FM

In continuation of Economic package announcement due to the spread of the COVID-19, Finance Minister (FM) Nirmala Sitharaman announced third part of package which provides special relief and credit support to agriculture, hospitality and tourism. Key highlights are as follows-

1. Important 11 measures initiatives includes:

11 booster shots for India’s farmers

2. Government Initiatives During Lockdown Period to support Farmers:

FM announcement of economic package for Small traders, worker, farmers

3. Rs 1 lakh crore Liquidity Support providedAgri Infrastructure fund

4. Support to micro food enterprises –

FM Sitharaman major Announcements for special relief and credit support to economy

5. Animal Husbandry Additional Steps:

Animal Husbandry Infrastructure Fund – Rs 15,000 crores fund to be established

6. Agriculture Additional Steps:

Funds transfer worth Rs 18,700 crores has been done under PM KISAN in past 2 months and PM Fasal Bima Yojana claims worth Rs 6,400 crores released in past 2 months

7. Fisheries Sector Support announced by FM

EPFO – 17 FAQ’S on transfer of EPF Accounts

8. 100% vaccination of all cattle (nearly 53 crore animals) to eradicate foot and mouth disease

9. Support to Under Matsya Sampada Yojana

10. Support and Promotion of herbal cultivation

Life Insurance Premium Relaxation to Policyholders – Upto 31.05.2020

11. Support For bee-keeping

12. National Animal Disease Control Programme has been launched with total outlay of Rs. 13,343 crores for 100% vaccination of cattle, buffalo, sheep, goat and pig population in India

13. Private entrepreneurs, startups who look to facilitate by procuring from farmers and seek to create value addition for the global market, but don’t have infrastructure, will benefit from the Rs 1 lakh crore fund

14. Promotion of Herbal Cultivation – Rs. 4000 Crore

15. Government will promote: Operation Green as announced by FM

16. Top to Total

In a major announcement, Government extends Operation Greens from Tomatoes, Onion and Potatoes (TOP) to ALL  fruits and vegetables

Major Reforms related governance and administrative

1. Essential Commodities Act (1955) amended

2. Fair price for farmers      

GSTR-3B Nil Return can be filed now with SMS : Notification Released

3. Standard mechanism for predictable pricing

To increase availability on farming technology and selling opportunities.

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The author of the above article is CS Lalit Rajput, Partner at Xcede Consultech LLP.
Email id: [email protected]

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