Home News Second press conference of Finance Minister on economic package

Second press conference of Finance Minister on economic package

by Aravind Balaji

Finance Minister Nirmala Sitharaman today in the 2nd press conference announced measures to address the concerns of migrant workers, street vendors, small traders, and small farmers.

Migrant workers

Prime minister day before yesterday the government is bringing out a 20 lakh crore package to address the economic crisis due to the ongoing lockdown. The day after the announcement the Finance Minister started came out with the actions taken for the economic revival.

Yesterday the Finance Minister announced 10 key measures targeted towards Micro, Medium, and Small scale Industries. The second set of announcements were made today at the press conference by the Finance Minister towards the welfare of migrant workers, street vendors, small traders, and small farmers.

The Finance Minister also remembered key measures that were done in the past such as

  1. Approval of 63 lakh loans for farmer between March and April
  2. Deployment of Rs. 4200 crores to states for the purpose of rural development under the Rural Infrastructure Development Fund.
  3. Shelter and foods provided to the urban poor for the past two months.
  4. Fund of Rs. 11000 crore given to states towards taking care of migrant workers in their respective states.
  5. Self-help groups producing more than 3 crore face masks and 1.2 lakh liters of sanitizers during the COVID-19 crisis.
  6. Spending about Rs. 10000 crore under MNREGA in just 43 days and raising wage rate to Rs. 202 from Rs. 182 in the last year.

Finance Minister also announced additional measures such as

  1. Implementation of One Nation One Ration card system to help out the migrant laborers get ration support at any part of the country by the new Public Distribution System.
  2. Launching affordable rental housing for migrant laborers and urban poor by converting government-funded houses in cities into Affordable Rental Housing Complexes, which will be done in PPP mode.
  3. Special credit facility to street vendors. The scheme is said to support nearly 50 lakh street vendors.
  4. Interest subvention of 2 percent for prompt Mudra Shishu loans payees for a period of 12 months.
  5. Approval of Rs.6000 crores for Compensatory Afforestation Management & Planning Authority to create job opportunities for tribals.
  6. Working capital funds of Rs.30,000 crores will be provided by NABARD to small and marginal farmers.
  7. Concessional credit boost to 2.5 crore farmers through Kisan credit cards worth Rs. 2 lakh crore.

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