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Nirmala Sitharaman announces relief measures for farmers, liquidity support and 25 lakh new Kisan Credit Cards on the menu

Nirmala Sitharaman said that Rs. 6,700 crores have been provided to state agencies for procurement of agricultural produce.

Union Finance Minister Nirmala Sitharaman announced the second tranche of relief measures under the Atma Nirbhar Bharat Abhiyan on Thursday. The first tranche of announcements on Wednesday had focused on providing relief to MSMEs, NBFCs, MFIs and HFCs, electric distribution companies and others. The second tranche focused on farmers, migrant workers, small traders and others.

Nirmala Sitharaman announced that three crore marginal farmers have already availed agricultural loans worth Rs 4.22 lakh crore. 25 lakh new Kisan credit cards holders have been sanctioned with a loan limit of Rs 25,000 crore, added Sitharaman. She further said that Interest Subvention and Prompt Repayment Incentive on crop loans, due from March 1, has been extended up to May 31 2020.

Source: PIB/Twitter

The Finance Minister also announced additional liquidity support for farmers and the rural economy during her second trance of announcements. FM Sitharaman said that 63 lakh loans worth Rs 86,000 crore have been approved between the 1st of March and 30th of April. Refinancing of Rs 29,500 crore has been provided by NABARD to cooperative and rural banks in March this year.

Nirmala Sitharaman said that Rs. 6,700 crores have been provided to state agencies for procurement of agricultural produce. Rs 4,200 crore has been provided under Rural Infrastructure Development Fund to states during March 2020 for rural infrastructure.

Source: PIB/Twitter

Nirmala Sitharaman announces Relief Measures for Migrant Workers

The second tranche of announcements of the Finance Minister also included relief measures for migrant workers. The relief measures included affordable housing under the PMAy through a PPP mode. In addition to that, it was announced that migrants who are neither NSFA or State Card beneficiaries in the state they are stationed at will be provided 5 kg of grains per person and 1 kg of Chana per family per month for two months. An estimated 8 crore migrants are expected to benefit. Several other relief measures were also announced by Nirmala Sitharaman.

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