Nirmala Sitharaman said today's announcements will focus on farming, fisheries and food processing
Finance Minister Nirmala Sitharaman is addressing the media to provide details of the government's "Atma Nirbhar Bharat" package to help the economy tide over the damage caused due to the coronavirus pandemic and the weeks-long lockdown. The measures are part of the fiscal and monetary package worth Rs 20 lakh crore announced by Prime Minister Narendra Modi on Tuesday to support the economy, which has been battered by a the ongoing lockdown to curb the spread of the deadly COVID-19 disease. the government has already raised its borrowing plan for the current financial year to Rs 12 lakh crore from the previously budgeted Rs 7.8 lakh crore to set off the fall in revenue and fund extra spending. Economists say more clarity on the funding of any new measures announced by the government will be watched closely.
Here are highlights of the Finance Minister Nirmala Sitharaman's third set of "Atma Nirbhar Bharat" economic package:
- Today's announcements on agriculture, fisheries and food processing sectors
- 85% of agricultural land in country held by small farmers
- 11 measures to be announced today, 8 out of those on agricultural infrastructure (storage, logistics etc.)
- Farmers have managed rabi harvest despite lockdown
- Rs 1 lakh crore fund created for strengthening farm gate infrastructure (for aggregators, farmer producer organisations etc.) to support farmers; fund to be created immediately
- Rs 10,000 crore scheme to be launched for formalisation of micro food enterprises (MFEs); 2 lakh MFEs to benefit
- Rs 20,000 crore support for fishermen through PM Matsya Sampada (PMMSY) scheme (for development of fisheries)
- Scheme to include Rs 11,000 crore for marine, inland fisheries, aquaculture activities
- Rs 9,000 crore for fishing harbour, cold chain, market-related infrastructure
- Move expected to provide employment to more than 55 lakh
- Rs 15,000 crore support for dairy infrastructure
- Rs 500 crore support for bee-keeping, to benefit more than 2 lakh keepers
- GOVERNANCE AND ADMINISTRATIVE REFORMS: Essential Commodities Act to be amended
- Onion, potato, edible oil, cereal etc. to be deregulated
