Finance Minister Nirmala Sitharaman is addressing her second press conference in two days to share details of the second tranche of the economic package announced by Prime Minister Narendra Modi to help revive the economy that has been devastated by coronavirus.
The package includes benefits to farmers, street vendors, migrant labourers and workers in the unorganised sector, she said.
Although the Prime Minister had pegged the overall package at Rs 20 lakh crore, or 10 per cent of India’s GDP, the finance minister had on Wednesday avoided giving any details as to how the stimulus would be paid for, or even how much actual money would be spent.
Sitharaman had on Wednesday announced the first instalment of the relief package aimed at reviving the economy with 15 measures and extended guaranteed credit for small and medium businesses, non-financial banking companies and power distribution companies (discoms).
Here are key highlights from the FM's speech:
1. Sitharaman said that three announcements will be for migrant workers, one for shishu loan within mudra, one for street vendors, one for housing, one for employment generations largely for tribals and two for small farmers.
2. Free food grains supply to migrants for next two months: Migrants who are neither NFSA or state card beneficiaries in the state and are stationed will be provided 5 kg of grains per person and 1 kg chana per family per months for two months. About 8 crore migrants are expected to benefit. Rs 3,500 crore will be spent on this intervention for 2 months. Cost will be fully borne by government of India. State government responsible for implementation, identification of migrants and full distribution and providing detailed guidelines.
3. Affordable rental accommodation for migrant workers or urban poor: Govt will launch a scheme under PMAY for urban poor to provide ease of living at affordable rent by converting govt funded housing in the cities into affordable housing complexes under PPP mode; incentivising manufacturing units, industries, institutions to develop such complexes on private land; incentivising state govts to develop such complexes and operate.