20 Lakh Crore Package Details PDF Part 3: The Special Economic, 20 lakh crore package details is announced by Nirmala Sitaraman. This package is to build self-reliant India. The complete details about this Rs.20 lakh crore package Detail PDF Part 3 are available here. Candidates use this news for current affairs preparation.
Due to COVID-19, entire India is under lockdown for around 50 days. The current lock down is coming to an end on May 17th. The central government will decide on lockdown matter after 17th May. There may be relaxations in the less affected areas. Prior to it, 2 days before, our Prime Minister Modi has announced a special economic package. The worth of Rs.20 lakh crore Package. Finance Minister Nirmala Sitaraman revealed the details of this Rs.20 lakh crore package Details. This package is to raise the economy of India. The concept of this 20 lakh crore package is to make a self-reliant economy in India. Also, candidates can use this news for their exam preparation. This is an important national economic news. So candidates prepare with the Rs. 20 lakh crore package details pdf.
Hon’ble Prime Minister Shri Narendra Modi announced a Special economic and comprehensive package of Rs 20 lakh crore – equivalent to 10% of India’s GDP on 12th May 2020. He gave a clarion call for आत्मनिर्भर भारत अभियान or Self-Reliant India Movement. He also outlined five pillars of Atmanirbhar Bharat –
– Economy,
– Infrastructure,
– System,
– Vibrant Demography
– Demand.
Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman in her press conference announced the 3rd Tranche of measures to strengthen Infrastructure Logistics, Capacity Building, Governance and Administrative Reforms for Agriculture, Fisheries and Food Processing Sectors.
Giving details, Smt. Sitharaman said that out of these 11 measures, 8 measures are for improving agricultural infrastructure and 3 measures are for administrative and governance reforms, including removing restrictions on sale and stock limits of farm produce.
8 Measures, Finance Minister announces to strengthen Agriculture Infrastructure Logistics, Capacity Building, Governance and Administrative Reforms for Agriculture, Fisheries and Food Processing Sectors.
These are
1. Lack of adequate cold chain & Post Harvest Management infrastructure in the vicinity of farm-gate causing gaps in value chains.
2. Focus has been on short term crop loans while investment in long term agriculture infrastructure has often not been enough.
3. Financing facility of Rs. 1,00,000 crore will be provided for funding Agriculture Infrastructure Projects at farm-gate & aggregation points (Primary Agricultural Cooperative Societies, Farmers Producer Organizations, Agriculture entrepreneurs, Start- ups, etc.)
4. Impetus for development of farm-gate & aggregation point, affordable and financially viable Post Harvest Management infrastructure
5. Fund will be created immediately.
Scheme promotes vision of Hon. PM: ‘Vocal for Local with Global outreach’
Unorganized MFEs units need technical upgradation to attain FSSAI food standards, build brands and marketing
A Scheme will be launched to help 2 lakh MFEs attain above goals
Existing micro food enterprises, Farmer Producer Organizations, Self-help Groups and Cooperatives to be supported
Cluster based approach (e.g. Mango in UP, Kesar in J&K, Bamboo shoots in North-East, Chilli in Andhra Pradesh, and Tapioca in Tamil Nadu etc.)
Expected outcomes: Improved health and safety standards, integration with retail markets, improved incomes
Will also help in reaching untapped export markets in view of improved health consciousness.
Critical gaps in fisheries value chain
Government will launch the PMMSY for integrated, sustainable, Inclusive development of marine and inland fisheries.
Rs 11,000 Cr for activities in Marine, Inland fisheries and Aquaculture
Rs. 9000 Cr for Infrastructure – Fishing Harbors, Cold chain, Markets etc.
Cage Culture, Seaweed farming, Ornamental Fisheries as well as New Fishing Vessels, Traceability, Laboratory Network etc. will be key activities.
Provisions of Ban Period Support to fishermen (during the period fishing is not permitted), Personal & Boat Insurance.
Will lead to Additional Fish Production of 70 lakh tonnes over 5 years.
Employment to over 55 lakh persons; double exports to Rs 1,00,000 Cr.
Focus on Islands, Himalayan States, North-east and Aspirational Districts.
National Animal Disease Control Programme for Foot and Mouth Disease (FMD) and Brucellosis launched with total outlay of Rs. 13,343 crores.
It ensures 100% vaccination of cattle, buffalo, sheep, goat and pig population (total 53 crore animals) for Foot and Mouth Disease (FMD) and for brucellosis.
Till date, 1.5 crore cows & buffaloes tagged and vaccinated.
Many areas in country with high milk production having great potential for private investment in Dairy
Aim to support private investment in Dairy Processing, value addition and cattle feed infrastructure.
An Animal Husbandry Infrastructure Development Fund of Rs. 15,000 crore will be set up.
Incentives to be given for establishing plants for export of niche products.
6- Promotion of Herbal Cultivation: outlay of Rs 4,000 crore
National Medicinal Plants Board (NMPB) has supported 2.25 lac hectare area under cultivation of medicinal plants.
