March 3, 2021

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Nirmala Sitharaman Proclaims Second Set Of “Atma Nirbhar Bharat” COVID-19 Financial Bundle


Nirmala Sitharaman stated most of the steps introduced on Thursday could overlap with future measures

Finance Minister Nirmala Sitharaman stated on Thursday the federal government will spend Rs 3,500 crore on meals for almost eight crore migrant staff over the subsequent two months, to assist assist them in opposition to the fallout from the coronavirus pandemic and the weeks-long nationwide lockdown. The bulletins , got here as a part of the second set of measures beneath the federal government’s “Atma Nirbhar Bharat” financial package deal to battle the harm precipitated to the financial system as a result of COVID-19 outbreak. Thursday’s bulletins – centered on migrant staff, road distributors, self-employed people, farmers and small merchants – had been a part of the fiscal and financial package deal value Rs 20 lakh crore introduced by Prime Minister Narendra Modi on Tuesday to prop up the ailing financial system. The federal government plans to increase a financial institution mortgage curiosity subsidy programme for reasonably priced housing to rented housing for migrant staff, the Finance Minister stated. 

Listed here are highlights of the Finance Minister’s second set of “Atma Nirbhar Bharat” bulletins:  

  • At this time asserting extra steps beneath PM Garib Kalyan scheme
  • At this time’s initiatives – as a part of second tranche of measures beneath the Atma Nirbhar Bharat package deal – focuse on migrant staff, road distributors, small merchants, self-employed people, small farmers 
  • Will likely be asserting 9 steps as we speak
    • Three associated to migrant staff
    • 1 Shishu mortgage scheme inside MUDRA
    • 1 road distributors
    • 1 housing 
    • 1 employment era largely for tribals and people in tribal pockets
    • 2 farmers, small farmers particularly
  • Lots of steps introduced as we speak could overlap with subsequent set of measures; there shall be extra
  • We are going to have in mind and prioritise considerations associated to migrant staff, poor, these in want 
  • About Three crore farmers, who obtained agricultural loans value over Rs Four lakh crore at concessional charges earlier, availed advantage of mortgage moratorium
  • Curiosity subvention scheme – which is often given for immediate compensation – on farmer loans, which was already prolonged until March, now prolonged until Could 31
  • 25 lakh new Kisan bank cards given, value of Rs 25,000 crore of complete mortgage restrict
  • Liquidity assist for farmers and rural financial system has been taking place for previous two months
  • Actions by means of banks have been taking place; 63 lakh agricultural loans value Rs 86,600 crore authorised between March 1 and April 30
  • In March alone
    • NABARD supplied Rs 29,500 crore to cooperative banks, regional rural banks to allow them to lend
    • NABARD prolonged assist of Rs 4,200 crore for rural infrastructure by means of RIDF (Rural Infrastructure Growth Fund)
    • Rs 6,700 crore working capital help supplied to state companies to obtain agriculture produce
  • FOR URBAN POOR: In previous two months, states permitted to utiise SDRF (State Catastrophe Response Fund) for establishing shelters for migrants and offering them meals   
  • Authorities transferred Rs 11,000 crore by way of SDRF to states 
  • Central authorities sponsoring three meals each day to folks dwelling in Shelters for City Homeless (SUH) from March 28
  • 12,000 self assist teams produced greater than three crore masks, 1.20 lakh litres of sanitizers; 7,200 new self assist teams newly fashioned for city poor beginning March 15
  • FOR MIGRANT WORKERS: Already generated 14.62 crore man days of labor up to now this month (until Could 13), up 40-50% in comparison with Could 2019 (year-on-year)
  • 2.33 crore wage seekers discovering work in 1.87 lakh gram panchayats beneath employment assure scheme MGNREGS
  • Annual Precise Expenditure (Finances) round Rs 10,000 crore for MNREGS until date, authorities to extend fund allocation if required
  • LABOUR REFORMS IN PIPELINE: At the moment, minimal wages cowl 30% of staff; authorities working in direction of extending this to all staff; authorities working in direction of elimination of regional disparity in wages
  • Working with states on establishing a nationwide ground wage
  • Authorities working to increase advantage of Workers’ State Insurance coverage Company (ESIC) protection:
    • to all districts, all institutions using 10 or extra folks, as in opposition to to these in notified districts
    • to staff working in institutions of lower than 10 folks on voluntary foundation
    • to staff working in hazardous industries
  • All occupations must be open for ladies with evening working rights, ensuring safeguards supplied
  • FOR MIGRANT WORKERS: Free meals grain provide to all migrants for subsequent two months
    • provision of 5KG wheat or rice per individual and 1KG chana per household each month prolonged to non-card holders
    • About eight crore migrants to learn
    • Rs 3,500 crore to be spent
  • PM spoke about 5 pillars, one being technology-driven programs
  • Authorities to implement nationwide portability card scheme “one nation one ration”, 67 crore folks in 23 states to learn; migrant households will have the ability to entry meals in different states by means of this programme
  • 100% nationwide portability of to be achieved by March 2021
  • Authorities to launch reasonably priced rental housing scheme for city poor; at present migrant staff face issue in getting lodging at reasonably priced lease
  • Rs 30,000 crore further liquidity for farmers by means of NABARD
  • 2% curiosity subvention for MUDRA Shishu mortgage debtors making immediate funds for 12 months
  • Rs 1,500 crore aid for MUDRA Shishu mortgage debtors
  • FOR STREET VENDORS: Authorities to launch particular credit score facility value Rs 5,000 crore in a month, to offer straightforward credit score entry to road distributors
  • Authorities giving preliminary working capital of Rs 10,000 crore 
  • HOUSING: Authorities to provide middle-income group (these with annual revenue of Rs 6 lakh-18 lakh) credit-linked subsidy scheme prolonged to March 2021, from March 31, 2020; 2.5 lakh center revenue households to learn this monetary yr 
  • FARMERS: Rs 2 lakh crore concessional credit score (farmers to realize entry to institutional credit score at concessional fee) to be prolonged to farmers by means of Kisan bank cards, 2.5 crore farmers to learn
  • Fishermen, animal husbandry farmers to be included in Kisan bank card scheme

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