May 14, 2020, 5:14 pm IST
Credit concession for farmers
The Finance Minister, Nirmala Sitharaman said that a special drive will be undertaken to provide concessional credit to PM-KISAN beneficiaries through Kisan Credit Cards.
May 14, 2020, 5:11 pm IST
Rs 30,000 crores for farmers
The government will allocate an additional Rs 30,000 crore to NABARD, so that the same can be released as emergency working capital for farmers.
The NABARD already provides up to Rs 90,000 crore annually as working capital to farmer.
May 14, 2020, 5:07 pm IST
Affordable housing to get a push
A credit linked subsidy scheme for housing has been extended up to March, 2021. Finance Minister, Nirmala Sitharman said it is for the lowest strata of middle-income groups (income of up to Rs 6-18 lakh/annum).
"This will increase construction services and demand for building materials, cement, steel etc.," she said.
May 14, 2020, 5:00 pm IST
Credit facility for street vendors
A credit facility for street vendors was announced by the Finance Minister.
The facility will provide an initial working capital of up to Rs 10,000 to restart their businesses which have been adversely impacted by the Covid-19 lockdown.
May 14, 2020, 4:57 pm IST
Interest subvention for MUDRA-Shishu loans
The finance minister announced that prompt payees under the MUDRA-Shishu loan scheme will be given an interest subvention of 2 percent for a period of 12 months.
About 30 million people to benefit from the same.
May 14, 2020, 4:53 pm IST
Affordable housing for migrant workers
The Finance Minister said that the government will shortly launch a scheme for affordable rental housing complexes under the Prime Minister's Awas Yojana for migrant labour and urban poor.
This will initiated by converting government-funded housing in cities to such rental complexes through a public-private partnership.
There would also be incentives for manufacturing units to build affordable rental housing complexes
May 14, 2020, 4:51 pm IST
One Nation, One Ration Card
The ration cards used for PDS ration distribution to be made portable to allow migrant workers to use ration cards across states.
May 14, 2020, 4:41 pm IST
Free food grains for migrant workers for 2 months
Among the first announcements for migrant workers is free food grains even for migrant workers who do not have a card. 8 crores migrant workers to benefit from the same. The likely allocation for the same is Rs 3,500 crores.
May 14, 2020, 4:37 pm IST
Major labour reforms initiated
The Finance Minister, Nirmala Sitharaman today said that major labour reforms that include Labour Codes and workers' welfare, Universal right to minimum wages, removing regional disparity in minimum wage, and introducing a national floor wage
benefit for interstate migrant workers is initiated.
May 14, 2020, 4:33 pm IST
Interest subvention for farmers extended
The interest subvention for loans to farmers, normally given for prompt repayment, has been further extended to May 31, 2020.
May 14, 2020, 4:23 pm IST
Many steps taken for urban poor, says Finance Minister
Finance Minister listed out measures already initiated for the urban poor and and migrants. The central government permitted state governments to utilise State Disaster Response Fund for setting shelter for migrants and providing them food and water. Centre released over Rs 11,000 crore of its contribution in advance to all states. Three meals per day provided at the cost of central government for residents of Shelters for Urban Homeless.
May 14, 2020, 4:18 pm IST
Most measures for migrant workers
Today's initiatives include a total of 9 measures, which would be as follows:
3 related to migrant workers, 1 related to street vendors, 1 for small traders, 1 for self-employed people, 2 for small farmers
1 on housing.
May 14, 2020, 4:07 pm IST
Nine steps to be announced today: FM
The Finance Minister has said that there would be 9 steps to be announced today. The announcements for today would be initiatives for migrant workers, street vendors, small traders, self-employed people and small farmers.
May 14, 2020, 3:43 pm IST
Would industry be included in the second tranche?
The second tranch of the economic stimulus may not include industry. It would not be a surprise, if it includes farmers, labourers and street vendors.
May 14, 2020, 3:35 pm IST
Nifty ends with 2.57% cut
Not a good day for the stock markets, ahead of the second tranche of the economic stimulus.
Sensex has ended 885 points lower and the Nifty 240 points. This has largely to with weak global cues.
May 14, 2020, 3:14 pm IST
Sensex Sinks 900 Points Ahead of second tranche
Markets do not seem to be excited on the second tranche of the stimulus package. The Sensex is down more than 900 points, led by IT and banking stocks. Hindalco, Tech Mahindra and Infosys are among the top losers.
May 14, 2020, 3:02 pm IST
Something for street vendors likely
According to a New18 report, there could be something for street vendors in the second tranche of the economic stimulus package. It could be direct cash aid for these vendors the report says. How these are going to be identified remains to be seen.
May 14, 2020, 2:47 pm IST
Need to watch the fiscal deficit
The government while spending has to be careful of the fiscal deficit numbers. Sovereign credit rating agencies are very mindful of the same. At the moment India may now want to come under the glare of the rating agencies.
May 14, 2020, 2:39 pm IST
Second tranche may include farmers
There are unconfirmed reports that the second stimulus package would largely involve farmers. There could be some credit line for farmers.
May 14, 2020, 2:35 pm IST
Stock markets plunge
The Sensex has plunged almost 900 points ahead of the announcements. There was nothing in the markets as far as the first tranche was concerned.
Click it and Unblock the Notifications
Sign in with Google