Highlights: FM aims to help migrant workers, Congress says not enough done

The government on Thursday announced a Rs 3.16 lakh crore package of free foodgrains for migrant workers.
FM press conference LIVE: Finance Minister Nirmala Sitharaman announced a second set of measures that are part of a Rs 20 trillion fiscal and monetary package announced by Prime Minister Narendra Modi to support India’s economy, which has been battered by a 51-day lockdown to curb the coronavirus outbreak.

 
Sitharaman on Wednesday announced measures of nearly Rs 5.94 trillion to provide relief to small businesses; taxpayers; shadow banks; power distribution companies; real estate; organised sector employees; and contractors working with the government.


8:02 PM IST All we got was loan schemes and no relief. Most are old. So this is a Repackage of old schemes. It is an insult. All we got was loan schemes and no relief. Most are old. So this is a Repackage of old schemes. It is an insult. pic.twitter.com/4kbv2827bn — Sitaram Yechury (@SitaramYechury) May 14, 2020

7:49 PM IST The announcements by Finance Minister Nirmala Sitharaman today for labourers, farmers & the poor are historic & unprecedented. These steps will strengthen people in rural areas who will contribute to make India self-reliant: Union Agriculture Minister Narendra Singh Tomar

7:42 PM IST LIVE: Special Congress Party Press Briefing by Shri @ManishTewari and Smt @SupriyaShrinate via video conferencing https://t.co/wVZZ2Jl5ge — Congress (@INCIndia) May 14, 2020

7:33 PM IST Listen to the podcast to know about all the nine measures Finance Minister announced today. Click to Listen  

7:24 PM IST Today’s announcements by FM @nsitharaman will especially benefit our farmers and migrant workers. The announcements include a series of progressive measures and will boost food security, credit to farmers as well as street vendors: PM Modi Today’s announcements by FM @nsitharaman will especially benefit our farmers and migrant workers. The announcements include a series of progressive measures and will boost food security, credit to farmers as well as street vendors. #AatmaNirbharBharatPackage — Narendra Modi (@narendramodi) May 14, 2020

7:07 PM IST The entire quantum of this package is ₹3500 crores out of a ₹20 lakh crore package that BJP ostensibly put together for the greatest humanitarian tragedy since the 1947 partition exodus and the East Pakistan refugee crisis. For the millions of migrants that you claim are the builders of this nation, all you have for them is 3500 crores in terms of atta and chana. This is your empathy for the poor of this country. That’s why we say you’re a ‘Suit Boot Sarkaar’. Except for the Rs 1500 crore interest subvention for Shishu Mudra loans and this Rs 3500 crores, there is nothing else. The Government does not even have the figure of how many people were housed in relief camps For the millions of migrants that you claim are the builders of this nation, all you have for them is 3500 crores in terms of atta and chana. This is your empathy for the poor of this country. That’s why we say you’re a ‘Suit Boot Sarkaar’: @ManishTewari #मजदूर_माफ_नही_करेंगे — Congress (@INCIndia) May 14, 2020

7:05 PM IST The government on Thursday announced a Rs 3.16 lakh crore package of free foodgrains for migrant workers, concessional credit to farmers and working capital loan for street vendors as part of the second tranche of fiscal stimulus to heal an economy hit hard by coronavirus lockdown. At a news conference, Finance Minister Nirmala Sitharaman said 8 crore migrant workers will get 5 kgs of grains and 1 kg of pulses free for two months, while 50 lakh street vendors rendered jobless by the lockdown would be given a working capital loan of Rs 10,000 each. Read More Migrant children quench their thirst during their journey towards their native place in Uttar Pradesh, amid ongoing COVID-19 lockdown, in Ghaziabad

7:00 PM IST Sudden lockdown with no relief. Is Modi govt proud of what it has inflicted on millions of poor Indians across the country?  This is his vision of ‘self reliant’ India? Sudden lockdown with no relief. Is Modi govt proud of what it has inflicted on millions of poor Indians across the country? This is his vision of ‘self reliant’ India? pic.twitter.com/WUp8WZAZO8 — Sitaram Yechury (@SitaramYechury) May 14, 2020

