Cabinet Meeting Live Updates: Minimum Support Price For 14 Kharif Crops Hiked, Says Javadekar

• Trying to get more 2.5-3 crore farmers under the cover of KCC
• This will help in releasing an additional credit of Rs 2 lakh crore to farmers
• Central APMC Act to come out soon

Stressed MSME fund will invest up to 15% in equity of MSMEs with strong track record of exports, GST filings, healthy turnover, Gadkari said.

• Hope to move MSMEs toward listing
• Return on stressed fund investment will aid further support

• MSMEs contribute 29% to India’s GDP
• There will now be no distinction in manufacturing and services sector MSMEs
• Fund of funds will be used to restructure distressed MSMEs
• Distressed asset fund will be of Rs 4,000 crore
• Rs 10,000 crore worth fund created to help listing of MSMEs on stock exchanges
• Government will buy stake in MSMEs with good ratings and financials

• Jowar Rs 2620/quintal
• Bajra Rs 2150/quintal
• Ragi 50% increase
• Moong 50% increase
• Groundnut 50% increase
• Cotton 50% increase

Procurement of wheat and paddy has gone up despite concerns due to lockdown, said Agriculture Minsiter Narendra Singh Tomar.

• 360 lakh metric tonnes of wheat procured versus 342 lakh metric tonnes last year
• 95 lakh metric tonnes of paddy procured versus 90 lakh metric tonnes last year

The minimum support prices for 14 kharif crops increased, in a measure to provide relief to India’s farmers.

• MSP at least 50% over cost of production.
• Farmers can now fetch prices up to 83% over cost.

A 2% interest subvention will also be given to farmers on loans up to Rs 3 lakh.

The Union Cabinet has approved the following measures announced by Finance Minister Niramala Sitharaman under the fiscal relief package to fight coronavirus.

• Change in definition of MSMEs
• Rs 20,000 crore subordinate debt liquidity scheme
• Rs 50,000 crore equity infusion fund of funds

• Definition of micro enterprises extended to those with Rs 1 crore investment and Rs 5 crore turnover.
• Enterprises with Rs 10 crore investment and Rs 50 crore turnover will be classified as small businesses.
• Businesses with Rs 20 crore investment and Rs 250 crore turnover will be medium businesses
• MSMEs in problem will be helped through a fund of Rs 20,000 crore
• Government to help MSMEs to list on exchanges

The Union Cabinet, in its meeting today, has decided on the roadmap under the ‘Aatmanirbhar Bharat’ campaign announced by Prime Minister Narendra Modi, to benefit the country’s medium and small enterprises in light of the disruption caused by the coronavirus pandemic, said Union Minister Prakash Javadekar.

Measures related to MSMEs and agriculture will be announced by Nitin Gadkari and Narendra Singh Tomar, he said.

Press briefing begins.

Prime Minister Narendra Modi is chairing a meeting of cabinet ministers as India attempts to restart its economy following a nationwide lockdown for over two months.

The decisions taken at the meeting will be announced at a press conference at 4 p.m. The briefing will be attended by Union Ministers Prakash Javadekar, Nitin Gadkari and Narendra Singh Tomar.

India has been reeling under one of the most stringent lockdowns worldwide since late March to curb the spread of the Covid-19 pandemic. At least 1.9 lakh people in the country have been infected by the novel coronavirus, which has claimed over 5,000 lives so far.

The lockdown brought economic activities to a standstill and left migrant labourers stranded in cities without any work or food. The government now plans to open the economy in a staggered manner starting June 8.

The government tried to alleviate some of the economic distress by announcing a slew of measures ranging from special credit facilities and loan guarantees to increased spending on a rural employment programme.

The announcements from today’s cabinet meeting can be followed live here from 4 p.m.