Finance Minister Nirmala Sitharaman on Thursday said the second tranche of economic stimulus package will be for the benefit of migrant workers, street vendors and small farmers.
She 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.
The FM also announced free foodgrains for an estimated 8 crore migrant workers for next two months at a cost of Rs 3,500 crore.
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.
On Wednesday, the Finance Minister announced the mega relief package for small and medium businesses, non-financial banking companies and power distribution companies.
Below are the highlights:
5:10PM: Nearly Rs 2 lakh crores of concessional credit will be extended to boost farming activities. 2.5 crore farmers will benefit who do not have Kisan Credit Card, says FM.
5:07PM: Rs 30,000 crore additional emergency working capital fund for farmers through NABARD. This is expected to benefit around 3 crores small & marginal farmers. This will address post harvest (rabi) and current kharif requirements in May/June , says FM.
5:03PM: Credit-linked subsidy scheme for affordable housing for middle income group (Rs 6L-18L annual income) extended till March 2021, says FM.
4:59PM: Government of India will provide Interest subvention of 2% for prompt MUDRA-Shishu Loan payees for a period of 12 months, says FM.
4:58PM: Within a month govt to launch special scheme which will facilitate easy access to credit for all street vendors, says FM.
4:56PM: Within a month govt to launch special scheme which will facilitate easy access to credit for all street vendors, says FM.
4:53PM: Under PM Awaas Yojna, govt to launch affordable rental housing scheme for urban poor and migrant workers. We will be incentivising manufacturing units, industries and associations to build affordable housing complex on their private land. Will be done through PPP mode: FM.
4:49PM: PDS ration cards to be made portable to allow migrant workers to use ration cards across states: FM.
4:47PM: One Nation One Ration Card by August 20, says FM.
4:43PM: State govts will be implementing agencies, they will identify migrants and give details, says FM.
4:42PM: For those who are non-card holders, they shall be given 5 kgs of wheat or rice and 1 kg of channa. Engaging with the state govt to approach these migrants, says FM.
4:41PM: Free foodgrain supplies to all migrants for next two months, announces FM Sitharaman.
4:35PM: Labour code related matter is in Parliament; we are committed to making things better for the workers. Working towards a national floor wage concept, says FM.
4:34PM: We want to give the right to minimum wage universally to all the workers, says FM.
4:33PM: Want to extend ESIC benefits to all establishments which employ more than 10 people, says FM.
4:32PM: Regional disparity in minimum wages is something being addressed. Compulsory annual health check ups, a letter stating they are being employed will be looked at, says FM.
4:28PM: MNREGA generated 14.62 crore man days of work up to May 13, says FM.
4:25PM: 7,200 new SHGs have been formed for the urban poor, says FM.
4:23PM: 12,000 SHGs across the country have produced over 3 crore masks and 1,20,000 litres sanitizer during this Covid period, says FM.
4:21PM: In last 2 months, govt has permitted state govts to utilize state disaster response fund for setting up shelters for migrants and provide them food & water, says FM.
4:14PM: Liquidity support for farmers & rural economy has been happening in the last 2 months, says FM.
4:11PM: We might have been in a lockdown, but the government was not sitting idle, says FM.
4:09PM: About 3 crore farmers had availed agricultural loans which were given to them earlier, says FM.
4:02PM: Finance Minister Nirmala Sitharaman has arrived to announce the second tranche of special Covid-19 economic package.
3:52PM: Finance Minister Nirmala Sitharaman yesterday also announced that statutory PF contribution of both employer and employee has been reduced to 10 per cent from the existing 12 per cent across all establishments covered by the EPFO for the next three months.
3:40 PM: Nirmala Sitharaman will address the media shortly.
3:35 PM: Announcing the first set of components of the Rs 20 lakh crore economic stimulus package, Sitharaman on Wednesday announced up to Rs 3 lakh crore of collateral-free loans for small businesses, including MSMEs. Borrowers with up to Rs 25 crore outstanding and Rs 100 crore turnover would be eligible for the special collateral free loan.
3:30 PM: Finance Ministrer Nirmala Sitharaman will address the media on day 2 to to give further details on the Centre's economic package.
For in-depth, objective and more importantly balanced journalism, Click here to subscribe to Outlook Magazine