6:53 PM IST Home Miniuster Amit Shah thanks PM Modi for the announcements made to benefit migrants and farmers. He said 8 crore people will benefit from this relief of Rs 3500 crores. In the SDRF fund of the states for their stay and food even before the central government ₹ 11002 crores has been given. प्रवासी मजदूरों व शहरी गरीबों को 2 महीने के मुफ्त राशन देने के निर्णय पर प्रधानमंत्री @narendramodi जी का आभार व्यक्त करता हूँ, ₹3500 करोड़ की इस राहत से 8 करोड़ लोग लाभान्वित होंगे। केंद्र सरकार पहले भी उनके रहने और खाने के लिए राज्यों के SDRF फंड में ₹11002 करोड़ दे चुकी है। — Amit Shah (@AmitShah) May 14, 2020

6:42 PM IST Dear PM, What do you feel when you see all the migrants on the street? Who do you pray for at night before you go to sleep? What do you feel when you look in the mirror? Are you proud? Dear PM, What do you feel when you see all the migrants on the street? Who do you pray for at night before you go to sleep? What do you feel when you look in the mirror? Are you proud?#मजदूर_माफ_नही_करेंगे pic.twitter.com/SViRFaYaZQ — Congress (@INCIndia) May 14, 2020

6:25 PM IST Finance Minister Nirmala Sitharaman on Thursday announced a Rs 70,000-crore boost to housing sector by extending the subsidy scheme for affordable housing for the middle income group.   The credit-linked subsidy scheme for the middle income group with an annual income of Rs 6 lakh to Rs 18 lakh was operationalised from May 2017 and extended up to March 2020. She said the scheme is being extended by one year to benefit 2.5 lakh middle income families. She also announced a Rs 5,000-crore special credit facility for street vendors by providing them with working capital of up to Rs 10,000, she said adding this would support 50 lakh street vendors.   For farmers, FM announced a Rs 30,000-crore additional emergency working capital funding through the National Bank for Agriculture and Rural Development (NABARD).  

6:20 PM IST The Centre will launch a scheme under the Pradhan Mantri Awas Yojana for migrant labour and the urban poor to build affordable rental housing facilities for them.   Speaking to the media, Union Finance Minister Nirmala Sitharaman on Thursday said that under the scheme, government-funded housing in different cities will be converted into affordable rental housing complexes under the public-private partnership mode.   Further, the government will also incentivise manufacturing units, industries, institutions, associations to develop affordable rental housing complexes on their private land and operate them.

LIVE UPDATES

All we got was loan schemes and no relief: Yechury

All we got was loan schemes and no relief. Most are old. So this is a Repackage of old schemes. It is an insult.

These steps will strengthen people in rural areas: Agriculture Minister

The announcements by Finance Minister Nirmala Sitharaman today for labourers, farmers & the poor are historic & unprecedented. These steps will strengthen people in rural areas who will contribute to make India self-reliant: Union Agriculture Minister Narendra Singh Tomar

The indignity with which PM talked about MNREGA, the same MNREGA is a life saver: Cong

Podcast: All 9 Steps FM Nirmala Sitharaman announced in second tranche

Listen to the podcast to know about all the nine measures Finance Minister announced today. Click to Listen
 

Announcements will especially benefit our farmers and migrant workers: Modi

Today’s announcements by FM @nsitharaman will especially benefit our farmers and migrant workers. The announcements include a series of progressive measures and will boost food security, credit to farmers as well as street vendors: PM Modi

It was classic display of arrogance, ignorance, insensitivity: Congress

The entire quantum of this package is ₹3500 crores out of a ₹20 lakh crore package that BJP ostensibly put together for the greatest humanitarian tragedy since the 1947 partition exodus and the East Pakistan refugee crisis. For the millions of migrants that you claim are the builders of this nation, all you have for them is 3500 crores in terms of atta and chana. This is your empathy for the poor of this country. That’s why we say you’re a ‘Suit Boot Sarkaar’. Except for the Rs 1500 crore interest subvention for Shishu Mudra loans and this Rs 3500 crores, there is nothing else. The Government does not even have the figure of how many people were housed in relief camps

