FM Announces Rs 1500 Crore Interest Subvention For MUDRA-Shishu Loans of up to Rs 50,000

New Delhi: Union Finance Minister Nirmala Sitharaman on Thursday said that the coronavirus crisis has impacted the small businesses and they are not able to pay their EMIs. To help these small businesses, FM Sitharaman said that the Centre will provide interest subvention of 2 per cent for prompt MUDRA-Shishu Loans payees for a period of 12 months. Also Read – Govt to Spend Rs 3,500 Crore on Giving Free Food Grain to 8 Crore Migrant Workers, Says FM

She announced a relief of Rs 1500 crores for MUDRA-Shishu loan payees and said the loan moratorium has already been granted by the RBI. Also Read – Second Tranche of Economic Package Will Benefit Migrant Workers, Street Vendors, Says FM

“As much as Rs 1,500 crore interest subvention would be given for MUDRA-Shishu loans of up to Rs 50,000,” she said. Also Read – Economic Package LIVE: ‘CLSS Scheme For Middle Income Employees Extended Till March 2021,’ Says FM Sitharaman

During her press conference, FM Sitharaman announced assistance for migrant workers at this time of corona crisis, and said free food grains supply will be given to all migrants for next 2 months.

“Free food grains supply will be given to all migrants for the next 2 months. For non-card holders, they shall be given 5kg wheat/rice per person and 1 kg chana per family/month for 2 months. Over 8 crore migrants will benefit from this scheme. The Central government will spend Rs 3500 crores on this scheme,” Sitharaman said.

She also said that the Central government will implement One Nation One Ration Card.  She added that the PDS ration cards to be made portable to allow migrant workers to use ration cards across states.

“One Nation One Ration Card will be implemented. Nearly 67 crore beneficiaries in 23 states covering 83% of PDS population will be covered by the national portability by August 2020,” Sitharaman added.