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Nirmala Sitharaman Presser Highlights: Free foodgrains for 8 cr migrants; Rs 5,000 cr credit scheme for vendors

FM Nirmala Sitharaman Speech on Economic Package Live Updates: Free Food grain supply to migrants for 2 months; about 8 crores migrants to benefit from this; Rs 3,500 crore will be spent on this intervention for 2 months

twitter-logoBusinessToday.In | May 14, 2020 | Updated 17:53 IST
Nirmala Sitharaman Presser Highlights: Free foodgrains for 8 cr migrants; Rs 5,000 cr credit scheme for vendors
Union Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman in her second press today announced nine different measures for farmers, street vendors, lower middle class and self-employed. The FM announced free foodgrains supply to all migrants for the next two months. For non-card holders, 5kg wheat/rice per person & 1 kg chana per family/month will be given for two months. Over 8 crore migrants will benefit and the Centre will invest Rs 3,500 crore on the scheme. The FM also announced One Nation One Ration Card scheme, which will be imlemented by 2021. Under the scheme, 67 crore beneficiaries in 23 states, covering 83 per cent of PDS population, will be covered by August 2020. The Centre will also launch a scheme for affordable rental housing for migrant workers/urban poor to provide ease of living by converting govt funded housing in cities into Affordable Rental Housing Complexes. The Centre will also provide interest subvention of 2 per cent for prompt MUDRA-Shishu Loans payees for 12 months. The Centre will support nearly 50 lakh street vendors with Rs 5,000 crore Special Credit Facility.

Also read: When & where to watch live streaming on stimulus package

Check out all the latest updates on Union Finance Minister Nirmala Sitharaman's press conference on BusinessToday.In live blog

5.21 PM: 2 lakh credit boost for farmers

Over Rs 2 lakh crore concessional credit boost to 2.5 crore farmers through Kisan credit cards. Fishermen and animal husbandry farmers will also be included in this drive. "Special drive will be undertaken to provide concessional credit to PM-KISAN beneficiaries through KISAN Credit Cards. Fishermen and animal husbandary farmers will also be included in this drive. This will enable such farmers to gain access to institutional credit at concessional interest rate," the FM said.

5.10 PM: Rs 30K crore additional emergency working capital for farmers

To benefit  around 3 crore farmers, mostly small and marginal farmers, the government announces Rs 30,000 crore additional emergency working capital funding through NABARD.

5.09 PM: CAMPA funds for tribals

To create job opportunities for tribals/adivasis, plans worth Rs 6,000 crore to be approved shortly under Compensatory Afforestation Management and Planning Authority (CAMPA) Funds.

5.06 PM: CLSS scheme for middle class extended

Government to extend the Credit Linked Subsidy Scheme (CLSS) for middle income group (annual income Rs 6-18 lakhs) up to March 2021. WIth this scheme, 2.5 lakh middle income families to benefit during 2020-21, says FM Nirmala Sitharaman.

5.00 PM: Interest subvention of 2% for prompt MUDRA-Shishu Loans

Government of India will provide interest subvention of 2% for prompt MUDRA-Shishu Loans payees for a period of 12 months; Relief of Rs 1500 crores to MUDRA-Shishu loan payees: FM Nirmala Sitharaman.

4.59 PM: Government to support nearly 50 lakh street vendors, under Rs 5,000 crore special credit facility will be given for street vendors.

4.54 PM: Urban poor to have affordable rental housing complexes, for which the government will launch a scheme under PMAY.

Govt to launch a scheme for affordable rental housing for migrant workers/urban poor to provide ease of living by converting govt funded housing in cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire: FM Nirmala Sitharaman

4.42 PM: 'One Nation One Ration Card' by March 2021

4.41 PM: Public Distribution Scheme ration cards to be made portable to allow migrant workers to use ration cards across states: FM

4.40 PM: Free food grains supply to all migrants for the next 2 months. For non-card holders, they shall be given 5kg wheat/rice per person & 1 kg chana per family/month for 2 months. 8 crore migrants will benefit- Rs 3500 crores to be spent on this: FM

4.43 PM: Over 8 crore migrant workers to get free foodgrains for 2 months. The Centre has allocated Rs 3,500 crore for the scheme. States will have implement the scheme.

4.31 PM: MGNREGA  support to returning migrants

  • 14.62 crore person-days of work generated till 13th May 2020
  • Actual Expenditure till date is around Rs 10,000 Cr

4.30 PM: Aatma Nirbhar Bharat Package provides support for migrants and Urban poor: FM

  • Govt permitted states to utilise SDRF for setting up shelter for migrants
  • Central Government released Rs 11002 crore of its contribution in advance to all States on 3rd April.

4.25 PM: Rs 4 lakh crore loan disbursed for farmers

Finance Minister Nirmala Sitharaman on Thursday said 3 crore marginal farmers availed loan of Rs 4.22 lakh crore under PM-KISAN during the coronavirus-led nationwide lockdown. These farmers availed the benefit of the 3-month loan moratorium, Sitharaman said while addressing her second press conference.

Also read: Over Rs 4 lakh crore loan disbursed to 3 crore farmers under PM-KISAN, says FM

4.23 PM: "Govt has permitted states to utilise State Disaster Response Fund for setting up shelter for migrants and providing them food and water etc. We are conscious, we are attending to the migrants and giving them in various different ways," says Sitharaman.