Free food grain for migrant workers, easy farm credit in stimulus round 2

The government on Thursday announced a Rs 3.16 lakh crore package of free foodgrains for migrant workers, concessional credit to farmers and working capital loan for street vendors as part of the second tranche of fiscal stimulus to heal an economy hit hard by coronavirus lockdown. At a news conference, Finance Minister Nirmala Sitharaman said 8 crore migrant workers will get 5 kgs of grains and 1 kg of pulses free for two months, while 50 lakh street vendors rendered jobless by the lockdown would be given a working capital loan of Rs 10,000 each. Read More
Migrant children quench their thirst during their journey towards their native place in Uttar Pradesh, amid ongoing COVID-19 lockdown, in Ghaziabad

Sudden lockdown with no relief: Yechury

Sudden lockdown with no relief. Is Modi govt proud of what it has inflicted on millions of poor Indians across the country?  This is his vision of ‘self reliant’ India?

Amit Shah thanks PM Modi for the announcements

Home Miniuster Amit Shah thanks PM Modi for the announcements made to benefit migrants and farmers. He said 8 crore people will benefit from this relief of Rs 3500 crores. In the SDRF fund of the states for their stay and food even before the central government ₹ 11002 crores has been given.

What do you feel when you see all the migrants on the street? Congress asks PM

Dear PM, What do you feel when you see all the migrants on the street? Who do you pray for at night before you go to sleep? What do you feel when you look in the mirror?
Are you proud?

Housing subsidy scheme for middle-income families extended till March 2021: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday announced a Rs 70,000-crore boost to housing sector by extending the subsidy scheme for affordable housing for the middle income group.
 
The credit-linked subsidy scheme for the middle income group with an annual income of Rs 6 lakh to Rs 18 lakh was operationalised from May 2017 and extended up to March 2020. She said the scheme is being extended by one year to benefit 2.5 lakh middle income families. She also announced a Rs 5,000-crore special credit facility for street vendors by providing them with working capital of up to Rs 10,000, she said adding this would support 50 lakh street vendors.
 
For farmers, FM announced a Rs 30,000-crore additional emergency working capital funding through the National Bank for Agriculture and Rural Development (NABARD).
 


Govt to launch affordable rental housing for migrants and urban poor: FM Nirmala Sitharaman

The Centre will launch a scheme under the Pradhan Mantri Awas Yojana for migrant labour and the urban poor to build affordable rental housing facilities for them.
 
Speaking to the media, Union Finance Minister Nirmala Sitharaman on Thursday said that under the scheme, government-funded housing in different cities will be converted into affordable rental housing complexes under the public-private partnership mode.
 
Further, the government will also incentivise manufacturing units, industries, institutions, associations to develop affordable rental housing complexes on their private land and operate them.

Govt announces free foodgrain to migrants, concessional credit to farmers

The government on Thursday announced a Rs 3.16 trillion package of free foodgrains for migrant workers, concessional credit to farmers and working capital loan for street vendors as part of the second tranche of fiscal stimulus to heal an economy hit hard by coronavirus lockdown.
 
At a news conference, Finance Minister Nirmala Sitharaman said 8 crore migrant workers will get 5 kgs of grains and 1 kg of pulses free for two months, while 50 lakh street vendors rendered jobless by the lockdown would be given a working capital loan of Rs 10,000 each.
 
As many as 2.5 crore farmers will be provided Rs 2 trillion of concessional credit through Kisan Credit Cards.
 

Govt announces Rs 5,000-crore Special Credit facility for street vendors

Sensing adverse impact on the livelihood of street vendors due to COVID-19 pandemic, the Centre on Thursday announced Rs 5,000- crore special credit facility to benefit nearly 50 lakh such vendors.
 
