Finance Minister Nirmala Sitharaman announced the second tranche of Covid stimulus of Rs 20 lakh crore aimed at the migrant workers, small farmers, street vendors and affordable housing.
Key Highlights:
Help for farmers and migrant workers in the Post-Covid period:
- 3 crore marginal farmers availed loans at concessional rates. These 3 cr farmers had already benefited from Rs 4 lakh crore of loans given to them. The RBI moratorium has also benefited 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.
- Central govt released Rs 11,002 crore in advance to states to augment the SDRF funds for helping states to set up shelters for migrant workers and provide them food.
- 12,000 SHGs at urban centres comprising urban poor have produced 3 crore masks and 1,20,000 litres of sanitisers. 7,200 new SHGs of urban poor have been formed during the period starting March 15, 2020.
- For migrant workers who have returned to their homes, work is being made available through MGNREGS. Till May 13, 14.62 cr person-days of work generated. Work offered to 2.33 crore wage seekers yesterday in 1.87 lakh gram panchayats. 40-50% more workers given work compared to May last year. States have been advised to provide them work. Annual expenditure till date is Rs 10,000 crore. Average wage rate has risen to Rs 202 from Rs 192 in last fiscal.
A total of nine steps have been announced today. These steps include three for migrant workers, one for MUDRA Shishu Loan, one for street vendors, one for housing, one for employment generation for tribals and two related to small farmers.
1. Free food for migrants
For those migrants who don’t have NFSA cards or state cards, 5 Kgs of wheat or rice per person and one kg channa per family per month for next two months to be provided and it will reach through the state governments. This will entail Rs 3,500 crore and is likely to benefit around 8 crore migrants.
2. One Nation, One Ration Card
National Portability Ration Cards can be used in any ration shops that will be applicable across the country. By Auguist 2020, 67 cr beneficiaries in 23 states or 83% of all PDS beneficiaries will get covered. By March 2021, 100 per cent will be covered.
3. Rental accomodation
Under PM Awas Yojaan, scheme for rental housing for migrant workers. Under the scheme incentives will be offered to private manufacturing units and industrial units to develop affordable housing, converting govt funded houses into affordable renting accommodations for migrant workers. Shall be done on PPP on concessionaire basis. State government agencies will also be incentivised to develop affordable housing.
4. MUDRA Shishu loan
Those who have availed loans up to Rs 50,000, an interest subvention of 2% for next 12 months after the moratorium period extended by RBI ends. Three crore people will get benefit of Rs 1500 crore.
5. Street Vendor
Special scheme for street vendors to avail Rs 5,000 crore loan facility. Will be given Rs 10,000 of working capital.
6. Affordable Housing
Credit-linked subsidy scheme for middle income households in the income group Rs 6-18 Lakh extended to March 2021. The CLSS scheme was operationalised from May 2017 and extended up to March, 2020. Now, it has been extended till March 2021. This will lead to investments of Rs 70,000 crore in housing and kickstart sectors like steel, cement and create jobs.
7. For Tribals
Rs 6,000 cr worth of proposals have come from states under CAMPA funds. Tribal people will get employment in forest managament, wildlife protection/management and other forest related activities.
For Small/Marginal Farmers
8. The government is extending Rs 30,000 crore additional capital emergency funds through NABARD for post-harvest Rabi and Kharif related activities for small and marginal farmers.
9. Under the PM Kisan Credit Card, Rs 2 lakh crore of concessional credit to boost farming activities and it will benefit 2.5 crore farmers. Those in animal husbandry and fisheries will also be included.
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