Economic Package Round-II | FM Announces 63 Lakh Loans To The Tune Of Rs 86,600 Cr For Small Farmers

Union Finance Minister Nirmala Sitharaman, co-joined by the MoS Anurag Thakur and other finance ministry officials, briefed the media about measures and facilities provided to the marginal farmers.

New Delhi: In a major move to benefit small farmers who suffered huge economic losses due to Coronavirus lockdown, the Central government announced that 63 lakh loans to the tune of Rs 86,600 crore amid the lockdown have been sanctioned by the central government.

Union Finance Minister Nirmala Sitharaman, co-joined by the MoS Anurag Thakur and other finance ministry officials, briefed the media about measures and facilities provided to the marginal farmers.

Sitharaman informed that about 3 crore marginal farmers have availed agricultural loans worth over Rs 4 lakh crore. These farmers, who availed the loans through the RBI, were initially given an interest moratorium of three months, which has now been extended till May 31, 2020.

She further listed that Interest Subvention and Prompt Repayment Incentive on crop loans, due from March 1, has been extended up to May 31. Moreover, 25 lakh new Kisan Credi Cards have been sanctioned with a loan limit of Rs 25,000 crore.

Here are other measures for liquidity support to farmers and rural economy:

i. 63 lakh loans of Rs 86,600 crore approved in agriculture between March 1 to April 30

ii. Refinancing of Rs 29,500 crore provided by NABARD to cooperative banks and regional rural banks in March 2020

iii. Support of Rs 4,200 crore provided under Rural Infrastructure Development Fund to states during March 2020 for rural infrastructure

iv. Working capital limit of Rs 6,700 crore sanctioned for procurement of agriculture produce to state government entities since March 2020

These announcements come as part of the second round of unveiling details of ‘Atmanirbhar Bharat Abhiyan’ worth Rs 20 Lakh Cr. While interacting with the media, Finance Ministry announced nine new measures aiming to help small farmers, traders, street vendors and migrant workers who received the beating amid the COVID-19 induced lockdown.

The nine initiatives announced includes 3 for to migrant workers, 1 for street vendors, 1 for small traders, 1 related to housing, 1 on self-employed people and 2 related to small farmers.

In the round-I of press briefings over the 20 Lakh Cr economic stimulus, Central government on Wednesday announced 15 measures to push the economy towards the betterment of the poor. Of the 15, 6 deal with MSMEs, 2 relating to EPF, 2 relating to NBFCs, housing finance corporations and MFIs, 1 on discoms, 1 on contractors, 1 on real estate, and 3 on tax measures.

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