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Friday, April 16, 2021

Third tranche of Rs 20-lakh crore economic package : 11 Takeaways

Finance minister Nirmala Sitharaman announced the third tranche of Rs 20-lakh crore economic package on Friday evening.

Sitharaman said the third tranche was formulated to help people become economically independent. The first set of economic measures catered to the micro, small and medium enterprises, while the second tranche was aimed at providing relief and support to migrant workers and labourers.

Now let’s take a look at the 11 key takeaways of the latest set of plans that mainly focus on farmers and food processing industries. Of these 11 measures 8 revolve round Infrastructure development, and the rest involves various other developments include reforms in the government and administrative sectors.

1- 8: Infrastructure development

  • A sum of Rs 1 lakh crore has been allocated to strengthen farm gate establishments.
  • Total Rs 10,000 crore for micro food plans to benefit over 2 lakh micro food enterprises. For example, makhana cluster for Bihar, chilli cluster for Andhra Pradesh and saffron cluster for Kashmir.
  • Pradhan Mantri Matsya Sampada Yojana to be launched to develop marine and fisheries industry. A sum of Rs 20,000 crore to be spent to develop value chain and develop 55 lakh people.
  • Total Rs 15,000 crore to develop the dairy infrastructure.
  • Vaccination of livestock to cost around Rs 13, 343 crore to ensure eradication of foot and mouth diseases.
  • Operation Greens to be launched with Rs 500 crore to boost vegetable farming.
  • A sum of Rs 4000 crore to be spent on growing herbal and medicinal plants. This will generate income to the tune of Rs 5000 crore for small growers and farmers.
  • Over 2 lakh beekeepers to get benefited from Rs 500 crore allocated in the sector.

9: Governmental reforms

  • Some amendments have been suggested for the Essential Commodities Act that will ensure better profit to farmers. Certain food items such as onion, edible oil, potato, pulses will be deregulated.

10: Farm marketing reforms Including

The Centre proposed to develop a centralised plan to ensure

  • Hassle-free inter-state trading of farm produces
  • Sufficient choices to sell produces at lucrative prices
  • Comfortable e-trading of produces

11: Assurance on farm produce price and quality

  • A robust and effective legal framework will be created to save the rights of farmers while dealing with large retailers, processors and exporters among others.
  • The framework will also ensure good return for farmers besides enabling quality standardization.

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