Better Prices For Farmers, Boost For MSMEs, Street Vendors In Big Cabinet Decisions

Farmers will get 50-83 per cent more returns as the Union cabinet approved minimum support price for 14 crops at a meeting on June 1. The meet, preceded by meetings of the Cabinet Committee on Security & the Cabinet Committee on Economic Affairs, also took key decisions on MSMEs (Micro, Small and Medium Enterprises) & street vendors. Cabinet cleared a Rs 20,000-crore debt scheme, which would help nearly 2 lakh MSMEs raise funds amid the stress of the lockdown. It also approved a Fund of Funds worth Rs 50,000 crore for MSMEs to encourage private sector investment in the sector. PM Narendra Modi is a series of tweets said the decisions taken by the Union Cabinet on June 1 will bring about positive changes in the lives of farmers, labourers and workers. Modi said these decisions will bring tremendous benefits to the farmers, street vendors and micro, small and medium enterprises. The meeting on June 1 was the first meeting of the Union Cabinet after the PM Modi 2.0 government entered its second year in office. The Modi government completed one year in office on May 30.

(The above story first appeared on LatestLY on Jun 02, 2020 01:33 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).