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Govt provides 2% interest subvention for prompt Mudra-Shishu loan repayments

FM outlines a tranche of the contours of India’s massive Rs 20 lakh crore fiscal stimulus announced by Prime Minister Narendra Modi.

May 15, 2020 / 01:56 AM IST

Addressing the nation on the fiscal stimulus announced by Prime Minister Narendra Modi, Finance Minister Nirmala Sithraman on May 14 extended 2 percent interest subvention under the Shishu loans of MUDRA.

"The move will benefit more than 3 crore people," Sitharaman said, adding that this would be a Rs 15,000 crore benefit.

The current outstanding amount under the Mudra-Shishu loans category is Rs 1.62 lakh crore.

The second tranche of announcements focuses on migrant workers, street vendors, small traders, self-employed people and small farmers.

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Follow FM Nirmala Sitharaman's announcements here on our LIVE blog

PM Modi, on May 12, announced an economic stimulus package of Rs 20 lakh crore to shore up the economy battered by the COVID-19 outbreak, FM Sitharaman disclosed the blueprint of the mega package on May 13.

The announcements on May 13 included six measures for MSMEs, 2 for EPF, 2 for NBFCs and MFIs, 1 for discoms, 1 for contractors, 1 for real estate sector, and 3 tax measures.

The finance minister's announcements also aimed at improving the sagging morale of India's workforce, facing the brunt of a slowing economy and muted corporate earnings

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first published: May 14, 2020 05:15 pm