Region:
India
Category:
Economy

India: Fresh announcements on economy to help farmers, migrants

  • India: Fresh announcements on economy to help farmers, migrants
    Stimulus package Day 2: Free food, credit & housing in focus as govt unveils sops for migrants, farmers. India: Fresh announcements on economy to help farmers, migrants
Region:
India
Category:
Economy
Author/s:
By Deepak Dhawan, India Today
Publication date:
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Prime Minister Narendra Modi said the announcements made by his government on Thursday to boost the economy will strengthen food security and credit to farmers as well as street vendors.

Prime Minister Narendra Modi said the announcements made by his government on Thursday to boost the economy will strengthen food security and credit to farmers as well as street vendors.

"Today's announcements by FM Nirmala Sitharaman will especially benefit our farmers and migrant workers," the prime minister wrote on Twitter.

Stimulus package Day 2: Free food, credit & housing in focus as govt unveils sops for migrants, farmers.

"The announcements include a series of progressive measures and will boost food security, credit to farmers as well as street vendors," he said.

In the second tranche of Covid-19 special economic package, Finance Minister Nirmala Sitharaman on Thursday annunced a scheme for free foodgrain supply to all migrants for the next two months. They will be given five kg wheat or rice per individuals, one kg of pulse, one kg of gram (chana) even if a migrant worker does not have a BPL card.

Finance Minister Nirmala Sitharaman on Thursday announced the second tranche of measures to revive the economy hit hard by novel coronavirus outbreak. The second set of measures, part of the Rs 20-lakh crore package announced by Prime Minister Narendra Modi on Tuesday, included provisions for migrant workers, small farmers, urban poor, small traders, street vendors, tribals and lower-middle-income group.

The package announced by FM Sitharaman on Thursday totals to Rs 3.16 lakh crore and includes sops like free food grains for migrant workers, concessional credit to farmers and working capital loan for street vendors. The government also plans to give the real estate sector a boost by providing a one-year extension of subsidised loan for affordable houses for the middle-income group.

Prime Minister Narendra Modi had on Tuesday announced a cumulative package of Rs 20 lakh crore (nearly 10 per cent of GDP) to provide relief to various segments of the economy. This included Rs 1.7 lakh crore package comprising of free food grains and cash to poor for three months announced in March, and Rs 5.6 lakh crore stimulus provided through various monetary policy measures by the Reserve Bank of India (RBI).