Cabinet clears key proposals of Centre's ₹20 trillion covid-19 package | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ News / India/  Cabinet clears key proposals of Centre's 20 trillion covid-19 package

Cabinet clears key proposals of Centre's ₹20 trillion covid-19 package

Proposals cleared are - ₹3 trillion emergency credit guarantee, backing loans made by banks and non-bank lenders to MSMEs, a ₹10,000 crore plan to support micro food processing units

Prime Minister Narendra Modi, (ANI)Premium
Prime Minister Narendra Modi, (ANI)

NEW DELHI: The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday cleared some key proposals of the government’s 20 trillion economic package for the poor and businesses hit by the novel coronavirus pandemic.

The proposals cleared include the 3 trillion emergency credit guarantee, backing loans made by banks and non-bank lenders to micro, small and medium enterprises (MSMEs), a 10,000 crore scheme to support micro food processing units, a 20,050 crore fisheries development scheme and a 3,109 crore scheme for giving food grain to migrants, said separate official statements.

The Cabinet also cleared a new special liquidity scheme for non-bank and housing finance companies which is also part of the stimulus package. For this, a special entity will be set up at an expense of 5 crore, that will give a maximum credit guarantee of up to 30,000 crores, which may be extended if needed.

The Cabinet Committee on Economic Affairs, also chaired by Modi on Wednesday, cleared the norms for auction of coal and lignite mines for sale of these commodities on a revenue sharing basis, another official statement said.

The Cabinet also cleared the Jammu and Kashmir (Adaptation of State Laws) Second Order, 2020, issued under section 96 of Jammu and Kashmir Reorganisation Act, 2019.

On 2 April, the Centre had announced the rules of domicile in the Jammu and Kashmir region, opening avenues of employment to non-Kashmiris as well. The move came almost eight months after the revocation of Article 370, which was followed by the division of the then state into two Union territories.

"This order has further modified the applicability of domicile conditions to all level of jobs in the Union territory of Jammu and Kashmir under the Jammu & Kashmir Civil Services (Decentralisation and Recruitment) Act," a government statement said.

Domiciles in J&K have now been redefined as "those who have resided for a period of 15 years in the Union territory of Jammu and Kashmir or have studied for a period of seven years and appeared in Class 10/12 examination in an educational institutions located in the union territory."

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Gireesh Chandra Prasad
Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 20 May 2020, 03:36 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App