Cabinet briefing Highlights: Cheap, easy loans for farmers, street vendors; equity funding for MSMEs

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Updated: June 2, 2020 10:15:40 am

Union Cabinet Briefing | Highlights: The Union Cabinet today approved major economic support measures for MSMEs, farmers, agricultural sector employees, and street vendors, in what the government claimed were ‘historic’ decisions. Among the decisions taken today, MSME definition was relaxed, and easier loans for street vendors and farmers were announced.

agriculture, farm, farm output, agri reform, In PM Narendra Modi’s economic package of Rs 21 lakh crore, the government kept Rs 1.63 lakh crore aside for the agriculture sector.

Union Cabinet Briefing | Highlights: The Union Cabinet today approved major economic support measures for MSMEs, farmers, agricultural sector employees and street vendors, in what the government claimed were ‘historic’ decisions. Among the decisions taken today, MSME definition was relaxed, and easier loans for street vendors and farmers were announced. Agriculture Minister Narendra Singh Tomar announced that the minimum support prices for 14 Kharif crops will be increased, in a measure to provide relief to India’s farmers. Eventually, the government has hiked MSP for sunflower seed to Rs 5,885/100 kg, jowar hybrid to Rs 2,620/100 kg, maize to Rs 1,850/100 kg, and tur to Rs 6,000/100 kg. This is the first cabinet briefing after the Modi government has announced to gradually lift the lockdown restrictions. In PM Narendra Modi’s economic package of Rs 21 lakh crore, the government kept Rs 1.63 lakh crore aside for the agriculture sector. Along with bringing major agriculture reforms, the government has amended the stringent Essential Commodities Act (ESA) to remove cereals, edible oil, oilseeds, pulses, onions, and potato from its purview. Also, a new law is to be framed to give farmers the option to choose the market where they want to sell their produce by removing inter-state trade barriers and providing e-trading of agriculture produce. However, even before the centre had announced the agro reforms, states like Uttar Pradesh and Madhya Pradesh had announce similar reforms to help the farmers of their respective states. UP CM Yogi Adityanath had announced that fruits and vegetables farmers in the state will not have to pay mandi fee for selling their produce and the mandi fee for 46 perishable fruits and vegetables were also waived off. Shivraj Singh Chouhan-led MP government also relieved the farmer by allowing them to sell their produce in a more competitive market.

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Highlights

    17:20 (IST)01 Jun 2020
    MSP for 14 kharif crops to be increased

    Agriculture MinisterNarendra Singh Tomar announced that the minimum support prices for 14 kharif crops will be increased, in a measure to provide relief to India’s farmers.

    17:05 (IST)01 Jun 2020
    Procurement of wheat, paddy surge

    Procurement of wheat and paddy has gone up despite concerns due to lockdown, says Agriculture Minister Narendra Singh Tomar.

    17:03 (IST)01 Jun 2020
    Govt's fund will be used to invest in MSMEs

    Stressed MSME fund will invest up to 15% in equity of MSMEs with a strong track record of exports, GST filings, healthy turnover, says Nitin Gadkari.

    17:00 (IST)01 Jun 2020
    Art of living with coronvirus important

    We have to develop art of living with coronavirus to make ourindustries and businesses grow - Nitin Gadkari

    16:58 (IST)01 Jun 2020
    Overall impact on employment is yet to be established

    The overall effect of joblessness due to coronavirus is yet to be established but the impact is significant. 100% industries of India are dependent on migrant labourers - Nitin Gadkari.

    16:51 (IST)01 Jun 2020
    Govt may buy stake in MSMEs

    In an effort to provide support to MSMEs, the government said that it will buy stake in MSMEs with good ratings. 

    16:49 (IST)01 Jun 2020
    MSP for sunflower, jowar, maize, etc raised

    Govt hikes MSP for sunflower seed to Rs 5,885/100 kg, jowar hybrid to Rs 2,620/100 kg, maize to Rs 1,850/100 kg, and tur to Rs 6,000/100 kg.

    16:46 (IST)01 Jun 2020
    Govt raises MSP to help farmers

    Union Minister PrakashJavdekar announced MSP for Kharif crops to be 50-83% over cost.

