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At a press conference, finance minister Nirmala Sitharaman They said 8 migrant workers of Rs million will get 5 kg of grains and 1 kg of legumes for free for two months, while 50 lakh street vendors who became unemployed due to the closure would receive a working capital loan of Rs 10,000 each.
Up to 2.5 million million farmers will receive Rs 2 million rupees from dealer credit through Kisan credit cards.
Also for current post-harvest (Rabi) and Kharif harvest requirements in May and June, NABARD will provide additional emergency working capital funds of Rs 30 billion to farmers through rural cooperative banks and regional rural banks.
It also announced an increase of Rs 70,000 crore for the housing sector through the one-year extension of the subsidized loan for affordable housing for the middle-income group with an annual income of Rs 6 lakh to Rs 18 lakh.
Sitharaman said that the central government will bear the cost of Rs 3.5 billion rupees to give free cereals and pulses to migrant workers. State governments will be responsible for the implementation, identification of migrants and complete distribution.
Also to benefit migrant workers, the government plans to allow interstate portability of ration cards under the public distribution system (PDS) to allow them to use their cards anywhere for profit.
For small businesses, the minister announced a 2 percent interest grant under MUDRA-Shishu loans of up to Rs 50,000. This would cost the government Rs 1.5 billion.
For street vendors, the working capital loan would cost Rs 5 billion rupees.
It also announced an employment boost of Rs 6,000 crore, using funds from the Competitive Forestry Planning and Management Authority (CAMPA).
Prime Minister Narendra Modi announced on Tuesday a cumulative package of Rs 20 lakh crore (almost 10 percent of GDP) to provide relief to various segments of the economy. This included a 1.7 rupee lakh crore rupee package consisting of free food grains and cash for the poor for three months announced in March, and a 5.6 rupee lakh crore rupee stimulus provided through various monetary policy measures by the Bank. of the Reserve of India (RBI).
The rest of the Rs 20 lakh crore package is announced in tranches: Sitharman presented in the first tranche on Wednesday a plan of Rs 5.94 lakh crore that is mainly made up of out-of-budget items, such as Rs 3 lakh crore credit line for small companies such as support for shadow banks and electricity distributors.
Out-of-budget items do not generate any government exit, but will help ease liquidity constraints for companies once the blockade is lifted.
India, starting on March 25, imposed a three-week national blockade, the most far-reaching measure taken by any government to stem the spread of the pandemic. The blockade, which halted most economic activity as factories and companies closed while thousands of people became temporarily unemployed, has been extended twice until May 17, with some relaxations to allow activity to resume economic.
According to estimates, the blockade could have caused 12.2 million crore to lose jobs in April and consumer demand to evaporate.
In video: free food grains for all migrants for the next 2 months: FM Nirmala Sitharaman
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