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Business News›News›Economy›Policy›Nirmala Sitharaman speech today Live: Rent, ration and food for migrants in FM's second stimulus tranche
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Economic Times | 14 May, 2020 | 05.52PM IST
Nirmala Sitharaman speech today Live: Rent, ration and food for migrants in FM's second stimulus tranche
In the first tranche, Sitharaman laid out the plan to boost India's small businesses and NBFCs.
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We need to look at Covid as an opportunity
- Sitharaman
Kisan Credit Card
- Rs 2 lakh crore concessional credit will be extended to 2.5 crore farmers who don't have the card
- Fisherman and animal husbandry workers to also be included
'On tap' based funding
Additional Rs 30,000 crore to be released via NABARD for Rabi-related work and preperatory work for Kharif
Employment creation under CAMPA
- Proposals worth Rs 6,000 crore have been received by Centre
- Focused on employment for adivasis and tribals
- For forestry related work
Affordable Housing
- Credit link subsidy scheme extended up to March, 2021
- For the lowest strata of middle-income groups (income of up to 6-18 lakh/annum)
- This will construction services and demand for building materials
- 3.3 lakh families have benefited till now
- 2.5 lakh more can now avail the benefits
One nation, one ration card
For street vendors
- Special credit facility of Rs 5,000 crores for 50 lakh vendors
- To be launched within a month
- Initial working capital of up to Rs 10,000
Shishu loan within mudra
Interest subvention support of 2% extended to all shishu loan holders (loans up to Rs 50,000)
Affordable rent for urban poor
- Govt to launch, under PM Awas Yojana, a rental housing scheme
- Incentivising manufacturing units to build on their private compounds
- Use empty government land to build more housing
- PPP mode through concessionaire arrangement
One nation, one ration card
- Now card-holders can be used in any ration shop in any part of the country
- 63 crore beneficiaries in 23 states will get covered by August
- 100% coverage by March 2021
Free food grains for migrants for next 2 months
- This will benefit 8 crore migrants; Central govt to spend Rs 3,500 crore on this
- For non-ration card holders, free 5kgs per family of wheat/rice and 1 kg chana
- State governments to be in charge of this initiative
MGNREGA lifeline for returning migrants
Reforms in the pipeline
- Labour Codes and workers' welfare
- Universal right to minimum wages
- Removing regional disparity in minimum wage, and introducing National floor wage
- Benefits for interstate migrant workers
- Portability of welfare benefits for migrant workers
- Mandatory ESIC coverage for employees of hazardous industries
- Social security schemes for gig and platform workers
- Re-skilling of retrenched workers
- Social security for un-organised sector
- Opening all work for women
For migrants
Providing funds for the rural poor
12,000 self-help groups have produced 3 crore masks during Covid period
We are conscious of the problems of the migrants. Government has been working for their benefit over the last two months
- Nirmala Sitharaman
For urban poor, including migrants
- Rs 11,000 crores by the Centre sent to states to to set up shelter for migrants and provide food and water
- 7200 new SHGs have been formed for the urban poor since March 15
Booster dose for the rural economy
In the Covid period
- 63 lakh loans of Rs 86,600 crore approved in agriculture between 1 March and 30 April, 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
Credit for farmers
- interest subvention for existing loans extended till May 31, 2020
- 22 lakh new kisan credit cards sanctioned
There may have been a lockdown, but the government has not been sitting idle
- Nirmala Sitharaman
In today's agenda
- 3 steps for migrants
- 1 for shishu loan within mudra
- 1 for street vendors
- 1 for housing
- 1 for the employment for tribals
- 2 for small farmers
Closing bell: Sensex plunges 886 points as initial stimulus disappoints; Nifty ends below 9,150
India's fiscal deficit may balloon to 7.9% in FY21: Report
Will RBI be doing the heavylifting?
- RBI may have to monetise around Rs 6.8 lakh crore of the total economic package so as to complete the funding under the package
- RBI has already funded exactly a quarter (250 basis points) of it through LTROs, TLTROs, the 100 basis points CRR cut, and credit lines
The anatomy of FM's first tranche of Covid cover
Centre is promising to clear its own payments fast, but that won’t be enough as long as states are strapped for cash while struggling with a migrant worker crisis on top of a public health catastrophe
- Andy Mukherjee, Bloomberg columnist
This time around, will the FM announce booster packages for farmers, daily wage earners and un-organised sector?
India needs a bigger stimulus package and money should be put in the hands of people to revive demand
- Abhijit Banerjee, Economist
5 reasons why FM failed to buoy the bourses
- Announcements in tranches; no full stimulus
- Short-term relief unlikely
- Funding details missing
- Quantum of relief not enough
- Risks of rating downgrade remain
The UN slashes India's GDP growth projections to 1.2% in 2020-21
This is a further deterioration from the already slowed growth of 4.1% in 2019. India, which grew at 6.8% in fiscal year 2018, is forecast to recover and clock a 5.5% growth rate in 2021.
There may be a flip side to FM's EPF cut
Employers may or may not add this saving to the employees' salaries. While the reduction in employees' contribution will be added to their take home salaries it is not clear whether employers will have to add their saving to the employees' take home pay.
If the employers' saving on PF contribution is not added to the employees' salary it would mean a net loss for the employee to that extent.
If the employers' saving on PF contribution is not added to the employees' salary it would mean a net loss for the employee to that extent.
April WPI eases to 3.6%
Government suspends headline number release on inadequate data
Market Watch: Sensex tanks 800 points ahead of FM's press briefing
India's Covid numbers today
- 78,003 confirmed cases
- 2,549 casualties
India's stimulus packages are very large. The impact of the package would depend on the design of the stimulus
- Hamid Rashid, Chief of the Global Economic Monitoring Branch, UN
What happened yesterday
- Rs 3 lakh crore collateral-free loan to the MSMEs
- Rs 30,000 crore lifeline to NBFCs
- Partial credit guarantee scheme worth Rs 45,000 crore for NBFCs
- Statutory PF contribution lowered from 12% to 10%
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