The Union Cabinet meet today at 11 am was chaired by Prime Minister Narendra Modi on Wednesday, 20 May 2020. The meet cleared key proposals of the central government’s Rs 20 trillion special COVID-19 financial packages meant for the poorer sections of society and companies in the post-COVID period.
“Package proposal”
The proposals cleared embody the Rs 3 trillion emergency credit score assures backing loans made by banks and non-bank lenders to micro, small and medium enterprises (MSMEs), a Rs 10,000 crore scheme to help micro meals processing items, a Rs 20,050 crore fisheries improvement scheme and a Rs 3,109 crore scheme for giving meals grain to migrants.
“New liquidity scheme”
Another key proposal cleared by the Cabinet was a brand new liquidity scheme for non-bank and housing finance firms which can also be a part of the stimulus package deal. For this, a particular entity will be arranged at an expense of Rs 5 crores, which may give the most credit score assure of as much as Rs 30,000 crores, which can be prolonged if wanted.
“Sale of coal and lignite”
The Committee on Financial Affairs cleared the norms for the public sale of coal and lignite mines on the market of those commodities on an income sharing foundation.
“J&K Domicile law”
The Cabinet additionally cleared the controversial Jammu and Kashmir (Adaptation of State Legal guidelines) Second Order, 2020, issued beneath part 96 of Jammu and Kashmir Reorganisation Act, 2019.
On 2 April, the Centre had introduced the foundations of domicile within the Jammu and Kashmir area, opening avenues of employment to non-Kashmiris as effectively. The transfer got here nearly eight months after the revocation of Article 370, which was adopted by the division of the then state into two Union territories.
Domiciles in J&K have now been redefined as “those that have resided for an interval of 15 years within the Union territory of Jammu and Kashmir or have studied for an interval of seven years and appeared in Class 10/12 examination in academic establishments situated within the union territory.”
This law is being highly condemned all over social media platforms as a gross misuse of the powers of the government and the strategic implementation during a global pandemic. The new domicile law threatens to distort the demography of the state which has raised a lot of concern among the citizens who are still in the dark due to the slow 2G internet.
