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Key Highlights of FM Speech dated 14th May 2020 on Economic Relief Package

CS Lalit Rajput 
on 15 May 2020

LinkedIn


Key Highlights:

Today's initiatives include a total of 9 measures:

  • 3 related to Migrant workers
  • 1 related to Street vendors
  • Small traders
  • Self-employed people
  • 2 on Small farmers
  • 1 on housing

1. Interest subvention for loans to farmers, normally given for prompt repayment, further extended to May 31, 2020

2. Rs. 3 crore marginal farmers had received loans worth Rs. 4 lakh crore at low rates. They were also given a moratorium by RBI

3. 25 lakh new Kisan Credit Card sanctioned with a loan limit of Rs. 25000 Crore.

4. Liquidity Support to #Farmers & Rural Economy provided post #COVID19 as part of #AatmaNirbharBharatPackage :

  • 63 lakh loans of Rs. 86,600 Crore approved in agriculture between 01st March 2020 to 30th April 2020
  • Refinancing of Rs. 29,500 crore provided by NABARD to Cooperative Banks & Regional Rural Banks in March, 2020.
  • Working Capital limit of Rs. 6700 Crore sanctioned for Procurement of Agricultural Produce to State Government Entities Since March, 2020
  • Support of Rs. 4200 Crore Provided under Rural Infrastructure Development Fund to State during March 2020
Key Highlights of FM Speech dated 14th May 2020 on Economic Relief Package

5. support for #Migrants & Urban Poor:

  • Govt permitted State Governments to utilise SDRF for setting up shelter for migrants
  • Central Government released Rs 11002 crore of its contribution in advance to all States on 3rd April

6. Support for Migrant and Urban Poor during last two months:

  • 12,000 SHGs have produced more than 3 crore masks and 1.2 lakh litres of sanitizers during #COVID19 period
  • Revolving funds are being provided to SHGs through PAISA portal
  • 7,200 new SHGs for urban poor have been formed during the last two months
  • Rs. 11,000 crore given to states for taking care of migrant workers and others
  • 3 meals per day for urban homeless, entirely at expense of central govt.
  • Govt permitted State Governments to utilise SDRF for setting up shelter for migrants
  • Central Government released Rs 11002 crore of its contribution in advance to all States on 3rd April

7. MANREGA supports to returning Migrants

  • More than 14.6 crore MNREGA person days have been generated till yesterday, 40%-50% higher compared to last May
  • Work has been offered to 2.33 crore wage seekers in 1.87 lakh gram panchayats
  • Returning Migrant workers will be gainfully engaged
  • 14.62 crore person-days of work generated till 13th May 2020
  • Actual Expenditure till date is around Rs. 10,000 Cr

8. Liquidity Support to Farmers and Rural Economy provided post COVID19

  • 63 lakh loans worth Rs. 86,000 crore approved in agricultural area, in just two months, March and April 2020.
  • Rs. 29,500 crore refinanced by NABARD in March alone
  • FM notes how govt. has been working to put money in hands of farmers during COVID19

9. Government Committed to the welfare of Workers':

  • Make Right to Minimum Wages universal (now, applicable only to 30% of workers)
  • Remove regional disparity in minimum wages, through a #NationalFloorWage Concept which can be accepted by all states
  • We are looking at re-skilling of workers who have lost their jobs, and social security scheme for gig workers
  • All occupations should be open for women, with provision for night working rights and adequate safeguards
  • Want to reduce 44 Labour Acts to 4 codes, Labour Minister
  • Has engaged with all strata of workers to ensure their concerns are addressed, we are committed to getting this passed in Parliament – FM
  • We want to have a better definition for inter-state migrant workers, to better reach benefits to them
  • Portability of welfare benefits for migrant workers and making ESIC coverage pan India are other aspects we are working on,

10. Extending EPF Support for business and organised workers for another 3 months for salary months of June, July and August 2020 - will provide liquidity for workers in MSME and other Businesses.

11. Migrant Workers / Urban Poor to have Affordable Rental Housing Complexes (ARHC): Government will launch a scheme under #PMAY

  • FM, Nirmala Sitharaman announces affordable Rental Housing for migrants and urban poor, to be launched under PM AwasYojana
  • With this, urban poor and migrants can look forward to having some basic accommodation for themselves, says FM

12 for Migrant Workers:

  • Free Food grain supply to #Migrants for 2 months
  • Black small square About 8 crores migrants to benefit from this
  • Black small square Rs. 3500 Crore will be spent on this intervention for 2 months:

13. Free Food Supply

  • Free food grain to be supplied to around 8 crore migrants for 2 months
  • Those who do not hold central / state ration cards will be given 5 kg of rice/wheat and 1 kg of chana for next two months
  • Rs. 3,500 crore cost to be borne by Central Govt.

14. We have made adequate provisions to ensure that returning migrant workers needing work will be engaged, states and UTs have been asked to provide them work as per provisions of MNREGA Act.

15. #OneNationOneRationCard

  • PDS ration cards to be portable across India, can be used in any part of the country
  • 67 crore beneficiaries - 83% of all PDS population - to be covered by this
  • 100% coverage by Mar 2021

16. Government to support nearly 50 lakh street vendors

  • Rs 5000 cr Special Credit Facility for #StreetVendors;
  • Initial Working Capital upto Rs. 10000

17. 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
 

18. Government to extend the Credit Linked Subsidy Scheme (CLSS) up to March 2021; 2.5 lakhs middle income families to benefit during 2020-21

19. Affordable accommodation for migrants and urban poor will be provided through:

  • Converting govt. housing
  • Incentivizing industries to develop rental housing complexes on their private land
  • Incentivizing state/central govt. organizations too

20. Compensatory Afforestation Management & Planning Authority (CAMPA) Funds

  • To create job opportunities for Tribals /Adivasis -Plans worth Rs 6000 crores to be approved shortly
 

21. Rs 2 lakh crore concessional credit will be initiated that will benefit 2.5 crore farmers

Source: News / Press Conference& Twitter
https://twitter.com/FinMinIndia

Also Read:

Relief measures announced by FM in the Economic Package
Second Tranche of the Economic Relief Package announced by the FM


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