    16:43 (IST)01 Jun 2020
    Govt launches Prime Minister Street Vendors Atma Nirbhar Nidhi scheme

    Government launches PM SWAN Nidhi, Prime Minister Street Vendors Atma Nirbhar Nidhi scheme for street vendors.

    16:41 (IST)01 Jun 2020
    More funds from market to MSMEs

    Listing in the stock market will make MSMEs attract more funds from the market - Nitin Gadkari.

    16:39 (IST)01 Jun 2020
    Govt announces funds for MSMEs to get them listed in stock market

    Govt announces Rs 10,000 crore funds for MSME to get listed in the stock market. Nitin Gadkari said that along with the other investment, this fund will reach Rs 50,000 crore

    16:38 (IST)01 Jun 2020
    Govt extends help to MSMEs

    25 times expansion in the measure of business for classifying as ‘small business’, says Nitin Gadkari

    16:37 (IST)01 Jun 2020
    Govt makes fund of funds to help weak MSMEs

    Distressed asset fund Rs 4,000 crore to help weak MSMEs that are struggling through NPA norms. 

    16:37 (IST)01 Jun 2020
    Govt makes fund of funds to help weak MSMEs

    Distressed asset fund Rs 4,000 crore to help weak MSMEs that are struggling through NPA norms. 

    16:37 (IST)01 Jun 2020
    Govt makes fund of funds to help weak MSMEs

    Distressed asset fund Rs 4,000 crore to help weak MSMEs that are struggling through NPA norms. 

    16:35 (IST)01 Jun 2020
    Investment limit on plant and machinery increased

    Investment in plant and machinery can be up to Rs 50 crore, increased from Rs 10 crore -  Nitin Gadkari

    16:32 (IST)01 Jun 2020
    Govt recalls MSMEs' role in economy

    Nitin Gadkari said that MSMEs hold 29% contribution in the country's GDP and 48% share in the country's exports. 

    16:30 (IST)01 Jun 2020
    Perks of timely repayment of loans for farmers

    Farmers who will repay their loans timely till August 31, will get a 4% waiver on their loans -- Agri minister. 

    16:23 (IST)01 Jun 2020
    Agri Minister hails villages, farmers

    Agriculture Minister Narendra Singh Tomar hails villages and farmers to work along with centre's policies.

    16:20 (IST)01 Jun 2020
    Agri reforms on govt's cards

    Agriculture Minister Narendra Singh Tomar will announce more agriculture reforms today. 

    16:19 (IST)01 Jun 2020
    Historic decisions for MSME sector, agriculture sector, farmers, street vendors,

    The cabinet is announcing historic decisions for MSME sector, agriculture sector, farmers, street vendors, says Prakash Javadekar.

    16:18 (IST)01 Jun 2020
    Subsidised interest rates loan for farmers

    Farmers will benefit from reduced loans of Rs 3 lakh by 2% will be disbursed till 31 August. 

    16:16 (IST)01 Jun 2020
    No penal provisions on loans for street vendors

    Rs 10,000 one-time loan will be disbursed to 50 lakh street and footpath vendors, which they could return in one year. There is no penal provisions in this loan scheme.

    16:16 (IST)01 Jun 2020
    Unprecedented relief measures for street vendors

    It is for the first time since India’s independence that such a decision has been taken for street vendors and footpath vendors - Prakash Javadekar

    16:14 (IST)01 Jun 2020
    Govt brings cheer for street vendors

    More than 50 lakh street vendors will benefit from a new scheme approved by the Union Cabinet today

    16:13 (IST)01 Jun 2020
    More companies to come under ambit of MSMEs

    The government further eases the definition of MSMEs to Rs 1 crore investment and Rs 5 crore turnaround for micro industries and Rs 50 crore investment and turnaround of Rs 250 crore in medium enterprises. 

    16:10 (IST)01 Jun 2020
    More measures for MSMEs

    Government to announce further measures under Atma Nirbhar Bharat for MSME sector. 

    16:08 (IST)01 Jun 2020
    Cabinet press briefing begins

    Union Minister Nitin Gadkari, Agriculture Minister Narendra Singh Tomar, along with Information & Broadcasting Minister Prakash Javadekar are announcing major cabinet decisions on MSME and agriculture sectors. 

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