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Cabinet Approves 'AtmaNirbhar' Bharat Package After FM Sitharaman's 5-step Announcement

After rolling out the 5-step economic tranche, the Modi cabinet, on Wednesday, has approved the 'AtmaNirbhar Bharat package', as per Govt spokesperson

stimulus package

After rolling out the 5-step economic tranche, the Modi cabinet, on Wednesday, has approved the 'AtmaNirbhar Bharat package', as per Govt principal spokesperson K.S Dhatwalia. The cabinet has also approved several other schemes like ‘Pradhan Mantri  Vaya Vandana Yojana’ (PMVVY), modified "Partial Credit Guarantee Scheme (PCGS)", "Scheme for Formalisation of Micro food processing Enterprises (FME)" etc. These announcements were made by Finance Minister Nirmala Sitharaman as part of economic tranches - a part of India's Rs 20 lakh crore economic package to fight Coronavirus (COVID-19).

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Cabinet approves 'Atmanirbhar' Bharat package

Apart from the above-mentioned schemes, the cabinet has also approved issuance of the #JammuAndKashmir Reorganisation (Adaptation of State Laws) Second Order, 2020 in relation of Jammu & Kashmir Civil Services (Decentralisation and Recruitment) Act. It has also approved funding upto Rs. 3 lakh crore for eligible MSMEs and interested MUDRA borrowers, launched the new pecial Liquidity Scheme for Non-Banking Financial Companies (#NBFCs) and Housing Finance Companies (HFCs). India's COVID-19 tally stands at 106750 cases, with 42298 recovered and 3303 fatalities.

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Govt's 5-day announcements

On last Tuesday, PM Modi announced a Rs 20 lakh crore economic package - including the previous monetary package and the liquidity measures announced by RBI till date (amounting to 10.26 lakh crore) to kickstart Indian economy's growth. Since then FM Sitharaman has announced a slew of reforms in five parts to strengthen MSMEs, migrants, street vendors, urban poor, agriculture, animal husbandry and fishing.  She has also announced sectoral reforms in Coal, defence production, minerals, civil aviation (Airports, Airspace Mgmt & MRO), power distribution in UTs, Space, atomic energy and reformed MGNREGA, education and a new PSE policy. 

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India extends lockdown

On Sunday, the Centre announced the extension of India's nationwide Coronavirus (COVID-19) lockdown till May 31.  The Ministry of Home Affairs (MHA), has released its detailed guidelines for the extended lockdown, allowing the delineation of red, green and orange zones as per state and UT governments, taking the Ministry of Health & Family Welfare (MoHFW) into consideration. Since then, several states have released their own state guidelines - most easing the lockdown; Centre has advised the states to not dilute its guidelines by allowing too many relaxations.

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