2nd tranche of PM Economic Package reaches the most vulnerable and deserving sections of society: ASSOCHAM
Source: IT News

New Delhi, May 15 2020: After providing crucial support to the MSME sector, the Prime Minister's Rs 20 lakh crore economic package has most aptly targeted the small farmers, migrant workers and street vendors who are the most vulnerable section of the society, reeling under the Covid-19 crisis, ASSOCHAM Secretary General Mr Deepak Sood said.

''Some of the measures under the second tranche of the PM's package, announced by Finance Minister Mrs Nirmala Sitharaman today, show how the government is empathetic to the difficulties being faced by 8 crore migrant labourers, small and marginal farmers and street vendors'', said the ASSOCHAM Secretary General.

He said, the measures are aimed at providing both the immediate relief in the form of free food grains supply to those with or without ration cards and the short to medium term support.

The 'One Nation One Card ' PDS portability for migrant workers, would greatly dissuade the workers seeking to migrate to their home towns.

Mr Sood said, the ASSOCHAM would promote the concept of affordable rental homes for the migrant workers, within the industry and work with the government through the Public-Private -Partnership mode on this innovative idea.

"The concept would make a great contribution to building a quality national resource at the bottom of the pyramid which has proved to be among the most critical components of the economic development" .

Working capital under Mudra loan and promotion of digital payment amongst the informal workers would empower the informal but critical sector of the economy.

It would prove to be catalyst step for formalising the informal sections of the society into the economy.

Mr Sood said extension of the credit linked subsidy scheme up to March 31, 2021 for the middle income group would not only provide relief to them but also be a great demand booster for a host of industries related to real estate.

Increased credit availability to the farm and allied rural sectors through extension of PM Kisaan card would also play a critical role in reviving the country's economic growth.

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