Second package to benefit migrants
Economy

Second package to benefit migrants

S.Sivadas

S.Sivadas

The Finance Minister, Mrs. Nirmala Sitharaman, said on Thursday the second tranche of economic stimulus package will be for the benefit of migrant workers, street vendors and small farmers.

At a press conference, she said 3 crore marginal farmers have already availed Rs 4 lakh crore of loans on concessional rates.

The Prime Minister had on Tuesday announced a cumulative package of Rs 20 lakh crore (nearly 10 percent of GDP) to provide relief to various segments of the economy. This included a Rs 1.7 lakh crore package comprising free foodgrains and cash to the poor for three months announced in March, and Rs 5.6 lakh crore stimulus provided through various monetary policy measures by the Reserve Bank of India.

The remaining of the Rs 20 lakh crore package is being announced in tranches—Mrs. Sitharman had in the first tranche on Wednesday unveiled a Rs 5.94 lakh crore plan that mostly comprises off-budget items such as Rs 3 lakh crore of credit line to small businesses as support to shadow banks and electricity distributors.

Off-budget items do not result in any outgo from the government exchequer but these will aid in easing liquidity constraints for businesses once the lockdown is lifted.

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