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Business News/ News / India/  Nirmala Sitharaman announces economic package, reforms for farmers & fishermen

Nirmala Sitharaman announces economic package, reforms for farmers & fishermen

The Modi government has divided the ₹20 lakh crore economic package into several tranches
  • The stimulus is expected to have something in store for all sections of the society
  • Union Finance Minister Nirmala Sitharaman. (ANI)Premium
    Union Finance Minister Nirmala Sitharaman. (ANI)

    NEW DELHI:Finance Minister Nirmala Sitharaman today released the third tranche of the 20 lakh crore economic package today with a focus on agriculture, fisheries and allied activities. In the previous two parts of the package, FM's focus was on MSMEs, NBFCs, MFIs, migrant workers, street vendors and small farmers. Prime Minister Narendra Modi has declared that the package is aimed at making India self-reliant. He has also hinted at bringing in several reforms to revive the Indian economy hit by the nationwide spread of the contagious coronavirus disease and the prolonged lockdown.

    Nirmala Sitharaman press conference highlights:

    -Economic package is a mix of liquidity and budgetary measures

    -Stock limits to be imposed only under very exceptional circumstances like national calamities, famine after amendment of ECA: FM.

    -Govt will bring in a facilitative legal framework to enable farmers for engaging with processors, aggregators, large retailers, exporters, etc in a fair and transparent manner. This will ensure assured returns and risk mitigation for farmers: Sitharaman

    -A central law will be formulated to provide adequate choices to farmers to sell produce at attractive price, barrier-free inter-state trade and a framework for e-trading of agriculture produce.

    -Agriculture marketing reforms to provide marketing choices to farmers

    -We want to ensure 100% vaccination of nearly 53 crore animals, a livestock size which is among the largest in the world. Despite Covid-19 lockdown, 1.5 crore cows and buffaloes have been tagged and vaccinated: FM

    -No stock limits shall be imposed on processors or value chain participants

    -Cereals, edible oils, oilseeds, pulses, onions and potatoes will be deregulated: FM

    -Essential Commodities Act will be amended to enable better price realisation for farmers: Sitharaman

    -'Operation Greens' will be extended to all fruits and vegetables. The government has made a provision of 500 crores for the 'TOP to Total' scheme.

    -Beekeeping will have a ripple effect on the Indian economy as bees increase the yield and quality of crops through pollination.

    -Govt to promote beekeeping initiatives with a 500 crore fund. This will lead to an increase in income for 2 lakh beekeepers and add quality honey to consumers.

    -Private entrepreneurs, startups who look to facilitate by procuring from farmers and seek to create value addition for the global market, but don't have infrastructure, will benefit from the 1 lakh crore fund: FM

    - 13,343 crore fund launched to ensure 100% vaccination of 53 cr cattles for foot-and-mouth disease: FM

    -Medicinal, herbal plants can be grown on both the banks of the river Ganga.

    -To promote herbal cultivation, 4,000 crore will be allocated to the National Medicinal Plants Board.

    - 15,000 crore will be spent for animal husbandry infrastructure development fund.

    -Registration of 242 shrimp hatcheries and rearing hatcheries has been extended for 3 months, operation of marine capture fisheries and aquaculture has been relaxed to cover inland fisheries.

    - 1 lakh crore fund being created for Farmer Producer Organizations, aggregators, primary agriculture cooperative societies for strengthening farm-gate infrastructure such as cold chains, post harvest management infrastructure.

    -Our focus through all the measures is to empower people and improve livelihood, rather than go only on entitlements. The focus is to ensure that India stands up on its own. We are empowering people through creation of logistics and skills: Sitharaman.

    -The scheme will lead to additional fish production of 70 lakh tonnes over 5 years.

    - 20,000 crore for fishermen through the Pradhan Mantri Matsya Sampada Yojana.

    -A new scheme was introduced to give lower interest to dairy cooperatives, the interest subvention scheme will continue and will put additional 5,000 crore in hands of 2 crore farmers

    -Cluster-based approach for micro food enterprises.

    -Milk was being thrown on streets, since consumers were unable to buy it during lockdown, during this time, 560 lakh litres/day was procured by cooperatives, extra 111 crore litres bought, farmers got paid 4,100 crore: FM

    - 10,000 crore scheme for formalisation of micro food enterprises.

    -Focus has been on short term crop loans while investment in long term agriculture infrastructure has often not been enough: FM

    -FM announces 1 lakh crore fund for agriculture infrastructure fund for farm-gate infa for farmers.

    -Sitharaman will announce 11 measures today. 8 of them related to strengthening infrastructure, capacity, logistics while 3 of them relate to governance and administrative reforms.

    -During lockdown period, demand for milk dropped by 20-25%.

    -PM Kisan Fund transfer of 18,700 crore

    -During lockdown period, the minimum support purchases of more than 74,300 crore happened during lockdown

    -"India is the largest milk producer, largest jute and pulses producer, 2nd largest in sugar cane, cotton, groundnut, fruits, vegetables and fisheries, 3rd in cereals. Indian farmer has really endured and made sure that he would give us the highest yield - Sitharaman

    -It goes to the credit of the Indian farmer who has always stood up to various challenges and has made India reach certain global benchmarks: Sitharaman

    -The focus of the third tranche is on agriculture and allied activities including fisheries.

    -FM speech begins.

    -Stimulus packages will have impact of 1.29 lakh crore on fiscal deficit: SBI Report

    -According to market experts, participants fear that the 20 lakh crore package may not result in direct and immediate boost to demand, raising doubts over the country's economic revival in the near term.

    -Sitharaman had yesterday said, "If we do not speak about a certain component today, it does not mean that the government has forgotten about any particular segment, more initiatives are being announced".

    -Today is the third consecutive day when the finance minister is doing a press conference.

    -FM press conference to begin at 4 pm.

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    Published: 15 May 2020, 03:51 PM IST
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