Second Tranche of COVID 19 Package: Food & Credit Security, Affordable Housing & More

Second Tranche of COVID 19 Package: Food & Credit Security, Affordable Housing & More

In the second tranche of Centre’s financial stimulus for Atmanirbhar Bharat, the Finance Minister Nirmala Sitharaman on Thursday released a roadmap to support distressed small farmers, migrant workers, small traders and self-employed people.

In a slew of announcement, the FM revealed various schemes for poor and middle class, including food security for poor without the PDS cards. The FM Sitharaman announced a total of 9 steps today: 3 for migrant workers, 1 for MUDRA Shishu Loan, 1 for street vendors, 1 for housing, 1 for employment generation for Tribals and 2 for small farmers.

Highlights:

  1. The FM announced relief package worth Rs 3,500 crore for 8 crore migrant workers without ration cards.
  2. One Nation, One Ration Card will be a reality by March 2021. This will ensure National Portability Ration Cards that could be accessed at any ration shop across the country.
  3. The GOI announced a plan for introducing affordable rental accommodation for migrant workers.
  4. Loans up to Rs 50,000, under MUDRA Shishu loan category gets an interest subvention of 2% for 12 months after the moratorium by RBI expires. The 3 crore people will get benefit of Rs 1500 crore.
  5. Special low cost loan scheme for Rs 10000 working capital will be made available for street vendors. The scheme size is Rs 5,000 crore.
  6. Middle class (Rs 6 to Rs 8 lakh annual income) gets extension of credit-linked subsidy scheme up till March 2021. This will boost housing sector investments by Rs 70,000 crore and also benefit steel, cement and other sectors.
  7. Proposal of Rs 6000 worth support for CAMPA funds for tribal population and forest management and wildlife protection etc.
  8. To support small and marginal farmers, the government has announced Rs 30,000 crore worth emergency capital funds through NABARD for Rabi and Kharif related activities post the harvest.
  9. Rs 2 lakh crore of concessional credit under Under the PM Kisan Credit Card is also announced for 2.5 crore farmers, including people in animal husbandry and fisheries.
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