Nirmala Sitharaman Today: The government has already raised its borrowing plan for the current financial year to Rs 12 lakh crore from the previously budgeted Rs 7.8 lakh crore.
New Delhi 14 May 2020. Finance Minister Nirmala Sitharaman is addressing the media to provide details of the government’s “Atma Nirbhar Bharat” package to help the economy battle the damage caused due to the coronavirus pandemic and the weeks-long lockdown. The measures are part of the fiscal and monetary package worth Rs 20 lakh crore announced by Prime Minister Narendra Modi on Tuesday to support the economy, which has been battered by a the ongoing lockdown to curb the spread of the deadly COVID-19 disease. The government has already raised its borrowing plan for the current financial year to Rs 12 lakh crore from the previously budgeted Rs 7.8 lakh crore to set off the fall in revenue and fund extra spending. Economists say more clarity on the funding of any new measures announced by the government will be watched closely.
Here are highlights of what the Finance Minister said:
- Today announcing more steps under PM Garib Kalyan scheme
- Today’s measures focused primarily on migrant workers, street vendors and small traders
- Will be announcing 9 steps today
- 3 related to migrant workers
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- 1 Shishu loan scheme within MUDRA
- 1 street vendors
- 1 housing
- 1 employment generation for tribals
- 2 farmers, small farmers in particular
- Interest subvention scheme on farmer loans extended to May 31
- Liquidity support for farmers and rural economy has been happening for past 2 months
- Activities through banks have been happening; 63 lakh loans worth Rs 86,600 crore approved between March 1 and April 30
- NABARD extended support of Rs 4,200 crore through RIDF
- Rs 6,700 crore working capital provided to states in March
- In past two months, government transferred Rs 11,000 crore via SDRF to states for migrant workers
- Three meals being provided to homeless living in urban areas getting every day
- 12,000 self help groups have produced more than 3 crore masks during COVID-19 lockdown
- Government participated in forming 7,200 new self help groups for urban poor since March 15
- Already generated 14.62 crore man days of work so far this month (till May 13), up 40-50% compared to May 2019
- 2.33 crore wage seekers finding work under employment guarantee scheme MGNREGS
- Government to increase fund allocation for MNREGS if required
- Currently, minimum wages cover 30% of workers; government working towards extending this to all workers
- Working with states on establishing a national floor wage
- Employees’ State Insurance Corporation (ESIC) benefit to be given to all working in hazardous conditions
- All occupations should be open for women with night working rights
- Revenue secretary to explain recent announcements on TDS and TCS tax cuts
- Free food grain supply to all migrants for next two months
- provision of 5KG wheat or 1KG rice extended to non-card holders
- food supply for next 2 months should help 8 crore migrants
- Launching affordable rental housing scheme for urban poor
- Rs 30,000 crore additional liquidity for farmers through NABARD
