PM Modi Says Economic Reforms Will Boost Farmers' Income Amid Lockdown

In the third tranche of an overall package of Rs 20 lakh crore to deal with the economic fallout of the COVID-19 pandemic, Finance Minister Nirmala Sitharaman today announced a slew of measures for agriculture sector.

PM Modi Says Economic Reforms Will Boost Farmers' Income Amid Lockdown

PM Modi says the measures will help the rural economy and hardworking farmers. (File)

New Delhi:

Prime Minister Narendra Modi today said the third tranche of economic stimulus announced by his government will help rural economy and boost farmers' income.

He said the measures will help "the rural economy, our hardworking farmers, fishermen, the animal husbandry and dairy sectors."

In the third tranche of an overall package of Rs 20 lakh crore to deal with the economic fallout of the COVID-19 pandemic, Finance Minister Nirmala Sitharaman today announced a slew of measures for agriculture sector, including a Rs 1.63 lakh crore outlay, and amending the stringent Essential Commodities Act to remove cereals, edible oil, oilseeds, pulses, onions and potato from its purview.

PM Modi also said he specially welcomes reform initiatives in agriculture, which will boost income of farmers.

Earlier this week, the Prime Minister announced a cumulative package of Rs 20 lakh crore, nearly 10 per cent of GDP, to provide relief to various segments of the economy battered by the nationwide lockdown in the wake of the coronavirus pandemic.

It includes a Rs 1.7 lakh crore package, including free foodgrains and cash to poor for three months announced in March, and Rs 5.6 lakh crore stimulus provided through various monetary policy measures by the Reserve Bank of India (RBI).

Of the remaining amount, the government in two tranches over the last two days announced a cumulative package of Rs 9.1 lakh crore. It was largely credit lines to smaller firms, concessional credit to farmers and support to shadow banks and electricity distributors.