Finance Minister Nirmala Sitharaman second portion of the Rs 20 lakh crore Atma Nirbhar Bharat monetary alleviation bundles Thursday depends on ranchers, transient workers, and road merchants. In addition to free food grain for migrant workers to credit facilities for street vendors to concessional loans for growers, the Finance Minister not only announced new initiatives but also highlighted the steps taken by the NDA government over the last two months to support the deprived class affected by the coronavirus pandemic's economic slump.
Here is a detailed list of the finance ministry’s planned economic relief initiatives, including the program revealed Thursday and Wednesday.
• Rs 5,000 crore special credit facilities for almost 50 lakh market vendors with up to Rs 10,000 initial working capital.
• Rs 3,500 crore for the distribution of food grain to migrants who are neither NFSA nor beneficiaries of state cards in the states on which they are born. Under this scheme, about 8 crore migrants are to be given 5 kg of grains and 1 kg of chickpeas per family for two months.
• Rs 1,500 crore worth of interest subsidy to small companies under 12-month Mudra-Shishu loans. The government will pay a tax of 2 % on credit card holders who make daily payments.
• 30,000 rs of additional emergency working capital for three crop farmers to be distributed to rural cooperative banks and RRBs by NABARD to fund crop loans requirements.
• Rs 6,000 crop for Compensatory Land Conservation and Planning Authority (CAMPA) for farm and land relevant activities in urban areas to build tribal job opportunities. This is beyond the Rs 90,000 crore which NABARD to provide this year via the usual refinancing route.
• Through expanding the Credit Linked Subsidy Scheme to March 31, 2021, Rs 70,000 crore raise to the housing sector and middle-income classes. Moving to benefit 2.5 lakh middle income families and create jobs and stimulating demand linked to the construction.
• 14, 62 crore work-days produced by the MGNREG scheme until 13 May 2020 and actual expenditure amounts to around Rs 10,000 crore.
• Rs 11,002 of the crop released as an advance to the SDRF states in support of shelter and food for migrant workers.
• 63 Rs 86,600 crore crop loans accepted in agriculture from 1 March until 30 April 2020.
• Rs 6,700 crore working capital limit sanctioned as from March 2020 for the procurement of agricultural produce to government entities.
• Three million farmers have already benefitted from a 3-month loan moratorium on Rs 4.22 lakhs million agricultural loans.
• Rs 2 lakh crore concessional credit raise by Kisan Credit Cards for 2.5 crore farmers. A credit cap of Rs 25,000 cr has already been approved for 25 lakh new Kisan Credit Cards.
• Rs 3 lakh crore emergency working capital facility for industries including small and medium-sized enterprises Rs 20,000 cr subordinate debt for stressed SMEs
• Infusion of 50,000 rs of crore equity by MSMEs Funds
• No global government contract for orders up to Rs 200 Crore
• From June to August 2020, Rs 2,500 crore of expanded EPF funding for businesses and mobilized staff for a further three months
• Rs 6,750 crore liquidity injection by rising the EPF allocation from 12 % to 10 % for workers and employees for three months
• Rs 50,000 crore liquidity by reducing tax rates collected at source and tax deduction at source for the remainder of FY 2020-21 by 25 %.
• The NBFC / HCs / MFI liquidity system Rs 30,000 crores
• R 45,000 Crore NBFC partial loan guarantee scheme 2.0
• Rs 90,000 crore liquidity injection for DISCOMs
