NEW DELHI, 15 May 2020: Understanding the need for credit in the amidst COVID 19 lockdown period, Indian finance minister, Nirmala Sitaraman has announced INR 2 lakh crore (USD $ 26.7 billion) to farmers under Kisan Credit Card Scheme, along with other short term, long term measures.
This announcement is part of a special economic and comprehensive package of INR 20 lakh crore (USD $ 265 billion) announced by Prime Minister Narendra Modi on 12 May 2020 under the Self-Reliant India Movement (Aatmanirbhar Bharat).
PM outlined five pillars of Aatmanirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand and asked the nation to opt for local products.
INR 2 lakh crore farm credit
Takign from there, the finance minister also announced a special drive to provide concessional credit to PM-KISAN beneficiaries through Kisan Credit Cards in which additional liquidity of INR 2 lakh crore in the farm sector benefiting over 2.5 crore farmers. Fisherman and animal husbandry farmers will also be included in this drive.
NABARD gets additional INR 30,000 crore
Apart from this, government has also allocated (USD $ 4 billion) Rs 30,000 crore additional emergency working capital for farmers through National Bank for Agriculture and Rural Development (NABARD).
NABARD will extend additional re-finance support for meeting crop loan requirement of Rural Cooperative Banks and RRBs. This refinance will be front-loaded and available on tap.
This is over and above INR 90,000 crore (USD 12 billion) that will be provided by NABARD to this sector in the normal course. This will benefit around 3 crore farmers, mostly small and marginal and it will meet their post-harvest Rabi and current Kharif requirements.
Finance minister said that farmers and workers are the backbone of this nation. They serve all of us with their sweat and toil. Migrant workers need affordable and convenient rental housing in urban areas in addition to social security. There is also a need to create employment opportunities for the poor, including migrant and unorganised workers. Farmers need timely and adequate credit support.
INR 6,000 crore funding for afforestation, plantation
Another USd $ 800 million ( Rs 6,000 crore of funds will be spend under Compensatory Afforestation Management & Planning Authority (CAMPA) will be used for Afforestation and Plantation works, including in urban areas, Artificial regeneration, assisted natural regeneration, Forest management, soil & moisture conservation works, Forest protection, forest and wildlife related infrastructure development, wildlife protection and management etc.
This will create job opportunities in urban, semi-urban and rural areas and also for Tribals (Adivashis).
One Nation one Ration Card to be implemented by March 2021
Pilot scheme for portability of ration cards will be extended to 23 states. By that, 67 crore beneficiaries covering 83% of PDS population will be covered by National portability of Ration cards by August, 2020. 100% National portability will be achieved by March, 2021. This is part of PM’s Technology Driven System Reforms.
This scheme will enable a migrant worker and their family members to access PDS benefits from any Fair Price Shop in the country. This will ensure that the people in transit, especially migrant workers can also get the benefit of PDS benefit across the country.
Image credit: Indian Express