The scheme will be launched within one month, Finance Minister Nirmala Sitharaman said at a press briefing. The Minister said that Rs 10,000 loan will be given to the needy vendors, but this is not a fixed amount, and will be decided after consultation with banks. Digital payments will be incentivized through monetary rewards and enhanced working capital credit would be made available for good repayment behaviour, she said.
 
The Minister said the scheme will support nearly 50 lakh street vendors and will provide liquidity of Rs 5,000 crore.

Centre asked state govts to use Rs 11,000 crore under SDRF to set up shelters and provide food and water to urban poor/migrant labourers: FM

The Central government has asked states to use the State Disaster Response Fund (SDRF) to set up shelters and provide food and water to the urban poor, including migrant labourers. Rs 11,000 crore was sent for this purpose, said Union Finance Minister Nirmala Sitharaman.

Work offered to 2.33 crore wagers in 1.87 lakh panchayats under MGNREGA: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said, on Thursday, work had been offered to 2.33 crore wagers in 1.87 lakh panchayats under the Mahatma Gandhi National Rural Employment Guarantee Act.
 
Addressing a press conference, Sitharaman said, "Work under the MGNREGA has been provided to 2.33 crore wagers in 1.87 lakh panchayats to benefit migrant workers, who are being actively enrolled."
 
The government had generated 14.62 crore persondays of work till May 13, which was 40-50 per cent more compared with May 2019. "This is to help migrant labourers find work who have returned to their home states," she said.

Rs 20 trillion economic stimulus package to benefit rural poor migrants, farmers, migrant labours, and needy among others: FM Sitharaman

Rs 20 trillion economic stimulus package to benefit rural poor migrants, urban poor, farmers, msmes, unorganised workers, migrant labours, small businesses, street vendors, middle income group, tribals, and the needy among others.
 

Govt to take up affordable rental housing for migrants, urban poor: FM Sitharaman

The Centre will launch a scheme under the Pradhan Mantri Awas Yojana for migrant labour and the urban poor to build affordable rental housing facilities for them.
 
Speaking to the media, Union Finance Minister Nirmala Sitharaman on Thursday said that under the scheme, government-funded housing in different cities will be converted into affordable rental housing complexes under the public-private partnership mode.
 
Further, the government will also incentivise manufacturing units, industries, institutions, associations to develop affordable rental housing complexes on their private land and operate them.

Govt to launch a scheme for affordable rental housing for migrant workers/urban poor: FM Sitharaman

Government to launch a scheme for affordable rental housing for migrant workers/urban poor to provide ease of living by converting govt funded housing in cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire: Finance Minister Nirmala Sitharaman

FM Sitharaman announces free food grains for 8 crore migrant workers for two months

Finance Minister Nirmala Sitharaman on Thursday announced free foodgrains for an estimated 8 crore migrant workers for next two months at a cost of Rs 3,500 crore.
 
Announcing the second tranche of economic stimulus package, she said 8 crore migrant workers who do not have either central or state PDS card, will get 5 kilogram of grains per person and 1 kilogram of 'chana' for two months.
 
Also, PDS ration cards will be made portable, allowing migrant workers to use their ration cards across states, she said adding this would benefit 67 crore beneficiaries or 83 per cent of PDS beneficiaries, in 23 states by August. By March 2021, 100 per cent coverage under 'One Nation One Ration Card' will be done, she added.
 

Rs 10,000-crore job work offered under MNREGS to migrant workers: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said Rs 10,000 crore has been spent in the last two months on creating 14.62 crore man-days of work under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS) to help migrant workers.
 
Announcing the second tranche of economic stimulus package, she said the work has been offered to 2.33 crore wage seekers till May 13.
 
About 40-50 per cent more persons have been enrolled as compared to May last year, she said. On reforms in pipeline, she said the government is for universal right to minimum wages and wants to remove regional disparity through a national floor wage.
 

Migrant workers, street vendors, small farmers to benefit from economic stimulus: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said the second tranche of the economic stimulus package will benefit migrant workers, street vendors, and small farmers.
 
