Rs 20 lakh cr Covid package’s 2nd chunk delivered: Total economic pkg in numbers
Nirmala Sitharaman’s press conference on the second day of announcement of Rs 20, lakh crore special economic package for all affected sectors of economy and individuals focussed on migrant labourers, farmers and street vendors.
Finance minister Nirmala Sitharaman’s second installment of the Rs 20 lakh crore Atma Nirbhar Bharat economic relief package on Thursday focused on farmers, migrant labourers and street vendors. Apart from free food grain to migrant workers to credit facility for street vendors to 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 assist the vulnerable class hit by the economic slump triggered by coronavirus pandemic.
Here’s a comprehensive list of the economic relief measures announced by the finance ministry including the package announced on Thursday and Wednesday.
1. Rs 5,000 crore special credit facility for nearly 50 lakh street vendors with initial working capital of up to Rs 10,000.
2. Rs 3,500 crore for supply of food grains to migrants who are neither NFSA nor state card beneficiaries in the states they are stationed in. About 8 crore migrants to be given 5 kg of grains and 1 kg of chickpeas per family for two months under this scheme.
3. Rs 1,500 crore worth of interest subvention for small businesses under Mudra-Shishu loans for a period of 12 months. The government will pay 2% interest for loan account holders making regular payments.
4. Rs 30,000 crore additional emergency working capital for three crore farmers to be allocated through NABARD to rural cooperative banks and RRBs for funding crop loans requirements.
5. Rs 6,000 crore for Compensatory Afforestation Management and Planning Authority (CAMPA) for forest and afforestation related works in urban areas to create job opportunities for tribals. This is over and above the Rs 90,000 crore to be provided by NABARD through the normal refinance route this year.
6. Rs 70,000 crore boost to the housing sector and middle-income groups through the extension of Credit Linked Subsidy Scheme to March 31, 2021. Move to benefit 2.5 lakh middle income families and create jobs and spur construction-linked demand.
7. 14.62 crore person-days of work generated till May 13, 2020, under MGNREG scheme and actual expenditure incurred is around Rs 10,000 crore.
8. Rs 11,002 crore released as Centre’s advance to states for SDRF funds to support shelter and food for 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 6,700 crore sanctioned for procurement of agricultural produce to state government entities since March 2020.
11. Three crore farmers have already availed the benefit of 3 months loan moratorium on agricultural loans of Rs 4.22 lakhs crore.
12. Rs 2 lakh crore concessional credit boost for 2.5 crore 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 businesses including MSMEs
14. Rs 20,000 cr subordinate debt for stressed SMEs
15. Rs 50,000 crore equity infusion through MSMEs Fund of Funds
16. No global tenders for government orders of up to Rs 200 crore
17. Rs 2,500 crore worth of extended EPF support for businesses and organized workers for another three months- from June to August 2020
18. Rs 6,750 crore infusion of liquidity through a reduction in EPF contribution for employers and employees for three months from 12% to 10%
19. Rs 50,000 crore liquidity through 25% reduction in rates for the tax collected at source and tax deduction at source for the remaining duration of FY 2020-21.
20. Rs 30,000 crores liquidity facility for NBFC/HCs/MFIs
21. R 45,000 crore partial credit guarantee scheme 2.0 for NBFCs
22. Rs 90,000 crore liquidity injection for DISCOMs