The FM Smt Nirmala Sithraman did a press conference today that is on the 14th of May 2020 to further give the details of the Economic Package. In her press conference yesterday the FM made some various changes in the Direct Tax and announced various relief measures for the MSMEs as well.
The second tranche of the Economic Package focuses on 9 measures:
1. Three measures related to Migrant Workers
(i) The government will give free food grain supply to migrants for 2 months. A total of Rs 3500 crores will be spent on this.
(ii) Migrant Workers will have affordable rental housing complexes.
(ii) One Nation one ration card will come into effect by March 2021
Please note that the Labour Code to Benefit to the workers is also in the action plan.
2. Two measures related to small farmers
(i) The GOI announced additional emergency working capital of Rs 30,000 crores for farmers through NABARD
(ii) Rs 2 lakh crores concessional credit will be given through Kisaan Credit Cards
3. Measures related to Shishu Loan Mudra
GOI will provide an interest subvention of 2% for prompt Mudra Shishu loan payees for a period of 12 months. The FM said, 'Relief of Rs 1500 crore will be given to Mudra Shishu loanees.'
4. Measures related to housing
Credit Linked Subsidy Scheme to be extended till 31/03/2021, the government said that this amounts for an investment of 70,000 crores. This will be a boost to the housing sector and the middle-income group.
5. Measures related to employment for tribals
To create job opportunities for the Tribal a Tribal Adivasi Plan with Rs 6000 crore will be implemented to push employment in the Tribal Sector.
Also Read:
Changes in Direct Tax announced by FM in the Economic Package
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