Highlights of “Aatma Nirbhar Economic Package” : Part-2

Poor, including Migrants and Farmers Free Food grain 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.

Technology Systems to be used enabling Migrants to access Public Distribution System (Ration) from any Fair Price Shop 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

Rs. 1500 crores Interest Subvention for MUDRA-Shishu Loans :

> 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
> Relief of Rs 1500 cr to MUDRA-Shishu loanees

Rs 5000 cr Special 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

Affordable Rental Housing Complexes (ARHC) for Migrant Workers / Urban Poor :

Migrant labour/urban poor face challenges in getting houses at affordable rent. Government will launch a scheme under PMAY for migrant labour/urbanpoor 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.

Rs 6000 crore employment push 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

Rs 30,000 crores Additional Emergency Working Capital Funding 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

Rs 2 lakh crore Concessional credit boost to 2.5 crore farmers through Kisan Credit Cards :

> 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

Rs 70,000 crore boost to housing sector and middle income group through extension of CLSS :

> 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 70,000 Crores in housing
> Will create jobs
> Will stimulate demand for steel, cement, transport and other construction materials.

Thanks for reading our article on : Highlights of “Aatma Nirbhar Economic Package” : Part-2

You May Also Like : Highlights of “Aatma Nirbhar Economic Package”

Follow Us on LinkedIn for Job Updates : Click Here to Visit LinkedIn Profile

Scroll to Top