Finance Minister Nirmala Sitharaman on Thursday announced a second set of measures that are part of a Rs 20 trillion fiscal and monetary package announced by Prime Minister Narendra Modi to support India’s economy, which has been battered by a 51-day lockdown to curb the coronavirus outbreak.
"Today's initiatives focus on migrant workers, street vendors, small traders, the self-employed & small farmers," said Sitharaman at a press conference in Delhi. She listed nine steps for these sections of the society.
Here are highlights from her press conference:
1. Free food grain for migrant workers
2.
For farmers
- Interest subvention on small loans for farmers at low rates extended to May 31, 2020
- Rs 30,000-cr working capital facility, in addition to the Rs 90,000 crore already provided by NABARD
- States to be given this fund via SSBs, RRBs
- Funds to be released immediately for post-rabi harvest work and kharif preparation of small and marginal farmers
3. Credit for farmers
- Rs 2 trillion worth of concessional credit to be extended to 25 million farmers
- To be provided through Kisan credit cards
- Animal husbandry and fisheries to be eligible for this scheme
4. Housing for migrant workers/urban poor
- Special scheme for rental housing under Pradhan Mantri Aawas Yojana
- Manufacturing units will be incentivised to build affordable rental housing complexes
- Also converting government-funded houses into rental housing complexes
- Steps under Mudra Shishu loans (Rs 50,000 or less)
- Interest subvention support of 2% for 12 months at the cost of Rs 1,500 crore
- Rs 1,62,000 crore given out under this type of loan so far. 30 million people to benefit
- Credit-linked affordable housing subsidy scheme for the middle income group (with Rs 6 lakh to Rs 18 lakh annual income) extended to March 31, 2021
5. For street vendors
- Special credit facility scheme at the cost of Rs 5,000 crore
- Easy access to credit to be available for all street vendors (about 5 million in total)
- Each vendor can take up to Rs 10,000 as loan
6. Steps for employment generation
- Rs 6,000-crore CAMPA funds to be used for afforestation and similar projects
- Proposals have come from states
- Move to generate employment for tribal and rural people