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MSP for 14 Kharif crops increased, new measures announced for street vendors, distressed MSMEs

Under PM Swanidhi scheme, the centre will provide a special credit facility of Rs 5000 crore for the street track vendors. 

Jun 1, 2020 17:49 IST
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The Union Cabinet on June 1, 2020 approved an increase in Minimum Support Price (MSP)for 14 Kharif crops. The move will enable farmers to receive 50-83 percent more than the cost of the crop. 

This was shared by Union Agriculture Minister Narendra Tomar during a press briefing. The minimum support prices (MSP) for 14 Kharif crops has been increased by 50- 83% to provide relief to the farmers.

The Minister shared that the farmers will also get more time now to repay their loans. They can repay the loans till August 2020. 

MSP rate for 14 Kharif Crops for 2020-21

Paddy: Rs 1868/quintal
Jowar: Rs 2620/quintal
Bajra-Rs 2150/quintal
Cotton: Rs 5,515/quintal 
Ragi, Moong, Groundnut, Soyabean, Til: 50 percent increase in MSP 

PM SwaNidhi scheme

Under PM Swanidhi scheme, the centre will provide a special credit facility of Rs 5000 crore for the street track vendors. The scheme is expected to benefit 5 million street vendors, hawkers, those running small shops and those selling goods on handcrafts.

Cabinet approves key measures to support distressed MSMEs

The Cabinet has approved centre’s following two packages for MSMEs:

1. Rs 20000 crore: The package has been approved for distressed MSMEs.This is expected to benefit 2 lakh stressed MSMEs

2. Rs 50,000 crore: This amount will be infused into the MSMEs through fund of funds, allowing MSMEs to get listed. 

Besides this, the cabinet has approved the amendment of the turnover limit for medium enterprises to Rs 250 crore and the investment limit has been raised to Rs 50 crore. This was informed by Prakash Javadekar during the media briefing.

Significance

The measures for the MSME sector aim to improve ease of doing business, attract investment and create jobs

Background

The decisions were announced during a press briefing by Union Ministers Prakash Javadekar, Nitin Gadkari and Narendra Tomar on Union Cabinet's decisions. The Ministers announced the cabinet decisions for farmers and the Micro, Small and Medium Enterprises Sector. 

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