4.22 PM: Interest subvention and prompt repayment incentive on crop loans due from 1st March has been extended to 31st May: FM Nirmala Sitharaman

4.20 PM: Liquidity support to farmers and rural economy provided post COVID-19 as part of Aatma Nirbhar Bharat Package: FM

  • 63 lakh loans of Rs 86,600 crore approved in agriculture between march1 and April 30
  • Refinancing of Rs 29,500 crore provided by Nabard to co-op banks, regional banks in March
  • Support of Rs 4,200 crore under Rural Infra Development Fund to states in March
  • Working capital limit of Rs 6,700 crore for procurement of agri produce to states since March

4.15 PM: Direct support to farmers and rural economy provided post COVID-19 as part of Aatma Nirbhar Bharat Package

  • 3 crore farmers with agri loans of Rs 4.22 lakh crore availed 3-month moratorium
  • Interest subvention and prompt repayment incentive on crop loans
  • 25 lakh new kisan credit cards

4.15 PM: Total announcements for today

  • 3: migrant workers
  • 1: Shishu loan in Mudra
  • 1: Street vendors
  • 1: Housing
  • 1: Jobs for tribals
  • 2: Small farmers

4.05 PM: Today's initiatives focus on migrant workers, street vendors, small traders and farmers. Nine steps to be announced, says FM. Over 3 crore marginal farmers availed loans, which were worth over Rs 4.2 lakh crore, says the FM.

4.03 PM: Today's announcements to be for street vendors, small traders, farmers, says FM

4.02 PM: FM Niramala Sitharaman's press briefing has started

3.50 PM: Quick recap of announcements made by the FM on Wednesday

3.45 PM: India's coronavirus war chest

India's Rs 20 lakh crore spending on coronavirus subsumes the previous packages, which include Rs 4.7 lakh crore liquidity measures by the RBI. India's exact fiscal package as a percentage of the GDP will be known only after analysing the rest of the package.

3.40 PM: Coronavirus tally across India

As the FM is all set to announce the second tranche of the fiscal stimulus in a short while from now, let's look at new coronavirus cases across the country till 8 am today.

3.30 PM: Watch live press conference by Union Minister Nirmala Sitharmaan at 4PM

3.18 PM: Housing project deadlines extended

The Ministry of Housing and Urban Affairs (MoHUA) will advise all states and UTs and their regulatory authorities to extend the registration and completion date suo-moto by six months for all registered projects expiring on or after March 25, 2020, without individual applications, said Finance Minister Nirmala Sitharaman on Wednesday.

Also read: Relief for real estate sector! Govt allows housing project deadlines to be extended by 6 months

3.10 PM: Liquidity injection for discoms

As part of the Modi government's mega stimulus package worth Rs 20 lakh core, Union Finance Minister Nirmala Sitharaman on Wednesday announced liquidity injection worth Rs 90,000 crore for stressed power discoms. She said the revenues of power distribution companies had plummeted due to the coronavirus-infused lockdown, as it led to an unprecedented cash flow problem after demand plunged drastically.

Also read: FM announces Rs 90,000 crore liquidity boost for discoms

3.05 PM: Income Tax returns due date extended

Sitharaman also announced a slew of measures to revive the slumping economy during her press conference on Wednesday. Among a host of announcements, the Finance Minister, in a huge relief for taxpayers, said that the income tax returns due date will be extended to November 30. Tax audit date will also be extended to October 31.

Also read: Income Tax returns due date extended to Nov 30

3.03 PM: How India Inc reacted to FM's Day 1 presser

The industry bodies and leading businessmen have lauded the financial package and policy interventions announced by Finance Minister Nirmala Sitharaman on Wednesday. The Indian Chamber of Commerce stated that the turnover-based definition of MSMEs has addressed a long pending demand and extended the benefits to a large number of companies.

Also read: How India Inc. reacted to coronavirus relief package, economic stimulus

3.00 PM: Govt revises definition of MSMEs

Centre has revised the definition of micro, small and medium enterprises to give them the confidence to grow. Under the new definition, the distinction between manufacturing and services enterprises has been eliminated. Under the new definition of MSMEs, the investment criteria for such enterprises have been revised upwards, while an additional criterion of turnover has been introduced.

Also read: What is the new definition of MSMEs?

2.55 PM: 20,000 crore sub-ordinate debts scheme for stressed MSMEs

Union Finance Minister Nirmala Sitharaman, during her media briefing on Wednesday, announced Rs 20,000 crore sub-ordinate debts for stressed MSMEs, which will likely benefit around 2 lakh micro, small and medium industries. The FM said that functioning MSMEs that are non-performing assets or stressed will also be eligible for such loans. She added that the government will provide a support of Rs 4,000 crore to CGTMSE (Credit Guarantee Funds Trust for Micro and Small Enterprises), which will provide partial credit guarantee support to banks.

Also read: FM announces Rs 20,000 crore sub-ordinate debts scheme; to benefit over 2 lakh businesses

2.50 PM: Rs 3 lakh crore collateral free loans for MSMEs

Finance Minister Nirmala Sitharaman on Wednesday announced a slew of economic measures to support stressed Micro, Small and Medium Enterprises (MSMEs). She announced Rs 3 lakh crores collateral-free automatic loans for businesses, including MSMEs, which will benefit 45 lakh units.

Also read: FM Sitharaman announces Rs 3 lakh crore collateral-free automatic loans for MSMEs

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