Phase-2: Economic financial package for farmers, migrants and small traders

Phase-2: Economic financial package for farmers, migrants and small traders
Estimated reading time: 2 Minutes

Union Finance Minister of the nation, Nirmala Sitharaman unveiled the second dose of the economic-financial ‘vaccine’ today in which she unveiled the rest of the measures of the package. The main focus was on the employments of urban migrants, street vendors, farmers, and small traders of the nation.

Finance Minister announced details existing reliefs for urban migrants, street vendors, small farmers and small traders of the nation are as follows 

Interstate migrant definition has now been changed. Migrants who return back to their states will be granted incentives that will be available under the support of MNREGA where Rs. 10,000 crore will be spent on it by the government. It is under the act of right to the minimum wage for all workers to promote formalization. A plan is now available for annual health checkups for the employees working in hazardous places.

3 Big booster steps for the migrants have been set up by the government 

  1. Free food grain supply for all the migrants will be available by the government for the next 2 months. Unregistered migrants can also benefit from the scheme available. More than 8 crore migrants are to benefit from this scheme of worth Rs. 3000 crores.
  2. Ration cards now can be used in the whole nation irrespective of the state. 100 percent of National portability of ration cards with a push “1 Nation – 1 Ration Card” will commence from August onwards in the nation and the implementation deadline for the same would be 31st March 2021. 
  3. Basic affordable rental accommodation will be made available to the urban migrants soon. Government-funded houses in cities will be converted to the Affordable Rental Housing Complex (ARHC) under PPP mode through concessionaire so as to provide ease of living to the migrants.

 

Interest subvention support of 2 percent will be provided to the prompt payers of small businesses who avail loan under the Mudra – Shishu loan (Rs. 50,000 or less) and the scheme will begin after the 3 months of the moratorium period. It will benefit around 3 crore people under the Shishu category.

 Interest subvention for loans will be provided to farmers and prompt repayment incentives on crop loan dues from March 1 have now been extended to May 31, 2020.

FM announced liquidity of worth Rs. 4200 crores for the rural infrastructure and cited 63 lakh loans to the agriculture sector.

Additional core 30 thousand crores emergency working capital fund for small and marginal rabi via NABAD for the farmers who meet the post-harvest needs has been announced by the government.

Within a month, liquidity of Rs. 5000 crores worth relief will be available for the street vendors of the nation. Monetary rewards and enhanced working capital credit will be provided to the street vendors who would use the digital payment method for the exchange of funds.

2 lakh crores concessional credit will be provided via Kisan Credit Cards for the farmers at a concessional rate. The special drive will be undertaken for PM-Kisan beneficiaries, animal husbandry farmers, and fishermen.

Expanded benefits will be provided for the middle-income groups where the credit link subsidy scheme is now extended up to 31st March 2021. This will prompt job creation as demand for cement, steel, and other construction material will increase which would be a benefit for middle-income groups as well as the organizations.

Also, liquidity of Rs. 6000 crores compensatory afforestation management and planning authority (CAMPA) funds will be set up under Compensatory Afforestation Fund Act, 2016 so as to create job opportunities in urban, semi-urban, and rural areas of the nation including Tribals and Adivasis.

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Phase-2: Economic financial package for farmers, migrants and small traders

by Nisha Singh time to read: 2 min
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