Emphasising on building a self-reliant India, she said Thursday's initiative, which is the second tranche, focuses on migrant workers, street vendors, small traders, self-employed and small farmers. She insisted the stimulus consists of nine steps benefiting each category.
 
"Three steps for migrant workers, 1 for 'sishu' loan within Mudra, one related to street vendors, one to housing, one for employment generation for tribals, and two related to small farmers," Sitharaman said.

Rs 10,000 crore worth of steps taken so far this year for generating work for migrant labourers in 187,000 gram panchayats: FM Sitharaman


One Nation One Ration Card: 67 crore beneficiaries in 23 states covering 83% of PDS population will be covered, says FM

One Nation One Ration Card: 67 crore beneficiaries in 23 states covering 83% of PDS population will be covered by national portability by August 2020 and 100% national portability will be achieved by March 2021

Rs 11,000 crore given to states under State Disaster Relief Fund (SDRF) to help migrant workers and urban poor: FM Sitharaman

Rs 11,000 crore were given to states under State Disaster Relief Fund (SDRF) to help migrant workers and urban poor: Finance Minister Nirmala Sitharaman
 

FM press conference LIVE: Free food grain to be supplied to around 8 crores migrants for two months, says Nirmala Sitharaman

Free food grain to be supplied to around 8 crores migrants for two months. Those who do not hold central or state ration cards will be given 5 kg of rice/wheat & 1 kg of chana for next two months: Finance Minister Nirmala Sitharaman
 

Rs 2 lakh crore concessional credit boost to 2.5 crore farmers through Kisan Credit Cards: FM Nirmala Sitharaman


To create job opportunities for tribals, plans worth Rs 6,000 crore to be approved shortly: FM Sitharaman

To create job opportunities for tribals /adivasis - plans worth Rs 6,000 crore to be approved shortly under Compensatory Afforestation Management and Planning Authority (CAMPA) Funds: FM Nirmala Sitharaman

All occupations should be open for women, with provision for night working rights and adequate safeguards: FM Nirmala Sitharaman


Govt to continue EPF support for business and workers for 3 more months providing a liquidity relief of Rs 2,500 crore: FM Sitharaman

Government to continue EPF support for business and workers for three more months providing a liquidity relief of Rs 2,500 crore: FM Nirmala Sitharaman

50 lakh street vendors to be given Rs 5,000 crore, says FM Nirmala Sitharaman


Rs 2 lakh crore concessional credit boost to 2.5 crore farmers through Kisan Credit Cards: FM Nirmala Sitharaman


Rs 30,000-crore working capital facility, in addition to the Rs 90,000 crore already provided by Nabard: FM Sitharaman


Rs 2 trillion worth of concessional credit to be extended to 25 million farmers: FM Nirmala Sitharaman

CREDIT FOR FARMERS
  1. Rs 2 trillion worth of concessional credit to be extended to 25 million farmers
  2. To be provided through Kisan credit cards
  3. Animal husbandry and fisheries to also be eligible for this scheme

Funds to be released immediately for post-rabi harvest work and kharif preparation of small and marginal farmers: FM Nirmala Sitharaman

STEPS FOR FARMERS
  1. Rs 30,000-crore working capital facility, in addition to the Rs 90,000 crore already provided by Nabard
  2. States to be given this fund via SSBs, RRBs
  3. Funds to be released immediately for post-rabi harvest work and kharif preparation of small and marginal farmers
  4. 30 million farmers to benefits


EMPLOYMENT GENERATION: Rs 6,000-crore CAMPA funds to be used for afforestation and similar projects, says FM Sitharaman

STEPS FOR EMPLOYMENT GENERATION
  1. Rs 6,000-crore CAMPA funds to be used for afforestation and similar projects
  2. Proposals have come from states
  3. Move to generate employment for tribal and rural people



FM press conference LIVE: Each street vendor can take up to Rs 10,000 as loan, says Sitharaman


