Here is the live view of Finance Minister Nirmala Sitharaman, holding her third Press Conference on explaining the Economic Package of 20 Lakh Crore which was announced by Prime Minister Narendra Modi earlier this week.
Key Highlights From the Press Conference:
Finance Minister Nirmala Sitharaman & MoS, Anurag Thakur mentioned the following:
- Amendments to the Essential Commodities Act to enable better price realisation for farmers (EC Act, 1955) was enacted in days of scarcity. We need to enable better price realisation for farmers by attracting investments and making agriculture sector competitive. Agriculture foodstuffs including cereals, edible oils, oilseeds, pulses, onions and potato to be deregulated. Stock limit to be imposed under very exceptional circumstances like national calamities, famine with the surge in prices. No such stock limit shall apply to processors or value chain participant, subject to their installed capacity or to any exporter subject to the export demand.
- Rs 4,000 crore allocated for promotion of herbal cultivation. Will generate income of Rs 5,000 crore for local farmers engaged in this cultivation. National Medicinal Plant Board will undertake 800 hectares of areas in the corridors of river Ganga for growing of herbal and medical plants.
- The fourth item is National Animal Disease Programme with a total outlay of Rs 13,343 crore. Will ensure 100% vaccination for cattle, buffalo, sheep and pigs against foot and mouth disease (FMD)
- Logistics capacities under PMMSY for activities related to marine and inland fisheries. Provide employment to 55 lakh in the sector. Expected to contribute Rs 1 lakh crore to India’s exports. Will help in better standards, new fishing vessels, harbours, insurance for personal and boats. Will lead to an additional 70 lakh tonnes over the next 5 years. It is to empower people to make a livelihood for themselves. Making sure India is helped to stand on its own.
- Rupees 1 lakh crore Agri Infrastructure Fund for farm-gate infrastructure for farmers. Financing facility of Rs. 1,00,000 crore will be provided for funding Agriculture Infrastructure Projects at farm-gate & aggregation points (Primary Agricultural Cooperative Societies, Farmers Producer Organisations. Agriculture entrepreneurs, Startups, etc.) of farmgate & aggregation point. The impetus for developing affordable and financially viable Post Harvest Management
infrastructure will be given.
- Rs 10,000 crore fund for micro food enterprises (MFEs) in cluster-based approach. Vocal for global can build brands and therefore marketing them globally will be included. Branding, modernising and capacity ramp-up will be part. This will benefit 2 lakh MFEs. The focus will be on women, ST/SCs. Will look at regional cluster.