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NEW DELHI: Prime Minister Narendra Modi on Monday said that the decisions taken by the Union Cabinet today will bring about positive changes in the lives of farmers, labourers and workers and create "huge employment opprtunities".
Farmers will get 50-83 per cent more returns as the Union cabinet approved minimum support price (MSP) for 14 crops. The cabinet also cleared a Rs 20,000-crore debt scheme, which would help nearly two lakh micro, small and medium enterprises (MSMEs) raise funds amid the stress of the lockdown, a leading channel reported.
To encourage private sector investment, the Cabinet also approved funds worth Rs 50,000 crore for MSMEs.
"To give impetus to the campaign for a self-reliant India, we have not only changed the definition of MSMEs, but have also approved several proposals to revive it. This will benefit the small and medium scale industries, as well as create huge employment opportunities," Modi said in a series of tweets in Hindi and English.
India will prosper, the prime minister said, when its farmers prosper.
"Our government has fulfilled its promise to our hardworking farmers of fixing the MSP at a level of at least 1.5 times of the cost of production," he said. Care has also been taken towards improving the financial situation of our farmers," the prime minister noted.
PM Street Vendor's Atma Nirbhar Nidhi (PM SVANidhi) is a very special scheme, he said.
"For the first time, our street vendors are a part of a livelihood programme. This scheme will ensure support for street vendors. It harnesses technology and emphasises on capacity building," he said.
As this Government enters its second year, the Cabinet took important decisions that will have a transformative impact on the MSME sector, our hardworking farmers and street vendors. Today’s decisions will ensure a better quality of life for them. https://t.co/5QtQL2djtT
— Narendra Modi (@narendramodi) June 1, 2020
This meet was the first meeting of the Union Cabinet after the Modi 2.0 government entered its second year in office. The meet was preceded by meetings of the Cabinet Committee on Security and the Cabinet Committee on Economic Affairs.
Highlights:
For Street Vendors
For Farmers: