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The government has been facing criticism for its handling of the migrant crisis as lakhs still continue to walk back hundreds of kilometers to their home states as their income dried up because of the lockdown. "There is a legitimate concern about migrants returning to their home states. We are attending to migrants, we are not boasting," the finance minister said.
READ | Rs 10,000-crore Job Work Offered under MNREGS to Migrant Workers: Finance Minister
Finance Minister Nirmala Sitharaman on Thursday said Rs 10,000 crore has been spent in the last two months on creating 14.62 crore man-days of work under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS) to help migrant workers.
OPINION: Modi Govt is Being Cautious With Its Relief Package | The Indian economy is in crisis, but not of a kind it has faced before. Unlike the 1991 balance of payments crisis, this is not because we are running short of foreign exchange. Unlike the 2008-09 crisis, this is not because of the possibility of a sudden stop to the financial system draining liquidity out of the economy. Read More
READ | Key Highlights of Today's Announcement by FM Sitharaman
Finance Minister Nirmala Sitharaman is addressing her second press conference in two days to share details of the second tranche of the economic package announced by PM Modi to help revive the economy that has been devastated by coronavirus.
To create job opportunities for tribals/adivasis, plans worth Rs 6000 crores to be approved shortly under Compensatory Afforestation Management & Planning Authority (CAMPA) funds: FM
"The special drive will be undertaken to provide concessional credit to PM-KISAN beneficiaries through Kisan credit cards. Fishermen and animal husbandary farmers will be included in this drive. 2.5 crore farmers will be covered and will benefit from credit flow of Rs 2 lakh crore," says Sitharaman.
Rs 2 L Cr Concessional Credit to Farmers | "Rs 2 lakh crore concessional credit will be extended to boost 2.5 crore farmers through Kisan credit cards," says FM.
"NABARD will extend additional refinance support of Rs 30,000 crore for crop loan requirements. This is over and above Rs 90,000 crore to be approved by NABARD through normal finance methods to benefit 3 crore farmers, mostly small and marginal farmers, to meet post harvest Rabi and current Kharif requirement in May/June."
The finance minister announces Rs 30,000 crore additional emergency working capital funding for farmers through NABARD.
Rs 6,000 Crore Employment Push Using CAMPA Funds
- Plans worth Rs 6,000 crore will be approved shortly
- Will create job opportunities in rural and semi-urban areas
- Will create job opportunities for tribals
- Will include jobs like afforestation
"Rs 70,000 crore boost to housing sector and middle income group through extension of Credit Linked Subsidy Scheme (CLSS). The government will extend the CLSS scheme up to March 2021. At least 2.5 lakh middle income families will benefit during 2020-21. It will lead to investment of over Rs 70,000 crore in housing sector and also create jobs. It will stimulate demand for steel, cement, transport and other construction materials," says FM.
Rs 5,000 Crore Special Credit Facility for Street Vendors
- Government of India will launch a special credit facility within a month
- Initial working capital of Rs 10,000
- Will support nearly 50 lakh street vendors
- Will provide liquidity of Rs 5,000 crore
- Digital payments will be incentivised through monetary rewards
Rs 1,500 Crore Interest Subvention for MUDRA Shishu Loans
- The current portfolio of MUDRA Shishu loans is Rs 1.62 lakh crore of Rs 50,000.
- Govt will provide interest subvention of 2 per cent for prompt payees for a period of 12 months.
- Relief of Rs 1,500 crore to MUDRA Shishu loanees.
- Supposed to benefit about 3 crore beneficiaries
Affordable Rental Accommodation for Urban Poor: FM | "The government will ensure affordable rental accommodation for migrant workers or urban poor. The government will launch a scheme under PMAY for urban poor to provide ease of living at affordable rent by converting govt funded housing in the cities into affordable housing complexes under PPP mode. The government is incentivising manufacturing units, industries, institutions to develop such complexes on private land. Also, incentivising state governments to develop such complexes and operate," says Sitharaman.
'One Nation One Ration Card' | "A technology driven system will enable migrants to access public distribution system from any fair price shop in India by March 2021. Migrant families are not able to access food in other states. This scheme will be enable migrant beneficiary to access PDS from any fair price shop in the country. 67 crore beneficiaries in 23 states states covering 83 per cent of PDS population. All states will complete full fair price shop automation by March 2021," says FM.
