Modi Cabinet Decisions Today: From boost to MSMEs, MSP hike for farmers, all you need to know

After PM Narendra Modi chaired Union Cabinet meet on Monday ended, three top ministers addressed a press conference to brief the media about the major decisions taken in it. The briefing was conducted by Union Ministers Prakash Javadekar, Nitin Gadkari and Narendra Singh Tomar. The briefing gave details of various Cabinet decisions ranging from revival of MSMEs, loans to street vendors to Minimum support price for farmers. Here are top things to know:-

- Modi government fully paves way for energising MSME Sector through 'AtmaNirbharBharat Package'

- Cabinet approves modalities and road map for implementing 2 packages for MSMEs

1)-Rs 20,000 Cr package for Distressed MSMEs
2)- Rs 50,000 Cr equity infusion through Fund of Funds

- Minimum support prices (MSP) for 14 kharif crops increased by 50- 83%, to provide relief to the farmers

- Modi government increases cotton MSP by Rs 260 to Rs 5,515 per quintal for 2020-21

- Modi government hikes paddy MSP by Rs 53 per quintal to Rs 1,868 per quintal for the 2020-21 crop year

- The farmers will get more time to repay their loans, till August now

- Loan scheme for street vendors (Rehri-Patri) launched - Rs 10k  loan; over 50 lakh people to benefitted

- Modi Cabinet approves extension of repayment date for short term loans for agriculture and allied activities by banks which have become due or shall become due between 1st March, 2020 and 31st August, 2020

Briefing on #CabinetDecisions at National Media Center, #NewDelhi today pic.twitter.com/o5moI07w6a

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On May 28, terming the Rs 20 lakh crore package a "major step" in making the country 'Atamnirbhar' (self-reliant), Prime Minister Narendra Modi said India will set an example of economic revival to the world which is currently fighting the menace of coronavirus. The package for Atamnirbhar Bharat Abhiyan would usher in a new era of opportunities for every Indian, be it farmers, workers, small entrepreneurs or youth associated with startups, the Prime Minister said in a letter to citizens on the occasion of completion of the first year of the Modi 2.0 government.

In his address to the nation on May 12, the prime minister had announced massive financial incentives on the top of previously announced packages for a combined stimulus of Rs 20 lakh crore or 10 per cent of the GDP, saying the coronavirus crisis has provided India with an opportunity to become self-reliant and emerge as the best in the world.