FM Announced Special Relief And Credit Support to Agriculture, Hospitality & Tourism


FM Announced Special Relief And Credit Support to Agriculture, Hospitality & Tourism dated 15.05.2020 – Press Release

(Self-Reliant India Movement -III)

OVERVIEW OF FIRST TWO TRANCHES :

The first tranche included measures for small businesses, the second aimed at helping migrant workers.

KEY HIGHLIGHTS :

1. Today’s initiatives 11 measures today includes:

11 booster shots for India’s farmers

8 relating to strengthening infrastructure, capacity, logistics

3 relate to governance and administrative reforms

2. Government Initiatives During Lockdown Period to support Farmers:

Minimum Support Price purchases worth 74,300 crores has taken place during lockdown

Rs 18,700 transferred to farmers under PM KISAN

Rs 6,400 crores released under PM Fasal Bima Yojana

New scheme for interest subvention of 2%/ annum for dairy cooperatives

Additional 2% interest subvention on prompt payment/ interest servicing

3. Rs 1 lakh crore Liquidity Support provided – Agri Infrastructure fund

For aggregators, FPOs, primary agriculture societies for strengthening farm gate infrastructure

For cold chains and post harvest infrastructure

Specially for private and startups

₹ 1 lakh crore fund being created for Farmer Producer Organizations, aggregators, primary agriculture cooperative societies for strengthening farm-gate infrastructure such as cold chains, post harvest management infrastructure.

4. Support to micro food enterprises –

Fund of Rs 10,000 crores to be made

Cluster-based approach to scheme depending on location

2 lakh enterprises will benefit

For locally-made products to reach global markets

Focus on women, SCs/STs and aspirational areas

FM Announced Special Relief And Credit Support to Agriculture, Hospitality & Tourism dated 15.05.2020 - Press Release
FM Announced Special Relief And Credit Support to Agriculture, Hospitality & Tourism dated 15.05.2020 – Press Release

5. Animal Husbandry Additional Steps:

Animal Husbandry Infrastructure Fund – Rs 15,000 crores fund to be established

New scheme has been launched for interest subvention @ 2% per annum to dairy cooperatives for 2020-21 aimed at unlocking Rs 5000 crores additional liquidity, benefitting 2 crore farmers

Milk was being thrown on streets, since consumers were unable to buy it during lockdown, during this time, 560 lakh litres/day was procured by cooperatives, extra 111 crore litres bought, farmers got paid ₹ 4,100 crore

6. Agriculture Additional Steps:

Funds transfer worth Rs 18,700 crores has been done under PM KISAN in past 2 months and PM Fasal Bima Yojana claims worth Rs 6,400 crores released in past 2 months

7. Fisheries Sector Support

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

Registration of 242 shrimp hatcheries and rearing hatcheries has been extended for 3 months, operation of marine capture fisheries and aquaculture has been relaxed to cover inland fisheries

All #COVID19 related deadline extensions relating to fisheries activities, many of them involving overseas contracts, have been honoured. Very many measures which will help marine and coastal farmers have been undertaken as promised

8. 100% vaccination of all cattle (nearly 53 crore animals) to eradicate foot and mouth disease

9. Support to Under Matsya Sampada Yojana

Rs 20,000 crore fund to be created to address critical gaps in fisheries value chain

For integrated, sustainable, inclusive development of marine and inland fisheries

Plug critical gaps in fisheries value chain;

Provide employment to over 55 lakh persons

Double exports to Rs 1 lakh crore

10. Support and Promotion of herbal cultivation

Rs 4,000 crore to be allocated

Up to 10 lakh hectare to be brought under herbal cultivation

To generate Rs 5,000 crore income for farmers

800 hectares along Ganga for growing herbal and medicinal plants

11. Support For bee-keeping

Rs 500 crores for bee keeping initiatives to benefit 2 lakh keepers

Production of wax to be encouraged

12. National Animal Disease Control Programme has been launched with total outlay of Rs. 13,343 crores for 100% vaccination of cattle, buffalo, sheep, goat and pig population in India

13. Private entrepreneurs, startups who look to facilitate by procuring from farmers and seek to create value addition for the global market, but don’t have infrastructure, will benefit from the ₹ 1 lakh crore fund

14. Promotion of Herbal Cultivation – Rs. 4000 Crore

To promote Herbal Cultivation in India Government commits Rs 4000 crore;

move aims to cover 10 lakh hectare under herbal cultivation in 2 years; corridor of medicinal plants to come up across banks of Ganga

15. Government will promote: Operation Green

Additional Rs 500 crores for supply chains disrupted by lockdown

Includes all perishable items

50% subsidy on transport

50% subsidy on storage

Pilot for 6 months

Will be extended once pilot is cleared

16. Top to Total

In a major announcement, Government extends Operation Greens from Tomatoes, Onion and Potatoes (TOP) to ALL fruits and vegetables

1. Essential Commodities Act (1955) amended

To tackle abundance of crops

Cereals, edible oils, oil seeds, potato and onion to be deregulated

No stock limit shall apply for storage

To enable better price realisation for farmers;

Agriculture food stuffs including cereals,

2. Fair price for farmers

Central law to provide farmers choice to sell at attractive prices

Inter-state trade to be made barrier-free

E-trade of produce should be facilitated

3. Standard mechanism for predictable pricing

Legal framework to help farmers to fix their own price

Assured price return quantity for farmers prior to sowing

To increase availability on farming technology and selling opportunities

Source: News / Press Conference & Twitter

Disclaimer:

IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.

Tags :  News

You May Also Refer:


Join Study Cafe Telegram Channel
cslalitrajput

Lalit Rajput is a qualified Company Secretary and graduate with 5+ years’ experience in handling Secretarial and Compliance management. Working as Proprietor at Lalit Rajput &Associates, Company Secretaries and Compliance Head at EDUXGURU. Key areas include handling Compliances related to Secretarial, Start-ups, SEBI, FEMA, Labour Laws, GST, NCLT, IPR, MCA/ROC, RTA etc. He has started his career in Adventz Group with one of leading EPC Company, Kalindee Rail Nirman - A Div. Of Texmaco Rail & Engineering Limited (erstwhile known as Kalindee Rail Nirman (Engrs.) Ltd.) and after that worked with Outcome Solutions & Services LLP, a Risk Advisory firm and S. Srinivasan & Co.,Leading Company Secretaries firm in Mumbai and Chennai. He is also an active blogger/Author at many platform and has written various articles on: Taxguru, Compliance Calendar LLP, Studycafe, Caclubindia, Casansaar, theTaxTalk, Lawyer’s Connect, IPleaders, Governance Professionals, Lawyers club India, Dealout Professionals and many more. He has also blogger at ENLIGHTEN GOVERNANCE and contributed articles in ICSI E-Corporate Manager published by ICSI Ahmadabad Chapter.

0 Comments

Your email address will not be published. Required fields are marked *