Prime Minister Narendra Modi announced their segment of economic stimulus to facilitate rural economy and improve the income of the farmers, fishermen, the animal husbandry and also the dairy farms.
He tweeted, “I welcome today’s measures announced by FM Nirmala Sitharaman”.
Finance Minister Nirmala Sitharaman on Friday issued a list of initiatives for the agricultural sector with ₹1.68 lakh crore disbursement and also making alterations in Essential Commodities Act excluding cereals, pulses, edible oil, oilseeds, potato and onion from their enlisted necessaries.
Modi has appreciated these reforms as it would augment the income of the farmers.
On May 12, Modi has declared a ₹20 lakh crore stimulus package, almost 10% of India’s GDP to assuage the destructive impacts on different sections of the economy caused by the COVID- 19 induced nationwide lockdown.
The package includes a sum of ₹1.7 lakh crore for free provision of foodgrains and cash to the underprivileged section of the country for three months and ₹5.6 lakh crore is being rendered by the Reserve Bank of India (RBI) through its slew of monetary actions.
The remaining package of ₹9.1 lakh crore will be utilised by the smaller firms, the concession of farmers and to assist the shadow banks a d electricity distributors as decided by the government.