get benefit from this.
30 thousand crore rupees help to farmers through NABARD
Farmers have worked very hard and produced in the agricultural season. An additional facility of Rs. 30 thousand crores will be provided to small and marginal farmers. This is in addition to NABARD's 90 thousand crore rupees. This money will be given to governments through cooperative backs. 3 crore farmers will benefit from this.
Loans up to 10 thousand to street vendors
Finance Minister Nirmala Sitharaman said that the government will come up with a loan scheme in one month for street vendors. Under this, loan assistance of 5 thousand crore rupees will be given to 50 lakh hawkers. They can easily take a loan of up to 10 thousand rupees. So that they can resume their work after the lockdown is over. Such mobile payment ferries will be encouraged and will get an additional loan in the coming time.
Subsidy scheme on housing loan increased by one year
The Housing Loan Subsidy Scheme, introduced in 2017 for the middle class with an annual income of Rs 6-18 lakh to boost the housing sector, has been extended till 31 March 2021. For this, a package of 70 thousand crore rupees has been given. 2.5 lakh people will benefit from it in a year. This will benefit the housing sector and will also create new jobs opportunity.
6 thousand crores in Campa fund
A provision of Rs 6 thousand crores will be made under the Campa Fund for creating employment opportunities for rural areas, workers. Also, the green plantation will be done.
Free ration to laborers
For the next two months, all migrant laborers will be given 5 kg of wheat or rice per person and one kg of a gram per family without a card. This will benefit around 8 crore migrants. It will cost about 3500 crores rupees. The Central Government will bear all its expenses.
One Nation One Ration Card
One Nation One Ration Card will be implemented before August. This will benefit 67 crore people in 23 states. 83% of the beneficiaries of the PDS scheme will join it. By March 2021 100% beneficiaries will be added to it. People in any corner of the country can take ration from their ration card from the fair price shop.
Interest Relief in Mudra Shishu Loan Scheme
An interesting relief of Rs 1500 crore will be given under the Mudra Shishu Loan Scheme. One lakh 62 thousand crore rupees have been given under it. This will benefit 3 crore people.
Labor code will provide minimum wages to all
Nirmala Sitharaman said that at present only 30% of the employees get minimum wages. The government is working on the labor code under which minimum wages will be fixed for all employees. The difference in the minimum wage will be eliminated in all states. The ESIC facility will be implemented in all districts of the country for all institutions with more than 10 employees. Institutions with less than 10 employees can also voluntarily join ESIC. It will be mandatory for all employees to undergo health tests once a year. Permanent employees will get gratuity benefits in one year after 5 years of service.
Houses on cheap rent to urban poor
Under the Pradhan Mantri Awas Yojana, the government will bring a rental housing scheme for the migrant laborers and the urban poor. Homes will be built for rent on the PPP model, in which they can live for less. So that they can stay in the city by spending less rent. Industrialists who build such houses on their land will be encouraged. This work will also be done in collaboration with the state governments.
Finance Minister told about the recent work done and last announcements
Finance Minister Nirmala Sitharaman has said that 3 crore farmers have availed loan moratorium facility on a loan of Rs 4.22 lakh crore. Apart from this, exemption on interest, incentive on crops has been extended till 31 May 2020. 25 lakh new Kisan Credit Cards have been issued and the loan limit on these will be 25 crores.
Also, the 63 million loans were sanctioned in rural areas in March and April, which is about 86 thousand 600 crore rupees. The Cooperative Bank has an important role in the village. Nabard refinished Rs 29 thousand 500 crores in March 2020. 4200 crores have been given until March 2020 for Rural Infrastructure.
The Central Government has given permission to the State Governments to use the State Disaster Response Fund to provide food and food to migrant laborers. The central government has given Rs 11002 crore in this fund.
Under MGNREGA, 14.6 crore persons day works have been held till 13 May. Till now, 10 thousand crore rupees have been spent on it. 2.33 crore people have been employed in 1.87 lakh gram panchayats. Compared to May last year, 40-50% of workers have increased. The wages for these have already been increased from Rs 182 to Rs 202.
Nirmala Sitharaman announced a relief package for the MSME sector, announced for taxpayers and employed people. She said in order to bring back the slow economy due to Coronavirus and turn this crisis into an opportunity.
These are the updates till now for farmers, laborers and industry, and others. Thanks for visiting us.
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