News Brief
Here Is A Detailed Break-Up Of The Rs 20 Lakh Crore Economic Package Announced By Modi Government
Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
Finance Minister Nirmala Sitharaman on Sunday (17 May) concluded all the announcements pertaining to the Rs 20 lakh crore Atmanirbhar Bharat economic package.
Thus, Sitharaman during today’s (17 May) briefing gave a detailed break-up of the allocations.
In the first tranche of announcements, Rs 5.94 crore was allocated for measures like collateral free loans for MSMEs to the tune of Rs 3 lakh crore, equity infusion of Rs 50,000 crore in MSMEs and a special liquidity scheme of Rs 30,000 crore for NBFCs, HFCs and MFIs.
Rs 1.5 lakh crore have been sanctioned in the third tranche of the announcements focusing on Food Micro Enterprises. Out of this Rs 20,000 crore was allocated for the development of the fisheries sector, Rs 1 lakh crore as part of an agri infra fund to fund infra projects at the farm gate and aggregate points.
Thus, all in all the total outlay for the five announcements stands at just over Rs 11 lakh crore. A few days into the lockdown the government had announced a package totalling up to Rs 1.92 lakh crore including Rs 1.7 lakh crore sanctioned under the Pradhan Mantri Gareeb Kalyan Yojana (PMGKY).
The remaining Rs 8.01 lakh crore is part of liquidity measures announced by the RBI since March.
The central bank also announced a Rs 50,000 crore Special Liquidity Facility (SLF) for mutual funds (MFs) and Rs 50,000 crore in targeted long-term repo operation (TLTRO) to ensure liquidity in non-banking financial companies (NBFCs) and microfinance institutions (MFIs).
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