On Friday,
the Nirmala Sitaraman the finance minister of India announces the third phase of relief package of India which is dedicated to agriculture and the
allied industries, the package will help them to deal with the circumstances
occur due to coronavirus.
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| in.news.yahoo.com |
According to the statements of Nirmala Sitaraman, the
the third phase of the relief package of India will focus on building capacities
and infrastructure in allied activities and agriculture.
Numerous
measures have been taken in the last two months by Indian govt in this relief
package to aid farmers, including MSP that is minimum support price buying of
Rs 73,300 crore throughout the two months of lockdown as per Nirmala Sitaraman
statement.
Also, under
the Prime Minister Kisan Fund transfers Rs 18,700 crore in cash dole out that
have been made as well as crop insurance has been made by govt of Rs 6,400
crore for payment.
Sitharaman
stated throughout the lockdown period nearly, 560 lakh litre milk per day has
been purchased by a cooperative upon the 360 lakh litre per day as the daily sale
of milk.
Total of 111
crore litres extra purchased guaranteeing payment of Rs 4,100 crore, Nirmala Sitaraman combining a new scheme to implement interest subsidy of 2% per annum
to dairy, cooperative has been performed.
The interest
the subsidy will unbar Rs 5,000 crore supplementary liquidity, serving 2 crore
farmers.
Narendra
Modi the prime minister of India earlier this week declared a cumulative Indian
relief package of Rs 20 lakh crore that is approximately 10% of Gross Domestic
Product (GDP) to facilitate relief to multiple segments of the Indian economy
smashed by COVID-19 lockdown.
This added
Rs 1.7 lakh crore in the Indian relief
package including free foodgrain as well as cash to poor farmer families for
three months declared in March, and numerous monetary policy measures Rs 5.6
lakh crore incentive is given by the (RBI) Reserve Bank of India.
Of the left
part, the Indian government has made two more phases of relief package
announcements with a combined package of Rs 9.1 lakh crore, including largely
of concessional credit to farmers, credit lines to smaller firms, and aid to
shadow banking as well as electricity distributors.
Mostly in
first two phases of relief package are off-budget and the Indian government
cash outgo is restricted to merely Rs 16,500 crore on clear plus free foodgrain
and provides housing to migrant workers as low cost as well as restricted tax
relief and marginal dole to a few organisations on employee retrial advantages.
India began
March 25 a three-week nationwide lockdown the government has taken various steps
to stop the spread of the epidemic.
the globally
lock-down brought the downfall of economic activity by making thousands of
factories and businesses stand still and temporarily unemployed, with some
relaxation to enable economic activity to resume extended twice from May 17.
According to
surveys, 12.2 million people may lose employment in the month of April due to
the lockdown plus the consumer demand may disappear.
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