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The second installment of Finance Minister Nirmala Sitharaman of the Rs 20 lakh crore financial aid package Atma Nirbhar Bharat on Thursday focused on farmers, migrant workers and street vendors. In addition to free food grain for migrant workers and credit facilities for street vendors and concessional credit for farmers, the finance minister not only revealed new measures, but also highlighted the steps taken by the NDA government in the last two months to help the vulnerable class affected by the economic depression caused by the coronavirus pandemic.
Here is a complete list of economic relief measures announced by the finance ministry, including the package announced on Thursday and Wednesday.
1. Special line of credit of Rs 5 billion rupees for nearly 50 lakh street vendors with initial working capital of up to Rs 10,000.
2. Rs 3,500 crore for the supply of food grains to migrants who are neither NFSA nor beneficiaries of state cards in the states in which they are stationed. Around 8 million rupees will receive 5 kg of grains and 1 kg of chickpeas per family for two months this scheme
3. Interest grant of Rs 1.5 billion for small businesses with Mudra-Shishu loans for a period of 12 months. The government will pay 2% interest for loan account holders who make regular payments.
4. Additional emergency working capital of Rs 30 billion for three crore producers to be allocated through NABARD to rural cooperative banks and RRBs to finance crop loan requirements.
5. Rs 6,000 crore for the Compensatory Afforestation Planning and Management Authority (CAMPA) for forest and forestry related jobs in urban areas to create job opportunities for tribes. This is above the Rs 90,000 crore that NABARD will provide via the normal refinance route this year.
6. Boosting Rs 70 billion rupees for the housing sector and middle income groups through the extension of the Credit Linked Subsidy Plan until March 31, 2021. Move to benefit middle income families of 2.5 lakh and create jobs and stimulate demand linked to construction.
7. Rs 14.62 million-person-days of work generated up to May 13, 2020, under the MGNREG scheme and the actual expenditure incurred is around Rs 10 billion.
8. Rs 11,002 crore released as an advance from the Center to the states to obtain funds from the SDRF to support the accommodation and food of the migrant workforce.
9. 63 lakh loans of Rs 86,600 crore approved in agriculture between March 1 and April 30, 2020.
10. Working capital limit of Rs 6.7 billion sanctioned for the acquisition of agricultural products from state government entities since March 2020.
11. Three crore farmers have already taken advantage of the 3-month loan moratorium on agricultural loans of Rs 4.22 lakhs crore.
12. Boost of Rs 2 lakh crore concessionary credit for 2.5 million farmers through Kisan credit cards. 25 lakh new Kisan credit cards have already been sanctioned with a loan limit of Rs 25,000 cr.
13. Rs 3 lakh crore emergency working capital facility for companies, including MSMEs
14. Subordinated debt of Rs 20,000 cr for stressed SMEs
15. Infusion of Rs 50,000 million through the MSME Fund of Funds
16. There are no global tenders for government orders of up to Rs 200 million
17. EPR support worth Rs 2.5 billion to organized companies and workers for another three months, from June to August 2020
18. Liquidity infusion of Rs 6,750 million through a reduction in the EPF contribution for employers and employees for three months from 12% to 10%
19. Liquidity of Rs 50 billion through a 25% reduction in rates for tax collected at source and deduction of taxes at source for the remaining duration of fiscal year 2020-21
20. Liquidity facility of Rs 30 billion for NBFC / HC / MFI
21. R 45,000 crore from the partial credit guarantee scheme 2.0 for NBFC
22. Liquid injection of Rs 90,000 crore for DISCOM
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