Key takeaways from FM Nirmala Sitharaman’s Speech today

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In a relief to migrant workers, Finance Minister Nirmala Sitharaman announced the launch of the National Portability Cards (One Nation One Ration Card) which can be used in any ration shop in any part of the country as migrants move from state to state.

Besides, the FM said the government will give 5 kg/person of wheat or rice and 1 kg/family of channa for non-PDS card holders for two months which is going to cost the national exchequer Rs 3,500 crore.

Kisan Credit Card

  • Rs 2 lakh crore concessional credit will be extended to 2.5 crore farmers who don’t have the card.
  • Fisherman and animal husbandry workers to also be included.

‘On tap’ based funding

Additional Rs 30,000 crore to be released via NABARD for Rabi-related work and preperatory work for Kharif.

Employment creation under CAMPA

  • Proposals worth Rs 6,000 crore have been received by Centre
  • Focused on employment for adivasis and tribals
  • For forestry related work

Affordable Housing

  • Credit link subsidy scheme extended up to March, 2021
  • For the lowest strata of middle-income groups (income of up to 6-18 lakh/annum)
  • This will construction services and demand for building materials
  • 3.3 lakh families have benefited till now
  • 2.5 lakh more can now avail the benefits

One nation, one ration card

For street vendors

  • Special credit facility of Rs 5,000 crores for 50 lakh vendors
  • To be launched within a month
  • Initial working capital of up to Rs 10,000

Shishu loan within mudra

Interest subvention support of 2% extended to all shishu loan holders (loans up to Rs 50,000)

Affordable rent for urban poor

  • Govt to launch, under PM Awas Yojana, a rental housing scheme
  • Incentivising manufacturing units to build on their private compounds
  • Use empty government land to build more housing
  • PPP mode through concessionaire arrangement

One nation, one ration card

  • Now card-holders can be used in any ration shop in any part of the country
  • 63 crore beneficiaries in 23 states will get covered by August
  • 100% coverage by March 2021

Free food grains for migrants for next 2 months

  • This will benefit 8 crore migrants; Central govt to spend Rs 3,500 crore on this
  • For non-ration card holders, free 5kgs per family of wheat/rice and 1 kg chana
  • State governments to be in charge of this initiative

MGNREGA lifeline for returning migrants

Reforms in the pipeline

  • Labour Codes and workers’ welfare
  • Universal right to minimum wages
  • Removing regional disparity in minimum wage, and introducing National floor wage
  • Benefits for interstate migrant workers
  • Portability of welfare benefits for migrant workers
  • Mandatory ESIC coverage for employees of hazardous industries
  • Social security schemes for gig and platform workers
  • Re-skilling of retrenched workers
  • Social security for un-organised sector
  • Opening all work for women

For migrants

Providing funds for the rural poor

12,000 self-help groups have produced 3 crore masks during Covid period

For urban poor, including migrants

  • Rs 11,000 crores by the Centre sent to states to to set up shelter for migrants and provide food and water
  • 7200 new SHGs have been formed for the urban poor since March 15

Booster dose for the rural economy

In the Covid period

  • 63 lakh loans of Rs 86,600 crore approved in agriculture between 1 March and 30 April, 2020.
  • Refinancing of Rs 29,500 crore provided by NABARD to coeperative banks and regional rural banks in March 2020.
  • Support of Rs 4,200 crore provided under rural infrastructure development fund to states during March 2020 for ruralinfra.
  • Working capital limit of Rs 6,700 crore sanctioned for procurement of agriculture produce to state govt entities since March, 2020

Credit for farmers

  • interest subvention for existing loans extended till May 31, 2020
  • 22 lakh new kisan credit cards sanctioned
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