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Sitharaman presser on 2nd tranche of economic stimulus package | LIVE

Earlier on Wednesday, Sitharaman laid out details of Modi government's Rs 20 lakh crore economic stimulus package which included Rs 30,000 crore Special Liquidity Scheme for non-banking financial companies, microfinance companies, housing finance companies; Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs.

India TV Business Desk India TV Business Desk
New Delhi Updated on: May 14, 2020 17:18 IST

Finance Minister Nirmala Sitharaman on Thursday addressed the media to give further details on Rs 20 lakh crore economic stimulius package announced by PM Modi during his Tuesday's televised address to the nation. It is the second consecutive day when the finance minister is providing details on the tranche of government's relief package for businesses including various sectors in wake of coronavirus outbreak.

Earlier on Wednesday, Sitharaman laid out details of Modi government's Rs 20 lakh crore economic stimulus package which included Rs 30,000 crore Special Liquidity Scheme for non-banking financial companies, microfinance companies, housing finance companies; Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs.

Among various other announcements, the fiinance minister said government has decided to reduce EPF contribution for businesses, workers for a period of 3 months in order to provide more take home salary and to give relief to employers in payment of PF.

Sitharaman presser on 2nd tranche of economic stimulus package: Live Updates 

  • Rs 30,000 crores additional emergency working capital funding through NABARD; 3 crore farmers to benefit.
  • Rs 2 lakh crore concessional credit boost to 2.5 crore farmers through Kisan Credit Cards.
  • To create job opportunities for tribals /adivasis -plans worth Rs 6000 crores to be approved shortly under Compensatory Afforestation Management & Planning Authority (CAMPA) Funds.
  • NABARD to extend additional re-finance support of Rs 30,000 crores for crop loan requirement of Rural Co-op banks and RRBs.
  • Government to extend the Credit Linked Subsidy Scheme (CLSS) for middle income group (annual income Rs 6-18 lakhs) up to March 2021; 2.5 lakh middle income families to benefit during 2020-21.
  • Government to support nearly 50 lakh street vendors with Rs 5000 crore Special Credit Facility.
  • 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.
  • 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.
  • One Nation One Ration Card will be implemented- 67 crore beneficiaries in 23 states covering 83% of PDS population will be covered by national portability by August 2020.
  • 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.
  • 12,000 self-help groups (SHGs) have produced more than 3 crore masks and 1.2 lakh litres of sanitizers during #COVID19 period. 7,200 new SHGs for urban poor have been formed during the last two months.
  • We have already generated 14.62 crore person-days of work till 13th May, which is 40-50% more persons enrolled as compared to last May. Migrant workers going back to their states being actively enrolled.
  • Govt has permitted state govts to utilise SDRF for setting up shelter for migrants&providing them food&water etc...We are conscious, we are attending to the migrants and giving them in various different ways.
  • Interest subvention and prompt repayment incentive on crop loans due from 1st March has been extended to 31st May
  • Nine steps will be announced today:

    - 3 will be announced for migrant workers
    - 1 for shishu loan within mudra
    - 1 for street vendors 
    - 1 for housing
    - 1 for employment generations largely for tribals
    - 2 for small farmers

  • Today's tranche focuses on migrant labourers, small traders and small farmers, says FM Sitharaman

The nation has been under lockdown since March 24 in order to contain the spread of COVID-19, however, the lockdown has affected businesses across industries throughout the country as factories, manufacturing units, shops, malls, restaurants, have been shut. So far since March 24, lockdown in the country have been extended two times and is expected to be further extended for some more period once it ends on May 17. 

The Prime Minister in his Tuesday's address had informed about further extention of lockdown to be called lockdown 4.0 adding it will be completely different from earlier phases details of which will be shared with the public before May 18.

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