"The state government is responsible for implementation of these measures, identification of migrants and full distribution and for providing detailed guidelines," says Sitharaman.
Free Food Grain Supply to Migrants for Next 2 Months | "Free food grain supply for migrants for the next two months. For non-card holders (national food security act or state-level cards) will receive 5 kg of wheat or rice and 1 kg chana per family. We are engaging with state governments to approach and identify the migrants. Close to 8 crore migrants will benefit from this and Centre will bear the cost. Rs 3,500 crore will be spent on this intervention," says Sitharaman.
Taking about yesterday's announcements, Sitharaman says, "Want to clarify that EPF support of 24% (12% each of employees and employers share) being borne by the GoI for past three months is being extended for more three months till August 2020. Has been reduced to 10% for private sector employers and employees, and public sector employees; public sector employers continue to pay 12%."
At least 14.62 crore MNREGA person days of work generated up to May 1, says FM.
More than 14.6 crore MNREGA person days have been generated till yesterday, 40%-50% higher compared to last May
— PIB in Maharashtra 🇮🇳 #MaskYourself 😷 (@PIBMumbai) May 14, 2020
Work has been offered to 2.33 crore wage seekers in 1.87 lakh gram panchayats
Returning Migrant workers will be gainfully engaged
- FM #AatmaNirbharBharatPackage pic.twitter.com/ccSgpHS3BQ
"7,200 new self help groups (SHGs) of urban poor have been formed during the period starting March 15," she says.
Government has allowed the states to utilise state disaster response funds for setting up shelters for migrants and to provide food and water. Roughly, Rs 11,002 crore were transferred on April 3, the finance minister says.
"Interest subvention for loans to farmers, normally given for prompt repayment, further extended to May 31, 2020. Close to 3 crore marginal farmers had received loans worth Rs 4 lakh crore at low rates. They were also given a moratorium by the RBI," says Sitharaman.
Sitharaman enumerates the measures taken by the government so far:
- 63 lakh loans of Rs 86,600 crore approved in agriculture between March 1 and April 30, 2020.
- Refinancing of Rs 29,500 crore provided by NABARD to coeperative banks and regional rural banks in March 2020.
- Support of Rs 4,200 crore provided under rural infrastructure development fund to states during March 2020 for ruralinfra.
- Working capital limit of Rs 6,700 crore sanctioned for procurement of agriculture produce to state govt entities since March, 2020
"If we do not speak about a certain component today, it does not mean that government has forgotten about any particular segment, more initiatives are being announced," says Sitharaman.
Nine Steps Will be Announced Today: FM
- 3 will be announced for migrant workers
- 1 for shishu loan within mudra
- 1 for street vendors
- 1 for housing
- 1 for employment generations largely for tribals
- 2 for small farmers
Today's tranche focuses on migrant labourers, street vendors, the self-employed, small traders and small farmers, says FM Sitharaman.
LIVE | Listen to the finance minister's press conference LIVE on CNN-News18.
#LIVE | FM Nirmala Sitharaman Announces Second Tranche of Economic Package. #AatmanirbharBharat | #IndiaFightsCOVID19 https://t.co/CPgju6gHN0
— CNNNews18 (@CNNnews18) May 14, 2020
FM's Press Conference Begins | FM Sitharaman's press conference starts to announce the details of the second tranche of the economic package announced by Prime Minister Narendra Modi on Tueday.
The finance minister will address her second press conference shortly. Follow this space for LIVE Updates.
Catch the Finance Minister announcing the second tranche of economic package shortly with live updates, views, insta explainers and in-depth analysis in our special reforms special homepage https://t.co/hnn1OtoGi0. pic.twitter.com/yW7WAPYolL
— CNNNews18 (@CNNnews18) May 14, 2020
The announcements, described by Sitharaman as the first of a series of tranches to be unveiled over the next few days, is a part of Rs 20 lakh crore fiscal and monetary package announced by Prime Minister Narendra Modi on Tuesday to support the economy, which has been devastated by a weeks-long lockdown to curb the spread of coronavirus.
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