Key points on the Relief Measures announced by FM

Measures are aimed at strengthening the economy by providing relief to various segments of the Indian economy so that the country moves towards self-reliance. As a part of the package, on 14th May Finance Minister Nirmala Sitharaman held the second press conference. The second tranche holds Rs 3,10,000 crore out of 20 lakh crore economic package announced by Prime minister Narendra Modi.

Finance minister Nirmala Sitharaman announced the second set of measures to ease the economic crisis stemming from Covid-19, this time on the vulnerable segments of society, including migrant workers, small farmers, street vendors, and affordable housing.

“This government is concerned about migrants,” FM Nirmala Sitharaman said. “Even today, unfortunately — and touches all our hearts — we see migrants, families with children and baggage walking on the road.”

As a part of the second tranche, Here are the few key points on the measures announced to aid migrant workers, street vendors, small farmers, and self-employed. 

  1. Free food grains will be supplied to all the migrant workers for the next two months. Non-cardholder migrants shall be given 5 KG rice/wheat & 1 KG Chana per family for 2 months.
  2. One nation – one ration card in three months.
  3. Affordable rental housing for poor people in urban areas.
  4. 2% interest reduction for Shishu loans under MUDRA.
  5. Rs 5000 credit facility for street vendors.
  6. Extended the interest subvention scheme for the middle class to build houses for another year to March 31, 2021, to spur investments to the tune of  70,000 crore.
  7. Employment via 6000 crore CAMP funds.
  8. Emergency working capital fund via NABARD 30,000 crore.
  9. Additional emergency working capital funding for farmers by NABARD.
  10. 2 lakh concessional credit boost for farmers.
  11. Reforming labor laws shortly.
  12. Universalization of right of minimum wages (which is presently applicable for only 30% workers)
  13. Introduction of the statutory concept of ‘National Floor Wage’ – to reduce regional disparity in minimum wages;
  14. Issuance of appointment letter for all workers to promote formalization of workers;
  15. Occupational Safety & Health Code to be made applicable to all establishments engaged in work of hazardous nature even with the threshold of fewer than 10 workers.
  16. Extension of employees’ state insurance coverage to all districts and all establishments employing 10 or more employees as against the coverage being applicable for notified establishments.
  17. Social security scheme to be introduced for gig workers and platform workers.
  18. Provision of gratuity for fixed-term employees by extending gratuity benefit upon completion of one year compared to the existing threshold of five years.

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