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Friday, May 29, 2020

FM Nirmala Sitharaman Speech HIGHLIGHTS: Fund for agri infrastructure, new scheme for dairy cooperatives and more

FM Nirmala Sitharaman Speech HIGHLIGHTS: From announcing setting up of Rs 1 lakh crore agriculture infrastructure fund for farm-gate infrastructure to Rs 20,000 crore fund for Pradhan Mantri Matsya Sampada Yojana, here's what all the Finance Minister said in her third press briefing today.

By: Express Web Desk | New Delhi | Updated: May 15, 2020 6:16:06 pm
nirmala sitharaman, nirmala sitharaman speech, nirmala sitharaman speech highlights, nirmala sitharaman economic package, nirmala sitharaman economic package announcement,nirmala sitharaman press conference today, economic package, economic package details, india economic package, mega covid 19 package Finance minister Nirmala Sitharaman during a press conference in New Delhi on Friday. (ANI photo)

FM Nirmala Sitharaman Speech HIGHLIGHTS: In her third tranche of the stimulus package as part of ‘Self-reliant India Mission’ to cushion the impact of Covid-19, Union Finance Minister Nirmala Sitharaman Thursday announced setting up of a Rs 1 lakh crore agriculture infrastructure fund for farm-gate infrastructure and a Rs 10,000 crore scheme for the formalisation of micro food enterprises.

Earlier, the announcements by the Finance Minister had focused on the poorer segments of society, including migrant labour, small and marginal farmers and urban poor, seems skewed more towards the long-term. She had announced three measures for the distressed migrant workers while unveiling the details of the Rs 20 lakh crore economic package to help the Atmanirbhar Bharat Abhiyan (India’s self-reliant campaign).

Sitharaman also announced the One Nation One Ration card’ scheme under which migrants will be enabled to access Public Distribution System from any Fair Price Shop in the country by March 2021. This is part of the PM’s Technology-Driven System Reforms.

Key highlights from Nirmala Sitharaman’s Press Conference

# Today, the third tranche of economic stimulus will focus on relief to agriculture, allied industries.

#I will announce a total of 11 measures today, of which eight will relate to strengthening infrastructure, capacities and building better logistics, while the remaining three will pertain to governance and administrative reforms.

#Funds transfers worth Rs 18,700 crores has been done under the PM KISAN Yojana in the past 2-months and PM Fasal Bima Yojana claims worth Rs 6,400 crores have also been released in the past 2 months.

#During the Covid-19 lockdown period, the demand for milk was reduced by 20-25 per cent. A new scheme has been launched for interest subvention at 2 per cent per annum to dairy cooperatives for 2020-21 aimed at unlocking Rs 5,000 crores additional liquidity, benefitting 2 crore farmers.

#A scheme will be launched to help 2 lakh unorganised Micro Food Enterprises, This scheme aims to promote the ‘Vocal for Local’ vision of our Prime Minister.

#To help the Fisheries sector, operations of Marine Capture Fisheries and Aquaculture has been relaxed to cover Inland Fisheries.

# Government will launch a Rs 20,000 crores Pradhan Mantri Matsya Sampada Yojana (PMMSY) for integrated, sustainable inclusive development of marine and inland fisheries.

#The scheme will lead to additional fish production of 70 lakh tonnes over the next 5 years and will employment to over 55 lakh people.

#A National Animal Disease Control Programme for foot and mouth disease (FMD) and Brucellosis will be launched with a total outlay of Rs 13,343 crores. The programme will ensure 100 per cent vaccination of cattle, buffalo, sheep, goat and pig population (a total of 53 crore animals) for FMD and brucellosis.

#An Animal Husbandry Infrastructure Development Fund of Rs 15,000 crore will be set up. The fund will aim to support private investment in dairy processing and cattle feed infrastructure.

#A total of Rs 4000 crore will be allocated for promotion of herbal cultivation.As much as 10,00,000 hectare will be covered in the next 2 years.

#Government will implement a Rs 500 crore scheme of infrastructure development related to integrated beekeeping development centres, collection, marketing and storage centres, post-harvest and value addition facilities. This scheme will lead to an increase in income of 2 lakh bee-keepers.

#We will also amend the Essential Commodities Act to enable better price realisation for farmers.

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