Finance Minister Nirmala Sitharaman on Friday unveiled the third batch of the government’s Rs 20 lakh crore economic package to revive the recession-ridden Indian economy due to the ongoing nationwide lockout to curb the spread of the coronavirus epidemic.
In the last two days, as part of Prime Minister Narendra Modi’s campaign for ‘Self-reliant’ India, the Finance Minister announced special measures like free food grains for migrant workers, concessional loans to farmers, working capital incentives for street vendors, collateral is. Free loans to businesses for other initiatives including liquidity facility for MSMEs and NBFCs.
Here are the highlights:
- The Essential Commodities Act will be amended to enable better pricing for farmers, de-regulating agricultural products including cereals, edible oils, oilseeds, pulses, onions, and potatoes.
- Under the amended Essential Commodities Act, stock limits will be imposed in exceptional circumstances like national calamities, price rise, and famine. The stock limit will apply to processors or participants of the value chain subject to their installed capacity or any exporter subject to export demand.
- In the direction of strengthening the infrastructure in agriculture, agricultural infrastructure projects will be provided with a funding facility of Rs 1 lakh crore for funding at the farm-gate and aggregation points.
- Government to bring a law to implement agricultural marketing reforms to provide marketing options to farmers; The law will provide sufficient options to the farmer to sell produce at attractive prices.
- A convenient legal framework will be created to enable farmers to engage with processors, aggregators, large retailers, exporters in a fair and transparent manner.
- TOP to TOTAL: Operational greens will be expanded from tomatoes, onions, and potatoes (TOP) to all fruits and vegetables (TOTAL). This is expected to give better prices to farmers, reduce wastage, and improve the affordability of products for consumers.
- 500 crore will be allocated for beekeeping initiative and this will benefit 2 lakh beekeepers in rural areas.
- As part of PM’s vision for ‘Local for Local’ with Global Outreach, a scheme will be launched to help 2 lakh micro TV enterprises; Income for improved health and safety standards, integration with retail markets and improvement in key focus areas. It will support existing micro food enterprises, farmer producer organizations, self-help groups and cooperatives.
- Fund of Rs 18,700 crore has been transferred under PM KISAN in the last 2 months and PM Fasal Bima Yojana claims of Rs 6,400 crore issued in the last 2 months.
- Government has raised 4000 crores for herbal farming in India. The move aims to cover 10 lakh hectares under herbal farming in 2 years; The corridor of medicinal plants that come across the Ganges.
- National Animal Disease Control Program for foot and mouth disease of animals has been started with a total outlay of Rs 13,343 crore. It will focus on vaccination of 100 percent of the population of cattle, buffalo, sheep, goat and pig in India.
- The Government announced a Rs 15,000 crore Animal Husbandry Infrastructure Development Fund to support private investment in dairy processing, value addition, and animal feed infrastructure.
- The government has launched the Pradhan Mantri Matsya Yojana for integrated, sustainable, inclusive development of marine and inland fisheries to reduce significant gaps in the fisheries value chain. The move will provide employment to more than 55 lakh people and double export of Rs 1 lakh crore.
- During the lockdown period, the demand for milk decreases by 20-25%. New scheme to provide interest subsidy at 2% per annum to dairy cooperatives for 2020-21. Under this scheme, additional liquidity of Rs 5,000 crore, 2 crore farmers will get benefits.
- The credit goes to those farmers who have always faced various challenges and brought India to some global benchmark.
- To help the fisheries sector, the operations of Marine Capture Fisheries and Aquaculture have been relaxed to cover inland fisheries.
- India is the largest producer of milk, jute and pulses; 2nd largest in sugarcane, cotton, groundnut, fruits, vegetables and fisheries, and third in cereals.
- The third set of announcements focuses on agriculture, fisheries, animal husbandry and allied activities.
- In the last 2 months, several measures were taken to support the farmers.
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