10,00,000 hectare will be covered under Herbal cultivation in next two years with outlay of Rs. 4000 crore
Will lead to Rs. 5,000 crores income generation for farmers
Network of regional Mandis for Medicinal Plants.
NMPB will bring 800 hectare area by developing a corridor of medicinal plants along the banks of Ganga.
Beekeeping is a livelihood supporting activity for rural areas
Increases yield & quality of crops through pollination;
Provides honey and other beehive products like wax.
Government will implement a scheme for:
Infrastructure development related to Integrated Beekeeping Development Centres, Collection, Marketing and Storage Centres, Post Harvest & value Addition facilities etc;
Implementation of standards & Developing traceability system
Capacity building with thrust on women;
Development of quality nucleus stock and bee breeders.
This will lead to increase in income for 2 lakh beekeepers and quality honey to consumers.
Supply chains have been disrupted and farmers are not being able to sell their produce in the markets
Distress sale and reduction of price of perishable fruits and vegetables at the farm level needs to be prevented.
Operation Greens will be extended from Tomatoes, Onion and Potatoes (TOP) to ALL fruits and vegetables (TOTAL).
Scheme features will be as follows:
50% subsidy on transportation from surplus to deficient markets.
50% subsidy on storage, including cold storages.
Pilot for 6 months – Will be expanded and extended
Expected outcomes: Better price realization to farmers, reduced wastages, affordability of products for consumers
3 Measures for Governance and Administrative Reforms for Agriculture Sector
1- Amendments to Essential Commodities Act to enable better price realisation for farmers
Agriculture food stuffs including cereals, edible oils, oilseeds, pulses, onions and potato to be deregulated.
Stock limit to be imposed under very exceptional circumstances like national calamities, famine with surge in prices.
Government will amend Essential Commodities Act.
2- Agriculture Marketing Reforms to provide marketing choices to farmers
Farmers bound to sell agriculture produce only to Licensees in APMCs
Such restriction of sale is not there for any industrial produce
Results in Hindrances in free flow of Agricultural Produce and Fragmentation of Markets and Supply Chain;
Less price realization for farmers.
A Central law will be formulated to provide –
Adequate choices to farmer to sell produce at attractive price;
Barrier free Inter-State Trade;
Framework for e-trading of agriculture produce.
3- Agriculture Produce Price and Quality Assurance
Farmers lack an enforceable standard mechanism for predictable prices of crops at the time of sowing.
Private sector investment in provision of inputs and knowhow in the agriculture sector hindered
Facilitative legal framework will be created to enable farmers for engaging with processors, aggregators, large retailers, exporters etc. in a fair and transparent manner.
Risk mitigation for farmers, assured returns and quality standardization shall form integral part of the framework.
Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs
Rs 20,000 crore Subordinate Debt for Stressed MSMEs
Rs 50,000 crore equity infusion through MSME Fund of Funds
New Definition of MSME and other Measures for MSME
No Global tenders for Government tenders of upto Rs 200 crore
Extending the Employees Provident Fund Support for business and organized workers for another 3 months for salary months of June, July and August 2020
EPF Contribution to be reduced for Employers and Employees for 3 months to 10% from 12% for all establishments covered by EPFO for next 3 months
Rs. 30,000 crore Special Liquidity Scheme for NBFC/HFC/MFIs
Rs. 45,000 crore Partial credit guarantee Scheme 2.0 for Liabilities of NBFCs/MFIs
Rs 90,000 crore Liquidity Injection for DISCOMs
Relief to Contractors given by extension of up to six months for completion of contractual obligations, including in respect of EPC and concession agreements
Relief to Real Estate Projects the registration and completion date for all registered projects will be extended up to six months.
Tax relief to business as pending income tax refunds to charitable trusts and non-corporate businesses and professions to be issued immediately
Reduction in Rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” by 25% for the remaining period of FY 20-21
Due Dates for various tax related compliances extended
Get More: 20 Lakh Crore Package Details PDF – Part 1
Finance Minister announces short term and long-term measures for supporting the poor, including migrants, farmers, tiny businesses and street vendors
Free food grains supply to Migrants for 2 months.
Technology system to be used enabling Migrants to access PDS (Ration) from any Fair Price Shops in India by March, 2021-One Nation one Ration Card
Scheme for Affordable Rental Housing Complexes for Migrant Workers and Urban Poor to be launched
2% Interest Subvention for 12 months for Shishu MUDRA loanees- Relief of Rs. 1500 crore
Rs 5000 crore Credit facility for Street Vendors.
Rs70, 000 crore boost to housing sector and middle income group through extension of Credit Linked Subsidy Scheme for MIG under PMAY (Urban)
Rs 6,000 crore for Creating employment using CAMPA funds
Rs 30,000 crore Additional Emergency Working Capital for farmers through NABARD
Rs 2 lakh crore concessional credit boost to 2.5 crore farmers under Kisan Credit Card Scheme
Get More: 20 Lakh Crore Package Details PDF – Part 2
Candidates use this news for current affairs preparation. In coming competitive exams, questions related to the Rs.20 lakh crore special economic package may appear. So prepare and get good marks in current affairs.
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This post was last modified on August 26, 2020 11:30 am