FM Announces Economic Package for Migrant Labourers, Farmers, Street Vendors: Key Highlights

New Delhi: Union Finance Minister Nirmala Sitharaman today announced the economic stimulus package for the migrant workers, street vendors, and small farmers whose livelihood have been affected by the lockdown.

Briefing media, Sitharaman said that the second tranche of the economic stimulus package focuses on migrant workers, street vendors, small traders, self-employed and small farmers. She insisted the stimulus consists of nine steps benefiting each category.

“Three steps for migrant workers, 1 for ‘sishu’ loan within Mudra, one related to street vendors, one to housing, one for employment generation for tribals, and two related to small farmers,” the Finance Minister said.

She also assured that there will be more steps for farmers in the near future besides these measures.

The government is extremely concerned with the issues concerning the migrant workers, and within hours of having announced the lockdown, the Pradhan Mantri Garib Kalyan Yojana was made operational for the poor, she added.

Key Highlights of Economic Stimulus Package:

1. Fishermen and animal husbandry farmers will be included in Kisan credit card scheme
2. Kisan credit cards: Rs 2 lakh crore of concessional credit boost to 2.5 crore farmers
3. Rs 30,000 crore additional emergency fund through NABARD for farmers
4. Rs 6000 crore employment push using CAMPA funds for tribals
5. For the lower strung of the middle class earning Rs 6-18 lakh annual income, the govt will extend the CLSS scheme for affordable housing till March 2021
6. Special credit facility of about Rs 500 crore for street vendors. The scheme will be launched within a month. There are 50 lakh street vendors
7. Rs 1500 crore interest subvention for MUDRA-Sishu loans
8. Concessional rental housing complexes for migrant workers
9. 8 crore non-PDS card holders will get 5 kg of grains per person
10. Social security measures to be extended to gig workers
11. Interest subvention and prompt repayment incentive on crop loans due from 1st March has been extended to 31st May
12. Regional disparity in minimum wages to be removed
13. Free food grain supply to all migrant workers