Finance Minister Announced The 2nd Phase of Govt's Rs 20 Lakh Crore Economic Package

Updated: May 24, 2020

Union finance minister Nirmala Sitharaman on Thursday unveiled the second tranche of measures of the government's "atmanirbhar (self-reliant) campaign" which will be for the benefit of migrant workers, street vendors, and small farmers.

Here are the key points of Today's Announcement -

  • Government extends Rs 30,000 crore additional emergency credit support for farmers and around 3 crore farmers will benefit from this.

  • 63 lakh loans approved in the agriculture area.

  • 25 lakh new Kisan Credit Cards issued with a loan limit of Rs 25,000 crore.

  • The centre will supply free foodgrains to all migrants for the next 2 months. Non-card holders (migrants without NFSA or state card beneficiaries) will be given 5 kg of rice/wheat and 1 kg of chana per family for two months.

  • Rs 4200 crore allocated for rural infrastructure.

  • Plan to continue MGNREGA projects in monsoon season.

  • Public distribution ration cards can be used in any ration shops irrespective of the states. 'One nation one ration card' will be implemented and assurance of 100% national portability of these cards by March 31, 2021.

  • Planning to introduce a national floor wage concept, to remove the wage disparity between states.

  • Rs 1,500 cr interest subvention for MUDRA-Shishu loans of up to Rs 50,000.

  • Affordable housing scheme for middle-income families with Rs 6 lakh to Rs 18 lakh annual income to be extended till March 2021.

  • Digital payments will be incentivized for street vendors through monetary rewards and enhanced working capital credit.

  • Government will launch a scheme for affordable rental housing for migrant workers/urban poor to provide ease of living by converting government-funded housing in cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through the concessionaire.

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