Cabinet meeting: Relief for farmers, MSMEs, and street vendors: key points

After two months of strict lockdown, the nation today steps forward for the ‘unlock 1’ phase. (Cabinet meeting)

Prime minister Narendra Modi presided a meeting of the union cabinet today where he pronounced a statement through a video conference stating ‘In the battle of invisible Vs invincible, our medical workers are sure to win’.

Union Ministers Prakash Javadekar, Nitin Gadkari, and Narendra Singh Tomar today briefed the media on cabinet decisions in the press conference. Important decisions were taken for MSMEs and agriculture sector

Key Highlights:

•The cabinet has recognized the postponement of repayment date for short term loans for agriculture and allied activities by banks which have become due or shall become due, between 1st March 2020 and 31st August 2020.

•Paddy MSP price raised by Rs53/quintal to Rs1,868/quintal for the 2020-21 crop year.

•Now the MSMEs will be inspired to go to stock markets.

•Cabinet approved MSP for 15 Kharif crops. Farmers will be getting benefits as they would be getting 50-83 % more than the actual cost.

•50,000 crore equity infusion for MSMEs has been approved by the cabinet.

•NPA MSMEs will be eligible for the stressed assets package.

•The government has changed the definition of MSMEs

•Kisan credit card for farmers.

•Certain loan scheme for street vendors will be directed by the government.

•This will be a huge relief for the farmers, MSMEs, and street vendors said the union cabinet.

Isha/politypress

Also read Key points of PM Modi’s ‘Mann ki Baat’

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