Prime Minister Narendra Modi has given information by tweeting the decisions taken in the Union Government’s cabinet meeting held on Monday. He wrote in a tweet, ‘For the first time in the country, the government has arranged loans for the employment of street vendors and those who sell goods on handcrafts. More than 50 lakh people will get benefit from ‘PM Swanidhi’ scheme. With this, these people will speed up the self-reliant India campaign by raising their business afresh in the time of Corona crisis.
India will prosper when our farmers prosper. Our Government has fulfilled its promise to our hardworking farmers, of fixing the MSP at a level of at least 1.5 times of the cost of production. Care has also been taken towards improving the financial situation of our farmers.
— Narendra Modi (@narendramodi) June 1, 2020
The Prime Minister said, to give impetus to the self-reliant India campaign, we have not only changed the definition of MSMEs sector, but have also approved several proposals to revive it. This will benefit small and medium industries in crisis, as well as create huge employment opportunities. Taking forward the mantra of ‘Jai Kisan’, the cabinet has taken big decisions in favor of the Annadars. Of these, it has been ensured to pay at least one and a half times MSP for 14 kharif crops. Also, the period for repaying short term loans up to Rs 3 lakh has also been extended.
Let me tell you, many important decisions were taken in Monday’s cabinet meeting. In this, many big decisions were made for agriculture, from wages to small industries. Giving information about the decisions taken in the meeting, Union Minister Prakash Javadekar said that the scheme for street vendors has been given a new name. Now this scheme will be known as PM Swanidhi Yojana, which will be mainly dedicated to the street vendors.
Prakash Javadekar said that the definition of MSME has changed, now the scope of its definition has also been extended. These amendments in MSME have taken place after 14 years. The proposal for the subordinate debt of 20 thousand crores has been approved. With this, an equity investment of 50 thousand crores has also been approved.
Nitin Gadkari said that two funds have been created for MSMEs. The first distress assessment fund, which has a provision of 4 thousand crores, while the second one has been called the fund of funds, which is worth 50 thousand crores. Both these shares will be listed in the stock market very soon.