The Union Cabinet agreed on Monday the modalities and the path map for the implementation of the MSME program, unveiled last month as part of the ~20 trillion stimulus for restarting a teetering economy The Union Cabinet authorized the −20 trillion stimulus.
A Minimum Support Pricing (MSP) raise for 14 crops, which are 50 percent – 83 percent higher than the cost of farming, was also accepted for the CEA, chaired by Prime Minister Narendra Modi, in an effort to put more capital into the hands of farmers.
Talking to the media after the meetings of the Union Cabinet, the Union ministers, Prakash Javadekar, Nitin Gadkari and Narendra Tomar confirmed that the Center had revised the MSME sector concept further and revised the medium-sized companies’ revenue limits up to 250.
The ministers of the cabinet also indicated that the investment limit for medium-sized companies was raised to Rs 50 crore and added that the Rs 4,000 crore troubled capital stock fund was ratified.
Cabinet approved modalities and a plan for the execution of two packages for MSMEs. The rs 20,000 crore package for struggling MSMEs and the rs 50,000 crore equity injection through the Funds.
The Government said it would be necessary to list micro, small and medium-sized companies (MSMEs) on stocks via the decision on equity infusion.
To support the growers, the Union Cabinet has also declared that the minimum assistance price (MSP) for 14 kharif crops would be raised by 50 percent to 83 percent. Furthermore, the government said the farmers had more time to pay back their credit.
“MSP rate for Paddy now at Rs 1,868 per quintal, Jowar at Rs 2,620 per quintal, Bajra at Rs 2,150 per quintal, and 50 per cent increase in Ragi, Moong, Groundnut, Soyabean, Til and Cotton, for the year 2020-21,” ANI quoted Union Minister Narendra Tomar as saying.
Tomar has further announced that repayments have been extended from March 1 , 2020 to August 31 , 2020 for short-term loans for agriculture and related banks which are due or due to be held.
The Center announces a loan of Rs 10,000 for each street seller, which it says aims at 50 on the side of the roads. It also reported that street vendors will have a 7% quota.
The center has revealed a special micro-credit-facility system to assist street vendors to PM SVANiDHI â Pradhan Mantri St. Vendor’s Atma Nirbhar Nidhi. The program will assist market traders to restore the livelihoods of the outbreak of the coronavirus.
Prime Minister Narendra Modi convened a Union Cabinet meeting earlier this day. This was the first Cabinet meeting since the second year of the Central Government.
According to the summit, at the Prime Minister ‘s residence at seven Lok Kalyan Marg in New Delhi, the Cabinet Committee on Economic Affairs (CCEA) convened today.
PM Modi had declared recently that it will have a fresh impetus and path for the self-reliant Indian movement to include an RS20 crore economic support package for the nation battling coronaviruses