FM press conference LIVE: Affordable housing credit scheme for the middle income group extended to March 31, 2021, says Sitharaman

STEPS FOR HOUSING
  1. Affordable housing credit scheme for the middle income group (the lowest strata... with Rs 6 lakh to Rs 18 lakh annual income), started in 2017, extended to March 31, 2021
  2. Rs 70,000-crore scheme
  3. 330,000 families have benefitted from this scheme. Another 250,000 more to benefit
  4. Move to spur job creations
  5. Demand for construction material to improve
  6. Immediate impact likely on the demand side

FM press conference LIVE: Govt to launch affordable rental housing scheme for migrant workers, says FM Sitharaman


FM press conference LIVE: Each street vendor can take up to Rs 10,000 as loan, says Nirmala Sitharaman

STEPS FOR STREET VENDORS
  1. Special credit facility scheme at the cost of Rs 5,000 crore
  2. Easy access to credit to be available for all street vendors (about 5 million in total)
  3. Each vendor can take up to Rs 10,000 as loan
  4. Those making repayments through the digital mode to get additional benefit

Interest subvention support of 2% for 12 months at the cost of Rs 1,500 crore under Mudra Shishu Loans: Nirmala Sitharaman

STEPS UNDER MUDRA SHISHU LOANS (Rs 50,000 or less)
  1. Interest subvention support of 2% for 12 months at the cost of Rs 1,500 crore
  2. Rs 1,62,000 crore given out under this type of loan so far
  3. 30 million people to benefit


FM press conference LIVE: Migrant workers/Urban poor to have Affordable Rental Housing Complexes, says FM Nirmala Sitharaman

Migrant Workers / Urban Poor to have Affordable Rental Housing Complexes (ARHC): Government will launch a scheme under PMAY, says  FM Nirmala Sitharaman
 
 

Govt to launch a scheme for affordable rental housing for migrant workers/urban poor: FM Sitharaman

Govt to launch a scheme for affordable rental housing for migrant workers/urban poor to provide ease of living by converting govt funded housing in cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire: FM Nirmala Sitharaman
 

Finance Minister Nirmala Sitharaman speaking on affordable rental accommodation for migrant workers/urban poor

Affordable rental accommodation for migrant workers/urban poor
  1. Special scheme for rental housing
  2. Incentivising manufacturing units to build affordable rental housing complexes
  3. Also converting govt-funded houses into rental housing complexes
  4. Scheme to be implemented on PPP model via concessionaire arrangements
  5. Detailed guidelines to come from the ministry soon

FM press conference LIVE: 'One nation, one ration card' to be implemented, says FM Sitharaman

National portability of ration cards
  1. 'One nation, one ration card' to be implemented
  2. In 23 states, 6.7 million beneficiaries (83% of all PDS beneficiaries) already covered
  3. 100% coverage by March 2021

FM Nirmala Sitharaman speaking on the steps for migrants taken by the government

Steps for migrants by the government: 
Food supply
  1. Free food grain supply to all migrant workers, even non-card holders, for the next two months — 5 kg wheat/rice/1 kg chana.
  2. Rs 3,500 crore to be spent on this over the next 2 months
  3. State govts to be implementing agency for this
  4. 80 million migrant workers to benefit

Rs 3,500 crore to be spent on this over the next 2 months: FM Sitharaman on steps govt taking for migrants


Free food grain supply to all migrants, even non-card holders, for the next two months — 5 kg wheat/rice/1 kg chana: FM Sitharaman



Extending EPF support for business and organised workers for another three months: FM

Extending EPF support for business and organised workers for another three months for salary months of June, July and August 2020 - will provide liquidity for workers in MSME and other businesses, says Finance Minister Nirmala Sitharaman.

