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Highlights of 3rd Tranche of Rs 20 lakh crore economic package announced by Finance Minister today

editor: gstgyan.co.in : Dated 15-05-2020

Finance Minister, Nirmala Sitaraman announced 11 measures today, of which 8 of them relate to strengthening infrastructure, capacities and building better logistics, while the other 3 will pertain to governance and administrative reforms. Details are given below:

Agri-Infrastructure Fund for farm gate infrastructure for farmers – Government will immediately create a Rs. 1 lakh crore Agri-Infrastructure Fund for farm gate infrastructure for farmers.

Scheme for the formalisation of Micro Food Enterprises – Government will introduce a Rs. 10,000 crores scheme for the formalisation of Micro Food Enterprises (MFE). The scheme to promote PM’s vision of ‘Vocal for Local with global outreach’.

Measures to help marine and coastal farmers –  All Covid-19 related deadline extensions relating to fisheries activities including involving overseas contracts, have been honored and many other measures which will help marine and coastal farmers have been undertaken.

Interest subvention Scheme at 2% per annum to dairy cooperatives –  A new scheme will provide interest subvention at 2% per annum to dairy cooperatives for 2020-21 which will unlock Rs.5,000 crore additional liquidity, benefit to 2 crore farmers.

Pradhan Mantri Matsya Sampada Yojana for development of marine and inland fisheries – Government will launch Rs. 20,000 crore Pradhan Mantri Matsya Sampada Yojana for development of marine and inland fisheries. She added, 55 lakh people expected to get employment from this program.

Promotion of herbal cultivation – FM announced Rs. 4,000 crore for promotion of herbal cultivation to bring 10 lakh hectares of land under herbal growing.

National Animal Disease Control Programme for Foot and Mouth Disease and Brucellosis – National Animal Disease Control Programme for Foot and Mouth Disease and Brucellosis has been launched with a total outlay of Rs 13,343 crore.

Animal Husbandry Infrastructure Development Fund – FM also announced Animal Husbandry Infrastructure Development Fund of Rs. 15,000 crore to support investment in dairy processing.

Amendments to  Essential Commodities Act – Government will amend Essential Commodities Act to enable better price realisation for farmers By attracting investments this will lead to deregulation of prices for cereals, edible oils, oilseeds, pulses, onions, and potatoes. These will be regulated by market forces. The Government intervention will only apply in emergency situation like dramatic price hike or any crisis.

Promotion of herbal cultivation – Rs. 4000 crore have been allocated for promotion of herbal cultivation and 10,00,000 hectare will be covered in the next 2 years.

Development of corridor of medicinal plants – 800-hectare area will be brought by National Medicinal Plants Board by developing a corridor of medicinal plants along the banks of river Ganga.

Scheme of infrastructure development related to integrated beekeeping – Rs 500 crore scheme of infrastructure development related to integrated beekeeping. Development centres, collection, marketing & storage centres, post-harvest and value addition facilities will be developed by the Government which will lead to an increase in income of 2 lakh bee-keepers.

Central law to provide adequate choices to the farmers – A Central law to be formulated to provide adequate choices to the farmers to sell produce at an attractive price, barrier-free interstate trade and framework for e-trading of agricultural produce.

Facilitative legal framework to enable farmers for engaging with processors, aggregators, large retailers, exporters – To create a facilitative legal framework to enable farmers for engaging with processors, aggregators, large retailers, exporters in a fair and transparent manner.

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