Stressing on Self-Reliant India amid the corona crisis, Prime Minister Narendra Modi has announced a Special economic and comprehensive package of Rs 20 lakh Crore - equivalent to 10% of India’s GDP on 12th May 2020.
Finance Minister Nirmala Sitharaman on Thursday announced additional liquidity worth Rs 30,000 crore for farmers through the National Bank for Agriculture and Rural Development (NABARD). As per reports, government-owned farm sector lender NABARD will immediately get the working capital for the farmers' post-harvest requirements towards the rabi season. The announcement came as Finance Minister Nirmala Sitharaman gave details of the second set of measures under the government's economic package to tackle the damage caused due to the coronavirus (COVID-19) pandemic.
NABARD to Extend Additional Re-finance Support of Rs 30,000 Crore for Meeting Crop Loan Requirement
As per reports, NABARD will extend additional re-finance support of Rs 30,000 crore 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 Rs 90,000 crore 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 says PIB reports.
Announcing the 2nd Tranche of measures to ameliorate the hardships faced specifically by migrant labours, street vendors, migrant urban poor, small traders self-employed people, small farmers and housing, Nirmala Sitharaman on Thursday in her press conference detailed the short term and long-term measures for supporting the poor, including migrants, farmers, tiny businesses and street vendors.
