Union Finance Minister Nirmala Sitharaman announced the second tranche of the stimulus package to revive the country’s sagging economy.
Today’s announcements focused on small traders, self-employed people, small farmers, migrant workers, and street vendors.
Here are the key points from the FM’s address:
- Direct support to farmers and rural economy provided post COVID-19 outbreak
Direct Support to #Farmers & Rural Economy provided post #COVID19 as part of #AatmaNirbharBharatPackage : Finance Minister @nsitharaman pic.twitter.com/OTfY7MbBP2
— PIB India (@PIB_India) May 14, 2020
- Liquidity Support in terms of easy availability of loans, refinancing by NABARD, Rural Infrastructure Development Fund and sanctioning of working capital limits for the procurement of agriculture produce
Liquidity Support to #Farmers & Rural Economy provided post #COVID19 as part of #AatmaNirbharBharatPackage : Finance Minister @nsitharaman pic.twitter.com/G3Z1xcW1N0
— PIB India (@PIB_India) May 14, 2020
- States were allowed to utilise SDRF (State Disaster Response Fund) for constructing shelters for migrants and providing them food, water etc.
- Till 13th May, approximately 14.62 crore person-days of work has been generated to assist migrant workers find work
- Free food grains to migrant workers for 2 months
▪️ Free Food grain supply to #Migrants for 2 months
▪️ About 8 crores migrants to benefit from this
▪️ Rs. 3500 Crore will be spent on this intervention for 2 months: @nsitharamanat the #AatmaNirbharBharatPackage media briefing pic.twitter.com/2Kn8I7DXbS
— PIB India (@PIB_India) May 14, 2020
- ‘One Nation, One Ration Card’ (National Portability Cards) by March 2021
- Statutory concept of National Floor Wage in order to reduce regional disparities in minimum wages
- Fixation of minimum wages simplified
- Appointment letter for all workers to promote formalisation of jobs
- Occupational safety and health code would also apply to establishments even with a threshold of less than 10 workers
- For migrants and the urban poor, affordable rental accommodation programmes have been announced.
- Rs 1500 crore interest subvention for MUDRA-Shishu loan
Government of India will provide Interest subvention of 2% for prompt #MUDRA-Shishu Loans payees for a period of 12 months
Relief of Rs 1500 cr to MUDRA-Shishu loanees#AatmaNirbharBharatPackage pic.twitter.com/IaHZl86d1c
— PIB India (@PIB_India) May 14, 2020
- For street vendors, the government has announced a special credit facility worth Rs 5000 crore.
- A special scheme will be announced for easy access to credit for the street vendors within a month.
- For lowest strata of the middle-income group ( Rs 6-18 lakh annual income) the central government is extending an existing credit-linked subsidy scheme for affordable housing for one more year (until March-end)
#Government to extend the Credit Linked Subsidy Scheme #CLSS up to March 2021; 2.5 lakhs middle income families to benefit during 2020-21 #AatmaNirbharBharatPackage pic.twitter.com/SwB4YKWICG
— PIB India (@PIB_India) May 14, 2020
- Additional Emergency Working Capital Funding through NABARD
To benefit around 3 crore farmers, mostly small and marginal #farmers, Govt announces Rs 30,000 crores Additional Emergency Working Capital Funding through #NABARD #AatmaNirbharBharatPackage pic.twitter.com/KrVN0jBn5J
— PIB India (@PIB_India) May 14, 2020