Today, 14th May 2020, FM Nirmala Sitharaman announced India Mega Economic Package (Part-2). Beneficiaries Covered in this Incentives are Poor, including migrants and farmers.
Highlights of Existing or Already Announced Stimulus
The right of minimum wages and timely payment of wages has been now universalized to cover all workers including unorganized workers against the present rate of 30%.
A concept of National Floor Wage will be introduced. This will help in reducing regional disparity.
The fixation of minimum wages shall be simplified.
An appointment letter shall be provided to all workers.
Annual Health Check-up for employees would be mandatory.
Occupational Safety & Health (OSH) Code now also applicable to establishments engaged in work of hazardous nature even with a threshold of less than 10 workers.
The definition of inter-state labor has been widened to include migrant workers employed directly by the employer & workers directly coming to destination State of their own besides the migrant workers employed through a contractor.
Benefits of ESIC now extended to whole India for establishments employing 10 or more employees as against those in notified districts/areas only (Voluntary for establishment employing less than 10 employees).
Mandatory ESIC coverage for employees in hazardous industries even where less than 10 employees are employed.
The benefit of gratuity shall now be available on completion of one year of service (Fixed Term Employment) (Earlier the same was extended only after completion of 5 years of service).
New Proposed Stimulus:
Rs 3500 Cr shall be spent for extending the benefits of 5kg of grains per person and 1 kg of Chana per family to the migrants not availing NFSA or State Card benefits in the state they are stationed.
One Nation One Card shall be fully adopted and operational by March 2021 for enabling migrants access to Public Distribution System.
Relief of Rs 1500 crore shall be extended to Mudra-Shishu Loan borrower in the form of Loan moratorium (Already Granted) and interest subvention of 2% for prompt payees for a period of 12 months.
Relief of Rs 5000 Crores shall be granted to the street vendors in the form of a credit of Rs 10,000 for their initial working capital and credit shall be extended even more in case of good repayment behavior.
Affordable rental housing facilities shall be provided to migrant workers and urban poor by Central Government and also the state government and other institutions shall be incentivized for developing such affordable renting housing facilities.
For creating jobs opportunity among tribals & Adivasis, plans worth 6000 Crore shall be approved using CAMPA (Same will also result in growth and development of forest and wildlife infrastructure).
Rs 30000 Crore of relief shall be extended to farmers through NABARD. ( Such relief shall be granted in the form of crop loan by the Rural Co-op Banks & RRBs).
A credit boost of Rs 2 Lac Crore shall be granted to the farmers under PM-KISAN beneficiaries (Fisherman & Animal Husbandry also included) through Kisan Credit Cards. Also, concessional interest shall be charged against such credit.
CLSS (Credit Linked Subsidy Scheme) shall be extended to March 2021. The same shall create an investment of Rs 70,000 Crore and in turn, will create job opportunities and will stimulate demand for steel, cement, transport, and other construction materials.