What is the third installment of relief for? Learn big things from the Finance Minister
On Tuesday, Prime Minister Narendra Modi announced a package of 20 lakh crore rupees to accelerate the economy amid Corona crisis. This includes the recent decision of the government, the amount of the Reserve Bank’s announcements.
Since last Wednesday, Finance Minister Nirmala Sitharaman is continuously giving information about the relief package of 20 lakh crore through a press conference. Under this, she also met the media on Friday. This third press conference of Nirmala Sitharaman was entirely farmer-centric. During this time 11 announcements were made for the agricultural sector. In this, 8 decisions were related to agriculture and infra, while 3 decisions are about governance and reform.
Administrative reforms
– A law will be made for fixed income of farmers, risk-free farming and standardization of quality. The advantage will be that the oppression of farmers will stop and the lives of farmers will improve.
A central law will come so that farmers can sell their produce at attractive prices in other states as well. Right now it can be sold only to the licensee. If he can sell it to anyone, he will get the price he wants. We will give him such facility.
The Essential Commodities Act was enacted in 1955, now there is abundant production in the country. Therefore it is necessary to change it. Now grains, oilseeds, onions, potatoes etc. will be freed from this.
These announcements were made for farmers
– Finance Minister said that Operation Green will be expanded to all other fruits and vegetables besides tomatoes, onions and potatoes.
Finance Minister said that Rs 500 crore assistance for bee keeping. This will create infrastructure for beekeeping. This will increase the income of 2 lakh parents.
The Finance Minister said that Rs 4,000 crore will be given to promote the production of herbal plants. There is a global demand for these plants. Herbal products will be cultivated in about 10 lakh hectares. 5,000 crores will be income from this farmers. Corridor will be built on 800 hectares of land along the Ganges for herbal products.
Finance Minister said that a provision of Rs 15,000 crore has been made in the Animal Husbandry Infrastructure Development Fund. Milk production will be spent for value addition.
Finance Minister said that we have brought a plan for vaccination of 53 crore animals. It will cost about Rs 13,343 crore.
Finance Minister said that the 20 thousand crore Prime Minister Matsya Sampada Yojana, which was announced in the budget, is being implemented immediately due to Corona. In this, for marine and inland fisheries, Rs 9,000 crore will be spent in the development of infrastructure. New boats will be provided to fishermen, 55 lakh people will get employment. With this, India’s exports will double to Rs 1 lakh crore. In the next 5 years, 70 million tonnes of additional fish production will be done.
– The Finance Minister said that a scheme of 10,000 crores has been brought for micro food enterprise. Giving examples, Nirmala Sitharaman said that clusters of makhana in Bihar, ragi in Kerala, saffron in Kashmir, chilli in Andhra Pradesh, mango clusters in UP can be formed. About 2 lakh micro food enterprises will benefit from this.
According to Finance Minister Nirmala Sitharaman, a plan of 1 lakh crores was brought to create the basic infrastructure of agriculture.
According to Finance Minister Nirmala Sitharaman, 18,700 crore has been transferred to PM Kisan Fund during the lockdown. A claim payment of 6,400 crore was made under the PM Crop Insurance Scheme. During the lockdown, farmers have benefited from the additional liquidity of 5000 crores.
– Finance Minister Nirmala Sitharaman told that farmers kept working even during lockdown, small and medium farmers own 85 percent of the agriculture.
What did you get on Thursday?
In the second press conference on Thursday, Nirmala Sitharaman made 9 big announcements related to street-street traders, small farmers and migrant workers. During this, he said that a special loan of Rs 10 thousand will be given for 50 lakh street-trawlers, for which the government will spend 5 thousand crore.
Similarly, the rebate on Shishu loan, deadline of credit linked subsidy scheme has been increased. According to Finance Minister Nirmala Sitharaman, 2.5 crore farmers will get loans up to Rs 2 lakh crore on credit cards. Apart from this, One Nation, One Card scheme will be implemented across the country by March 2021. Apart from this, big announcements were made for the urban homeless, such as cheap house, rental house, three-time meal, farmer credit card.
What was announced on Wednesday
– On Wednesday, a package of about 6 lakh crores was announced. A large part of this package has been given to Micro, Small and Medium Businesses (MSME). At the same time, the government has also changed the definition of micro, small and medium businesses.
– At the same time, electricity distribution companies are owed Rs 94,000 crore and they have been given bail out of 90,000 crore.
30,000 crore cash facility to non-banking financial companies, housing finance companies, MFIs
– Rs 45,000 crore for NBFC’s Partial Guarantee Scheme
The government has given the biggest relief to the middle class on the tax front. In fact, the government has extended the deadline for filing all income tax returns for the financial year 2019-20 from 31 July 2020 and 31 October 2020 to 30 November 2020. Apart from this, the deadline of ‘Dispute to Confidence Scheme’ brought for settlement of tax related disputes has been extended till 31 December 2020.
– The government has reduced the PF contribution of all employers and employees under the Employees Provident Fund Organization (EPFO) by 2-2% respectively. Now for three months, the employees will give only 10 percent contribution instead of 12 percent of their basic salary.
– The rate of TDS has also been reduced by 25 percent. For example, if someone makes a TDS of 100 rupees, then he has to pay only 75 rupees.
