Highlights of Finance Minister’s Speech on COVID-19 Relief package for Farmers,Labours,tiny businesses and street vendors.

Highlights of Finance Minister’s Speech on COVID-19 Relief package for Farmers,Labours,tiny businesses and street vendors.
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Highlights of Finance Minister’s Speech on COVID-19 Relief package for Farmers,Labours,tiny businesses and street vendors.

1. Free food grains supply to migrants for 2 months

  • For the migrant labour, additional food grain to all the States/UTs at the rate of 5 kg per migrant labourer and 1 kg Chana per family per month for two months i.e. May and June, 2020 free of cost shall be allocated. Migrant labourers not covered under National Food Security Act or without a ration card in the State/UT in which they are stranded at present will be eligible.
  • States/UTs shall be advised to put a mechanism for targeted distribution as envisaged in the scheme. 8 Lakh MT of food-grain and 50,000 MT of Chana shall be allocated. The entire outlay of Rs. 3500 crore will be borne by Government of India.
2.  Technology system to be used enabling Migrants to access PDS (Ration) from any Fair Price Shops in India by March,2021-One Nation one Ration Card
  • Pilot scheme for portability of ration cards will be extended to 23 By that, 67 crore beneficiaries covering 83% of PDS population will be covered by National portability of Ration cards by August, 2020. 100% National portability will be achieved by March, 2021.
  • This is part of PM’s Technology Driven System Reforms This scheme will enable a migrant worker and their family members to access PDS benefits from any Fair Price Shop in the country. This will ensure that the people in transit, especially migrant workers can also get the benefit of PDS benefit across the
3.  Scheme for Affordable Rental Housing Complexes for Migrant Workers and Urban Poor to be launched
  • Central Government will launch a scheme for migrant workers and urban poor to provide ease of living at affordable rent. Affordable Rental Housing Complexes will provide social security and quality life to migrant labour, urban poor, and students etc.
  • This will be done through converting government funded houses in the cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire; manufacturing units, industries, institutions, associations to develop Affordable Rental Housing Complexes (ARHC) on their private land and operate; and Incentivizing State Govt agencies/Central Government Organizations on similar lines to develop Affordable Rental Housing Complexes (ARHC) and operate. The exact details of the scheme will be released by the Ministry/Department.
4.  2% Interest Subvention for 12 months for Shishu MUDRA loanees- Relief of Rs. 1,500 crore
  • Government of India will provide Interest subvention of  2%  for  prompt payees for  a  period  of 12 months to MUDRA Shishu loanees, who have loans below Rs 50,000.
  • The current portfolio of MUDRA Shishu loans is around Rs 62 Lakh crore. This will provide relief of about Rs 1,500 crore to Shishu MUDRA loanee.
5.  Rs 5,000 crore Credit facility for Street Vendors
  • A special scheme will be launched within a month to facilitate easy access to credit to Street vendors, who are amongst the most adversely impacted by the present situation for enabling them to restart their businesses. Under this scheme, bank credit facility for initial working capital up to Rs. 10,000 for each enterprise will be
  • This scheme will cover urban as well as rural vendors doing business in the adjoining urban Use of digital payments and timely repayments will be incentivized through monetary rewards. It is expected that 50 lakh street vendors will be benefitted under this scheme and credit of Rs. 5,000 crore would flow to them.
6.  Rs 70,000 crore boost to housing sector and middle income group through extension of Credit Linked Subsidy Scheme for MIG under PMAY(Urban)
  • The Credit Linked Subsidy Scheme for Middle Income Group (annual Income between Rs 6 and 18 lakhs) will be extended up to March 2021. This will benefit 2.5 lakhs middle income families during 2020-21 and will lead to investment of over Rs 70,000 crore in housing sector.
  • This will create significant number of jobs by giving boost to Housing sector and will stimulate demand for steel, cement, transport and other construction
7.  Rs 6,000 crore for Creating employment using CAMPA funds
  • Approximately Rs 6,000 crore of funds under Compensatory Afforestation Management &Planning Authority (CAMPA) will be used for Afforestation and Plantation works, including in urban areas, Artificial regeneration, assisted natural regeneration, Forest management, soil &moisture conservation works, Forest protection, forest and wildlife related infrastructure development, wildlife protection and management
  • Government of India will grant immediate approval to these plans amounting to Rs 6000 crore. This will create job opportunities in urban, semi-urban and rural areas and also for Tribals (Adivashis).
8.  Rs 30,000 crore Additional Emergency Working Capital for farmers through NABARD
  • NABARD will extend additional re-finance support of Rs 30,000 crore for meeting crop loan requirement of Rural Cooperative Banks and RRBs. This refinance will be front-loaded and available on tap.
  • This is over and above Rs 90,000 crore that will be provided by NABARD to this sector in the normal course. This will benefit around 3 crore farmers, mostly small and marginal and it will meet their post-harvest Rabi and current Kharif
9.  Rs 2 lakh crore credit boost to 2.5 crore farmers under Kisan Credit Card Scheme
  • A special drive to provide concessional credit to PM-KISAN beneficiaries through Kisan Credit Cards. Fisherman and Animal Husbandy Farmers will also be included in this drive. This will inject additional liquidity of Rs 2 lakh crore in the farm sector. 2.5 crore farmers will be covered.

(Source : Press Release ID: 1623862)

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