In her second address on the special economic package, Finance Minister Nirmala Sitharaman on Thursday, 14 May, explained the second tranche of the Rs 20 lakh crore economic package, the focus of which she said is on farmers, street vendors, small traders and middle class groups.
Sitharaman said, “For 50 lakh street vendors, Rs 5,000 special credit facility will be given.”
The scheme will be launched by the government within a month to offer easy access to credit.
This is a part of the ‘Atmanirbhar Bharat Abhiyan’ package was announced by Prime Minister Narendra Modi on Tuesday, during his fifth address to the nation.
The Minister said that Rs 10,000 loan will be given to the needy vendors, but this is not a fixed amount, and will be decided after consultation with banks.
The Minister said the scheme will support nearly 50 lakh street vendors and will provide liquidity of Rs 5,000 crore.
Digital payments for street vendors will also be incentivised through monetary rewards and good repayment behaviour will be rewarded with enhanced working capital credit.
Sitharaman also announced developments regarding the ‘One Nation, One Ration Card’ for the poor.
“Sixty-seven crore beneficiaries in 23 states covering 83 percent of PDS population will be covered by national portability by August 2020,” she said.
Reiterating that the government is “conscious” about the migrant workers’ crisis, Sitharaman said that the Centre has permitted state governments to utilise SDRF funds for setting up shelter for migrants and providing them with food, water and other basic facilities.
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)