Rs 29,500 crore refinanced by NABARD to Cooperative Banks & Regional Rural Banks in March: FM Sitharaman


63 lakh loans worth Rs 86,000 crore approved in agricultural area, in just two months, March and April 2020: FM Sitharaman


FM press conference LIVE: Govt planning to make ESIC mandatory for workers in hazardous jobs, says Nirmala Sitharaman


FM press conference LIVE: Govt planning to reskill retrenched workers, says Sitharaman


FM press conference LIVE: Plan to extend ESIC to workplaces with less than 10 workers (voluntary), says Sitharaman


FM press conference LIVE: Portability of welfare benefits also being considered for migrant workers, says Nirmala Sitharaman


FM press conference LIVE: 'National floor wage' concept on cards to remove disparity among states in minimum wages, says Nirmala Sitharaman


Rs 20 trillion economic package provides support for migrants and urban poor: FM Nirmala Sitharaman

Rs 20 trillion economic package provides support for migrants and Urban Poor:
  1. Govt permitted State Governments to utilise State Disaster Response Fund (SDRF) for setting up shelter for migrants 
  2. Central Government released Rs 11002 crore of its contribution in advance to all States on 3rd April
 

Already generated 40-50% more man days than pre-Covid-19 period. 23.3 million wage-seekers benefitting: FM Nirmala Sitharaman


Liquidity support to farmers and rural economy provided as part of Aatma Nirbhar Bharat Package: FM Sitharaman


For shelter homes for migrant workers, funds sanctioned by the Centre to states: FM Sitharaman

Finance Minister Nirmala Sitharaman's second tranche of announcements as part of the 'Atma-nirbhar Bharat Mission' economic package

For urban poor in the past two months
  1. For shelter homes for migrant workers, funds sanctioned by the Centre to states
  2. Urban homeless living in shelter homes being provided three meals by the Centre

Rs 6,700 crore sanctioned to state agencies for procurement of agricultural produce in March and April: FM

Finance Minister Nirmala Sitharaman's second tranche of announcements as part of the 'Atma-nirbhar Bharat Mission' economic package
 
For rural poor in the past two months
  1. Rs 6,700 crore have been sanctioned to state agencies for procurement of agricultural produce in March and April alone
  2. Rs 29,500-cr recapitalisation of RRBs undertaken by Nabard in March

Direct support to farmers and rural economy provided as part of Aatma Nirbhar Bharat package: FM Sitharaman


30 million marginal farmers have already availed Rs 4-trillion loans on concessional rates: FM Sitharaman on Rs 20-trillion economic package



Interest subvention on small loans to farmers extended to May 31, 2020: FM Sitharaman


Today's initiatives focuses on migrant workers, street vendors, small traders, the self-employed and small farmers: FM Nirmala Sitharaman


Second tranche focuses on migrant workers, street vendors, small farmers, self-employed individuals: FM Sitharaman

Finance Minister Nirmala Sitharaman's second tranche of announcements as part of the 'Atma-nirbhar Bharat Mission' economic package
  1. Second tranche focuses on migrant workers, street vendors, small farmers, self-employed individuals
  2. Nine steps — 3 for migrant workers, 1 pertains to shishu loan under MUDRA, 1 related to street vendors, 1 for housing, 2 related to small farmers, 1 for small traders

Today's announcements will focus on migrant workers, farmers, street vendors, and housing: FM Sitharaman


Finance Minister Nirmala Sitharaman begins press conference on government’s Rs 20-trillion economic package


Finance Minister Sitharaman going to begin second press conference on Rs 20-trillion economic package shortly


Banks to breathe easy as govt's Rs 3.7 trn package brings relief for MSMEs

The finance minister (FM) has not disappointed businesses this time. That is largely the verdict from market experts and analysts who have given a thumbs up to the Rs 6-trillion relief package announced on Wednesday.
 
With nearly Rs 3.7 trillion targeted at micro, small and medium enterprises (MSMEs), this addresses the growing discomfort banks felt while lending to MSMEs.
 
Not only has credit growth in this segment been on a weak footing, asset quality of these loans, too, has prompted banks to take a cautious stance on the sector.
 

