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‘Historic Decisions’ in Union Cabinet Meeting

Historic decisions in Union Cabinet Meeting

The Union Cabinet meeting was convened on Monday under the chairmanship of Prime Minister Narendra Modi. Many historic decisions have been taken in this meeting. Union Ministers Nitin Gadkari, Prakash Javadekar and Narendra Tomar gave press conference and informed about the decisions of the government. This was the first meeting after completion of one year of the second term of the Narendra Modi government.

Infeed has already published about it a couple of days ago that a second round of reforms are awaited after the 20,000 Cr package

Major Historic Decisions:

  • 20 thousand crores has been given to encourage MSMEs. This will benefit 2 lakh MSMEs.
  • The unit with investment up to 50 crore will come under MSME.
  • The unit with turnover up to Rs 250 crore will also come under MSME.
  • Export turnover of MSME will not be added to it. This will increase new employment opportunities.
  • Government give nod to 4000 Crore Distress fund
  • Special Fund of 20,000 Cr for the MSMEs that closed down due to financial weakness
  • Street Vendors to Get Loan Upto Ten Thousand
  • The minimum support price for paddy crop has now been increased to Rs 1868 per quintal.
  • Apart from this, jowar has been priced at Rs 2620 per quintal, millet at Rs 2150 per quintal.
  • The support price for ragi, moong, groundnut, sesame, cotton and soybean has also been increased by 50 per cent.
  • The date for repayment of short term loans up to Rs 3 lakh for agricultural work has been extended till 31 August 2020.
  • Farmers will get loan at 4% rate on timely repayment of loan.

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