10,799.6536.0
Stock Analysis, IPO, Mutual Funds, Bonds & More

The second dose of stimulus from FM will benefit the underprivileged sections: Assocham

“Some measures like the extension of interest subvention for existing loans to small farmers till May 31, 2020, and sanctioning of 22 lakh new Kisan Credit Cards will ease the liquidity crisis that the marginalized farmers and rural economy is struggling with,” said Dr. Hiranandani.

, ET Bureau|
Last Updated: May 14, 2020, 08.30 PM IST
0Comments
Agencies
tranche 2 sitha
As the agriculture sector is the 3rd largest contributor to the GDP and also the highest employment generator with 43% workforce dependent on it has been rightly given the maximum prominence in this leg of measures, he said.
KOLKATA: The COVID infected economy got the second dose from the finance ministry and would boost the immunity of some of the most underprivileged sections of the society that is the farmers, laborers, street vendors and the tribals, stated Dr Niranjan Hiranandani, president, ASSOCHAM.

“Some measures like the extension of interest subvention for existing loans to small farmers till May 31, 2020, and sanctioning of 22 lakh new Kisan Credit Cards will ease the liquidity crisis that the marginalized farmers and rural economy is struggling with,” said Dr. Hiranandani.

As the agriculture sector is the 3rd largest contributor to the GDP and also the highest employment generator with 43% workforce dependent on it has been rightly given the maximum prominence in this leg of measures, he said.

According to Dr. Hiranandani, the other measures taken by the government that includes approval additional loans for the agriculture sector, refinancing of existing loans and support of additional funds for rural infrastructure is a step in the right direction to revive the rural economy.

“The government has also sanctioned a corpus of ₹6,700 crore for state agencies for agricultural produce procurement. Through these measures, the finance ministry has taken an honest step to provide liquidity support to the rural economy,” Dr Hiranandani added.

For migrant workers who have faced the maximum brunt due to this ongoing lockdown the government has notified this fact and have taken steps like “One nation one Ration card scheme’, the continuation of MNREGA scheme during monsoon, provision of food and shelter, increasing the average wage rates to ease the stress that this section of the society is facing,” explained Dr. Hiranandani.

The Special credit facility of Rs 5,000 crores for 50 lakh street vendors to provide them with Initial working capital of up to Rs 10,000 will give a lifeline to them and help them restart their source of livelihood, which no government has done till date,” he added.

“The Central government’s move to initiate projects worth Rs 6000 crores to provide jobs for Adivasis and tribals is a step in the right direction,” he explained.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

Also Read

India should focus on 15 items of imports to achieve self-reliance: Assocham

Government measures would be true game-changer in agriculture sector: Assocham

Change in FDI rules to save Indian companies becoming 'sitting ducks': ASSOCHAM

ASSOCHAM formulates a calibrated approach for reopening the economic activities on phases

ASSOCHAM suggests resumption of selective sectors with strict adherence to social distancing norms

Life won't be the same post coronavirus pandemic: Ashwini Kumar Choubey at ASSOCHAM event

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service