Fiscal stimulus package fails to provide succour to the poorest: Opposition

The Congress and other Opposition parties on Wednesday said the Centre’s fiscal stimulus package fails to provide succour to hapless migrants, to the poorest, and even state governments confronted with financial crunch. They said the package will not help spur demand and consumption.
 
Senior Congress leader P Chidambaram said the need of the hour was to put money into the pockets of citizens, especially the poorest 130 million, but the package has nothing for them. Before the package was announced, he dubbed the prime minister’s announcement as a “headline and a blank page.” He later said there was nothing in the package for middle classes.
 

India Inc cheers govt's stimulus package, says will provide relief to businesses

India Inc on Wednesday said initiatives unveiled by the Finance Minister targeting key sectors of MSME, discoms and real estate as part of the 'Stimulus Package 2.0' will enable them to mitigate the impact of the coronavirus crisis.
 
Industry bodies said the measures will infuse liquidity in the market and inject a fresh lease of life in distressed micro, small and medium enterprises (MSMEs).
 
Finance Minister Nirmala Sitharaman announced Rs 3 trillion of collateral-free loans for small businesses, cut the tax rate for non-salary payments and provided liquidity to non-banking companies to help them tide over the disruptions caused by the lockdown.
 

Finance Minister Nirmala Sitharaman going to begin second press conference on government’s Rs 20-trillion economic package today


Rs 20-trillion package: Govt reduces EPF contribution for companies for 3 months

The National Democratic Alliance (NDA) government on Wednesday announced reducing the rate of contribution for private sector firms towards Employees’ Provident Fund schemes from a total of 24 per cent to 20 per cent of the wages for the next three months.

 
The government has also decided to extend the subsidy benefit provided to companies for their EPF contributions for three months, from June to August. Under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), the government had announced funding the entire EPF contribution made by employers for companies with less than 100 workers. It applied to firms with at least 90 per cent of the workforce earning less than Rs 15,000 a month – a move that targeted smaller firms.
 

Banks, NBFCs may see some rally after Rs 6 trn relief package by FM

The finance minister (FM) has not disappointed businesses this time. That is largely the verdict from market experts and analysts who have given a thumbs up to the Rs 6-trillion relief package announced on Wednesday.
 
With nearly Rs 3.7 trillion targeted at micro, small and medium enterprises (MSMEs), this addresses the growing discomfort banks felt while lending to the sector. Not only has credit growth in this segment been weak, asset quality of these loans, too, has prompted banks to take a cautious stance on the sector.
 

Covid-19 package: MSME definition changed, loans worth Rs 3-trillion announced

Industry bodies representing micro, small and medium enterprises (MSMEs) and India Inc as a whole on Wednesday lauded the government’s move to provide the sector a new investment-friendly definition, a slew of loans, a massive fund, and the attempt to push the sector towards formalisation.
 
One of the sectors that have been hit hard by the Covid-19 pandemic, MSMEs have found pride of place in the government’s economic package to deal with the crisis.
In a surprise move, Finance Minister Nirmala Sitharaman on Wednesday announced a change in definition of MSMEs, a proposal that had languished with a parliamentary standing committee since July 2018.
 

FM Nirmala Sitharaman to list second set of stimulus measures to boost economy today

Finance Minister Nirmala Sitharaman will on Thursday announce the second set of measures that are part of a Rs 20 trillion fiscal and monetary package announced by Prime Minister Narendra Modi to support India’s economy, which has been battered by a 51-day lockdown to curb the coronavirus outbreak.
 
Sitharaman on Wednesday announced measures of nearly Rs 5.94 trillion to provide relief to small businesses, taxpayers, shadow banks, power distribution companies, real estate, organised sector employees, and contractors working with the government.
 
The immediate fiscal impact of Wednesday’s announcements could be less than Rs 20,000 crore, even though analysts differ on that. The key measures were aimed at micro, small, and medium enterprises (MSME), with a Rs 3-trillion credit guarantee fund for collateral-free automatic loans, a Rs 20,000-crore subordinate fund for stressed MSMEs, and a Rs 50,000-crore equity infusion “fund of funds”.
 

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