20 Lakh Crore Package Details PDF Part 2: The Special Economic, 20 lakh crore package details is announced by Nirmala Sitaraman. This package is to build the self-reliant India. The complete details about this Rs.20 lakh crore package Details PDF Part 2 are available here. Candidates use this news for current affairs preparation.
Due to COVID-19, entire India is under lockdown for around 50 days. The current lock down is coming to an end on May 17th. The central government will decide on lockdown matter after 17th May. There may be relaxations in the less affected areas. Prior to it, 2 days before, our Prime Minister Modi has announced a special economic package. The worth of Rs.20 lakh crore Package. Finance Minister Nirmala Sitaraman revealed the details of this Rs.20 lakh crore package Details. This package is to raise the economy of India. The concept of this 20 lakh crore package is to make a self-reliant economy in India. Also, candidates can use this news for their exam preparation. This is an important national economic news. So candidates prepare with the Rs. 20 lakh crore package details pdf.
20 Lakh Crore Package Details PDF Part 2
Finance Minister announces short term and long-term measures for supporting the poor, including migrants, farmers, tiny businesses and street vendors
1- Free food grains supply to Migrants for 2 months
- Migrants in various states require food-grain assistance
- Migrants who are neither NFSA or State Card beneficiaries in the state they are stationed will be provided 5 kg of grains per person and 1 kg Chana per family per month for two months
- About 8 crores migrants are expected to benefit.
- 3500 Crore will be spent on this intervention for 2 months
- Cost will be fully borne by Government of India
- State Governments responsible for implementation, identification of migrants and full distribution and providing detailed guidelines.
2- Technology system to be used enabling Migrants to access PDS (Ration) from any Fair Price Shops in India by March, 2021-One Nation one Ration Card
- Migrant families are not able to access food in other states.
- This scheme will enable a migrant beneficiary to access Public Distribution System from any Fair Price Shop in the country (Intra-State portability introduced in 20 States)
- Part of the PM’s Technology Driven System Reforms
- 67 crore beneficiaries in 23 states covering 83% of PDS population will be covered by national portability by August, 2020
- 100% National portability will be achieved by March, 2021
- All the States/UTs will complete full FPS automation by March, 2021
3- Scheme for Affordable Rental Housing Complexes for Migrant Workers and Urban Poor to be launched
- Migrant labour/urban poor face challenges in getting houses at affordable rent.
- Government will launch a scheme under PMAY for migrant labour/urban poor to provide ease of living at affordable rent by,
- Converting government funded housing in the cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire;
- Incentivizing manufacturing units, industries, institutions, associations to develop Affordable Rental Housing Complexes (ARHC) on their private land and operate; and
- Incentivizing State Government Agencies / Central Government Organizations on the similar lines to develop Affordable Rental Housing Complexes (ARHC) and operate.
- Ministry will issue detailed guidelines.
4- 2% Interest Subvention for 12 months for Shishu MUDRA loanees- Relief of Rs. 1500 crore
- Small businesses under MUDRA have been disrupted the most & has also impacted their capacity to pay EMIs.
- Loan moratorium has already been granted by RBI
- The current portfolio of MUDRA-Shishu loans is ~ Rs 1.62 Lakh crore (Maximum loan amount of 50,000 Rs).
- Government of India will provide Interest subvention of 2% for prompt payees for a period of 12 months.
- Relief of Rs 1500 cr to MUDRA-Shishu loanees
5- Rs 5000 crore Credit facility for Street Vendors
- Adverse impact on the livelihoods of the street vendors due to COVID-19
- Government will launch a special scheme within a month to facilitate easy access to credit to street vendors.
- Initial working capital up to Rs. 10,000.
- Digital payments will be incentivized through monetary rewards and enhanced working capital credit would be made available for good repayment behavior.
- Will support nearly 50 lakh street vendors
- Will provide liquidity of Rs 5000 crores
6- Rs70, 000 crore boost to housing sector and middle income group through extension of Credit Linked Subsidy Scheme for MIG under PMAY (Urban)
- Credit Linked Subsidy Scheme for Middle Income Group (Annual Income: Rs 6–18 lakhs) was operationalized from May 2017.
- CLSS was extended up to 31st March 2020
- Scheme has benefitted 3.3 lakh middle class families so far.
- Government will extend the CLSS Scheme up to March 2021.
- 5 lakhs middle income families will benefit during 2020-21
- Will lead to Investment of over Rs. 70,000 Crores in housing
- Will create jobs
- Will stimulate demand for steel, cement, transport and other construction materials.
7- Rs 6,000 crore for Creating employment using CAMPA funds
- There is need to create job opportunities for our citizens
- Compensatory Afforestation Management & Planning Authority (CAMPA) set up under Compensatory Afforestation Fund Act, 2016
- Plans worth Rs 6000 crores will be approved shortly.
- Funds to be used by State Governments for-
- Afforestation and plantation works, including in urban areas
- Artificial regeneration, assisted natural regeneration
- Forest management, soil & moisture conservation works
- Forest protection, forest and wildlife related infrastructure development, wildlife protection and management etc
- Will create job opportunities in urban, semi-urban and rural areas.
- Will create job opportunities for Tribals /Adivasis
8- Rs 30,000 crore Additional Emergency Working Capital for farmers through NABARD
- Inadequate financial resources with Small and Marginal Farmers
- RRBs and Rural Cooperative banks are main source for credit
- NABARD will extend additional refinance support of Rs. 30,000 crore for crop loan requirement of Rural Co-op Banks & RRBs.
- This is over and above Rs 90,000 crore to be provided by NABARD through the normal refinance route during this year
- Front-loaded on-tap facility to 33 State Co-operative banks, 351 District Co-operative banks and 43 RRBs available on tap based on their lending.
- To benefit around 3 crore farmers – mostly small and marginal farmers.
- To meet post-harvest (Rabi) & current Kharif requirement in May/June
9- Rs 2 lakh crore concessional credit boost to 2.5 crore farmers under Kisan Credit Card Scheme
- Special drive to be undertaken to provide concessional credit to PM-KISAN beneficiaries through Kisan Credit Cards
- Fishermen and Animal Husbandry farmers will also be included in this drive.
- This will enable such farmers to gain access to institutional
- credit at concessional interest rate
- 5 crore farmers will be covered and will benefit from credit flow of about Rs 2 lakh crores
This is all about the Announcement Made by FM Nirmala Sitharaman on 2nd day (14th May 2020).
Measures announced Yesterday (13th May 2020)
A number of measures were announced yesterday for Businesses in general and MSMEs in particular. The measures which will help all businesses are listed again for your understanding:
- Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs
- No Global tenders for Government tenders of up to Rs 200 crore
- Extending EPF Support for business and organized workers for another 3 months for salary months of June, July and August 2020 – will provide liquidity for workers in MSME and other Businesses
- EPF Contribution reduced for Employers and Employees for 3 months to 10% from 12% for all establishments for next 3 months for workers not covered by Govt support under PMGKP and its extension – will also help middle class employees – will provide liquidity for workers in MSME and other Businesses
- Relief to Contractors given by extension of up to six months for completion of contractual obligations, including in respect of EPC and concession agreements
- Tax relief to business as pending income tax refunds to charitable trusts and non-corporate businesses and professions to be issued immediately
- Reduction in Rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” by 25% for the remaining
- period of FY 20-21 and Due Dates for various tax-related compliances extended – will benefit all businesses
Candidates use this news for current affairs preparation. In coming competitive exams, questions related to the Rs.20 lakh crore special economic package may appear. So prepare and get good marks in current affairs.
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