Union Minister Prakash Javadekar said the decisions taken in the Cabinet meeting today will bring about a "transformative change".
The Union Cabinet on June 1 cleared and announced a number of steps to ease the burden on farmers and the agricultural sector amid the novel coronavirus pandemic.
These decisions were announced at a briefing following a Union Cabinet meeting — the first after the Narendra Modi government completed one year of its second term in office.
Union Minister Prakash Javadekar said the decisions taken in the Cabinet meeting today will bring about a "transformative change".
Here are the key decisions announced by the Cabinet regarding the farm sector:
> The Cabinet approved a hike in the minimum support prices (MSP) for 14 kharif crops by 50-83 percent over cost.
> Union Minister Narendra Singh Tomar said that the revised MSP rate for Paddy is now at Rs 1,868 per quintal, Jowar at Rs 2,620/quintal and Bajra at Rs 2,150/quintal. There would be a 50 percent increase in Ragi, Moong, Groundnut, Soyabean, Til and Cotton for the year 2020-21.
> Tomar also announced that the government was extending crop loan interest benefits for farmers till August 31.
> The Cabinet also approved extension of repayment date for short-term loans for agriculture and allied activities by banks, which have become due or shall become due between March 1, 2020 and August 31, 2020.
Also read: MSP hike, equity scheme for MSMEs and more: Key takeaways from Cabinet briefing
The Centre also announced other decisions, especially regarding Micro, Small & Medium Enterprises (MSMEs). This included approving revision in the definition of MSMEs, cleared equity infusion for such enterprises through a Fund of Funds and a subordinate debt scheme.
The Union Cabinet also cleared a credit scheme for street vendors.
