Home >News >India >Cabinet Meeting: Equity infusion scheme, package for distressed MSMEs approved

NEW DELHI : Prime Minister Narendra Modi today chaired a Cabinet meeting in which some important decisions related to MSME sector and agriculture were taken. The meeting assumed significance as it coincided with the completion of the first year of Modi 2.0 government and the beginning of 'Unlock 1.0' or 'Lockdown 5.0'. A meeting of the Cabinet Committee on Economic Affairs (CCEA) was also held today at the Prime Minister's residence at 7 Lok Kalyan Marg.

Union Ministers Prakash Javadekar, Nitin Gadkari and Narendra Singh Tomar will soon brief the media on Cabinet decisions.

Cabinet Meeting Updates:

-Cabinet has approved extension of repayment date for short term loans for agriculture and allied activities by banks which have become due or shall become due between 1st March, 2020 and 31st August, 2020.

-Govt hikes paddy MSP by 53 per quintal to 1,868 per quintal for the 2020-21 crop year: Agriculture Minister.

-MSMEs will be encouraged to go to stock markets: Gadkari

-Distressed assets fund of 4,000 crore for MSMEs: Gadkari

-MSME definition changed once again. Turnover limit for medium enterprises revised upward to 250 crore from 100 crore as announced earlier.

-Cabinet has approved MSP for 14 kharif crops. Farmers will get 50-83% more than cost: Minister

-Cabinet has approved 50,000 crore equity infusion for MSMEs, this will strengthen their growth potential and will enable them to get listed on stock exchanges, this is for the first time MSMEs are getting such support.

-Functioning MSMEs which are NPA or stressed will be eligible for the stressed assets package.

-MSME promoters will be given debt by banks which will then be infused as equity by promoters.

-Cabinet has approved 20,000 crore subordinate debt for stressed MSMEs, will benefit 2 lakh stressed MSMEs: Javadekar

-Poor people are the topmost priority of the govt: Minister

-Govt is implementing its decision to increase MSP

-MSME definition has been changed once again

-Many decisions regarding MSME sector and agricultural sector have been taken today: Javadekar

-Press briefing begins.

-PM Modi had yesterday assured farmers that all help will be provided to them to deal with the locust menace.

-The cabinet meeting comes on the day of the beginning of a phased exit from lockdown as part of 'Unlock 1.0'.

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