The cabinet today took some important decisions regarding MSMEs, farm sector-thereby enabling them to reap maximum benefits under the 'Atma-Nirbhar-Bharat’ scheme. This was the first meeting of the Union Cabinet after the central government entered into its second year in office.
Here are the major announcements:
FOR MSME Sector- Underlining the importance of the MSME sector, Nitin Gadkari said that the sector contributes almost 29 per cent to India's GDP and 48 per cent to India's exports.
1. The govt has changed the definition of MSMEs
2. Rs 50,000 crore Equity Investment.
3. MSMEs can be listed now.
4. Rs 20,000 crore subordinate debt for stressed MSMEs, this will benefit 2 lakh stressed MSMEs.
5. Investment and turnover limit for MSMEs raised.
6. Turnover from exports will not be included.
7.Creation of Stressed Asset Fund for MSMEs.
8. Limit for medium enterprises has been further amended to Rs 250 crore and investment limit further raised to Rs 50 crore.
For Farmers- Announcing that there is a bumper crop this season, the agriculture minister made the following announcements.
1. Kisan Credit card for farmers.
2. Minimum support prices for 14 kharif crops increased by 50- 83%.
3. MSP announced for 14 crops.
4. The farmers will get more time to repay their loans, till August now.
For Street Vendors
1. Loan Scheme for Street vendors.
2. Policies announced to support vendors.
After over two-month-long coronavirus-induced lockdown, the the country on Monday entered the first phase of three-phase unlock plan. The lockdown, however, is set to continue in containment zones till June 30. The fourth phase of lockdown came to an end on Sunday.