FM Nirmala Sitharaman Press Conference Highlights
Published on May 14, 2020
Union Finance Minister Nirmala Sitharaman addressed the media again today at 4 pm in the second phase of announcements on the government's Rs 20 lakh crore stimulus package which was announced by Prime Minister Narender Modi. This comes a day after she held a press conference and shared details of the stimulus package on Wednesday.
The finance minister said that, on wednesday, over the next few days her team will come before the media to put forth the PM's vision and share more details about this economic package.
On Wednesday, FM Nirmala Sitharaman announced a slew of measures
under this economic stimulus package that she said would infuse vigour in the economy and benefit various economic sectors.
FM said, TDS, TCS rate has been cut by 25% for non-salaried payments
for the period up to March 31, 2021
. This move will release Rs 50,000 crore
. The finance minister also announced that the due date will be extended to November 30 for all income tax returns
On Wednesday, FM Nirmala Sitharaman unveiled the first tranche of the stimulus economic package aimed at uplifting the economy battered by the nationwide lockdown to combat the spread of coronavirus.
Here are the key Highlights, FM is announcing the next set of measures under the Atmanirbhar Bharat Abhiyan.
- Today's initiative focuses on migrant workers, street vendors, small traders, self-employed people, small farmers-- in all 9 steps to be announced
- Among the 9 measures -- 3 are related to migrant workers, 1 for street vendors, small traders, self-employed people, 2 on small farmers1 on housing
- 3 crore marginal farmers have already availed Rs 4 lakh cr of loans on concessional rates
- Interest subvention and prompt repayment incentive on crop loans due from March 1 has been extended to May 31
- Direct support to farmers & rural economy provided post Covid-19 as part of Atma Nirbhar Bharat Package
- The government has permitted state governments to utilise SDRF for setting up shelter for migrants and providing them food and water etc. We are conscious, we are attending to the migrants and giving them in various different ways
- Minimum wage for workers hiked from Rs 182 to Rs 202 per day. States and UTs have also been told to provide jobs to migrants
- 12,000 self-help groups (SHGs) have produced more than 3 crore masks and 1.2 lakh litres of sanitizers during Covid-19 period. 7,200 new SHGs for urban poor have been formed during the last two months
- We want to give the right to minimum wage universally to all workers. We are proposing a national floor-wise wage rate so that uniform wage rate prevails across states
- Government will launch a special scheme within a month to facilitate easy access to credit to street vendors. Will provide Rs 5,000 crore special credit facility for street vendors
- Interest subvention support of 2% for those who have availed loans under Mudra Shishu loan (Rs 50,000 or less) will be given after the 3 month moratorium period ends. It will benefit over 3 crore people under the shishu category
- Govt to launch a scheme for affordable rental housing for migrant workers/urban poor to provide ease of living by converting government-funded housing in cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire
- Public distribution ration cards can be used in any ration shops irrespective of the states. One nation one ration card will be implemented and we assure 100% of national portability of these cards by March 31, 2021
- Free food grains are supplied to all migrants for the next 2 months. For non-card holders, they shall be given 5kg wheat/rice per person & 1 kg chana per family/month for 2 months. 8 crore migrants will benefit- Rs 3,500 crore will be spent on this
- We have already generated 14.62 crore person-days of work till 13th May, which is 40-50% more persons enrolled as compared to last May. Migrant workers going back to their states being actively enrolled: FM Nirmala Sitharaman
- Govt permitted state governments to utilise SDRF for setting up shelter for migrants
- Government to extend the Credit Linked Subsidy Scheme (CLSS) for middle income group (annual income Rs 6-18 lakhs) up to March 2021; 2.5 lakh middle income families to benefit during 2020-21
- Rs 2 lakh crore concessional credit will be initiated that will benefit 2.5 crore farmers
- Rs 30,000 crore additional emergency working capital fund to be provided through NABARD to small, marginal farmers