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FM Sitharaman announces second tranche of economic package

Finance Minister Nirmala Sitharaman addresses another press conference to announce the second tranche of Rs 20 lakh crore stimulus package.

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Finance Minister Nirmala Sitharaman focused on the rural economy, migrant workers and unorganised sector in the second tranche of announcements on Thursday where she unveiled the details of the Rs 20 lakh crore stimulus package to revive the economy amid coronavirus crisis. 

The Finance Minister addressed another press conference on Thursday at 4 pm. 

The package focused on providing relief to farmers, labourers and unorganised sector. While labourers working in unorganised sector may get some kind of economic package, a special loan scheme may be rolled out for farmers. 

Here are the live updates of FM Nirmala Sitharaman's announcements

17:11 IST Thursday, 14 May 2020

Rs 2 lakh crore concessional credit boost to 2.5 crore farmers through Kisan Credit Cards: FM Nirmala Sitharaman

17:10 IST Thursday, 14 May 2020

To benefit around 3 crore farmers, mostly small and marginal farmers, Govt announces Rs 30,000 crores Additional Emergency Working Capital Funding through NABARD: FM Sitharaman

17:06 IST Thursday, 14 May 2020

Government to extend the Credit Linked Subsidy Scheme (CLSS) for affordable housing up to March 2021; 2.5 lakhs middle income families to benefit during 2020-21: FM Sitharaman

17:00 IST Thursday, 14 May 2020

Government to support nearly 50 lakh street vendors. Initial working capital of up to Rs 10,000 to be provided through loans. Rs 5000 cr Special Credit Facility: FM Sitharaman

16:57 IST Thursday, 14 May 2020

Government of India will provide Interest subvention of 2% for prompt MUDRA-Shishu  Loans payees for a period of 12 months. Relief of Rs 1500 cr to MUDRA-Shishu  loanees: FM Sitharaman

16:54 IST Thursday, 14 May 2020

Govt to launch a scheme for affordable rental housing for migrant workers/urban poor to provide ease of living by converting govt-funded housing in cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire: FM Nirmala Sitharaman

16:54 IST Thursday, 14 May 2020

'One Nation One Ration Card' will be implemented- 67 crore beneficiaries in 23 states covering 83% of PDS population will be covered by national portability by August 2020: FM Sitharaman

16:45 IST Thursday, 14 May 2020

Free food grains supply to all migrants for the next 2 months. Non-card holders will be given 5kg wheat/rice per person and 1 kg chana per family/month for 2 months. 8 crore migrants will benefit. Rs 3500 crores to be spent on this: FM Sitharaman

16:42 IST Thursday, 14 May 2020

12,000 self-help groups (SHGs) have produced more than 3 crore masks and 1.2 lakh litres of sanitizers during #COVID19 period. 7,200 new SHGs for urban poor have been formed during the last two months: FM Nirmala Sitharaman

16:33 IST Thursday, 14 May 2020

Govt providing jobs under MGNREGA to migrants returning to their homes. 14.62 crore person-days of work generated till May 13. Actual Expenditure till date is around Rs 10,000 Cr: Sitharaman

We have already generated 14.62 crore person-days of work till 13th May, which is 40-50% more persons enrolled as compared to last May. Migrant workers going back to their states being actively enrolled: FM

16:29 IST Thursday, 14 May 2020

Govt permitted State Governments to utilise SDRF for setting up shelter for migrants. Central Government released Rs 11002 crore of its contribution in advance to all States on 3rd April: FM

16:28 IST Thursday, 14 May 2020

Liquidity Support to farmers & Rural Economy provided post-COVID19 as part of AatmaNirbhar Bharat Package: Finance Minister Sitharaman

16:27 IST Thursday, 14 May 2020

Direct Support to farmers & Rural Economy provided post-COVID19 as part of AatmaNirbharBharatPackage: Finance Minister Sitharaman

16:19 IST Thursday, 14 May 2020

3 meals are being provided to urban homeless at shelter homes by Centre: FM

Govt has permitted state govts to utilise SDRF for setting up shelter for migrants and providing them food and water etc...We are conscious, we are attending to the migrants and giving them in various different ways: FM Nirmala Sitharaman

16:17 IST Thursday, 14 May 2020

Interest subvention and prompt repayment incentive on crop loans due from 1st March has been extended to 31st May: FM Nirmala Sitharaman

16:15 IST Thursday, 14 May 2020

Today's initiatives focus on migrant workers, street vendors, small traders, the self-employed & small farmers: FM Nirmala Sitharaman

16:03 IST Thursday, 14 May 2020

Nirmala Sitharaman addresses the media on the stimulus package

On Wednesday, her announcement focused on the MSME sector as she laid out a comprehensive plan focused on the revival of the cash-strapped industry. 

Rs 5.94 lakh crore worth of announcements were made, most of which was focused on providing liquidity to Micro Small and Medium Enterprises. The package provides a Rs 3 lakh crore worth of collateral-free automatic loans for businesses.

To provide relief to the business, additional working capital finance of 20% of the outstanding credit as on 29 February 2020, in the form of a Term Loan at a concessional rate of interest will be provided, the minister said. These loans will be provided on collateral-free automatic mode which means that the units will not have to provide any guarantee or collateral of their own. 

The amount will be 100% guaranteed by the government providing total liquidity of Rs 3 lakh crores to more than 45 lakh MSMEs, a press release by the Ministry of Finance said. 

This will be available to units with up to Rs 25 crore outstanding and turnover of up to Rs 100 crore whose accounts are standard. 

The government has also made a provision of Rs 20,000 crore subordinate debt for two lakh MSMEs which are NPA or are stressed. The government will support these firs, with Rs 4,000 crore to Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE). 

Banks are expected to provide the subordinate-debt to promoters of such MSMEs equal to 15% of his existing stake in the unit subject to a maximum of Rs 75 lakhs, the ministry said.

Besides Rs 50,000 crore of equity infusion will be made through MSME fund of funds. The government will set up a Fund of Funds with a corpus of Rs 10,000 crore that will provide equity funding support for MSMEs. 

An economic stimulus package of Rs 20 lakh crore was announced by Prime Minister Narendra Modi in his address to the nation on Tuesday. The package includes earlier schemes and relief measures provided by the Reserve Bank of India to build a self-reliant India". 

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