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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 14, 2020 / 05:15 PM 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.

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

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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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Moneycontrol News
first published: May 14, 2020 05:15 pm
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