Nirmala Sitharaman unveils measures for small farmers, migrant workers

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Focus on migrants workers, street vendors and small farmers

New Delhi : In her second press conference in as many days, Finance Minister Nirmala Sitharaman on Thursday unveiled an economic package to help alleviate the distress for small farmers and migrant workers under the Atmanirbhar campaign announced by Prime Minister. Sitharaman said interest subvention and prompt repayment incentive on crop loans due from March 1 had been extended to May 31. “Today’s initiatives focuses on migrant workers, street vendors, small traders, the self-employed and small farmers. Three crore marginal farmers have already availed Rs 4 lakh crore of loans on concessional rates,” Sitharaman said.

While the main thrust of Wednesday’s announcements was relief to Medium, Small and Micro Enterprises (MSMEs) in the form of credit guarantees to them, Sitharaman’s recent measures were also are directed towards street vendors, small traders and self-employed people.

FM Nirmala Sitharaman Speech HIGHLIGHTS: Union Finance Minister Nirmala Sitharaman Wednesday in her second press conference further unveiled details of the Rs 20 lakh crore economic package to help the Atmanirbhar Bharat Abhiyan (India’s self-reliant campaign). The package was announced by Prime Minister Narendra Modi on Tuesday, during his fifth address to the nation. Earlier on Wednesday, the Finance Minister announced a slew of measures to help the Micro, Small and Medium Enterprises (MSMEs) sector that employs an estimated 11 crore people and is in distress. The announcements ranged from Non-Banking Finance Companies (NBFCs), real estate, power distribution sector, to relaxations on contribution to Employees’ Provident Fund (EPFO). Sitharaman’s press conference was streamed live on the Finance Ministry’s social media channels, Twitter, Facebook and YouTube. (Source : Indian Express)

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