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.
Government of India will provide interest subvention of 2% for prompt payees for a period of 12 months. This will result in relief of Rs. 1,500 crore to MUDRA-Shishu loanees: Smt @nsitharaman #AatmaNirbharBharatPackage pic.twitter.com/76PqZeAykt
— NSitharamanOffice (@nsitharamanoffc) May 14, 2020
The second tranche of announcements focuses on migrant workers, street vendors, small traders, self-employed people and small farmers.
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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