PM chairs 1st Cabinet Meeting of second year in office; Historic decisions taken

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The Union Cabinet chaired by Prime Minister Shri Narendra Modi met on 01 June 2020. This was the first meeting of the Union Cabinet after the Central Government entered into its second year in office.

During the meeting, historic decisions were taken that will have a transformative impact on the lives of India’s hardworking farmers, MSME sector and those working as street vendors.

  • Special Micro Credit Facility Scheme ‘PM SVANidhi’ for providing affordable loans to street vendors launched.
  • For Kharif season 2020-21, government keeps its promise of fixing MSP at a level of at least 1.5 times of the cost of production.
  • Definition of medium units enhanced further to Rs 50 crore investment and Rs 250 crore turnover.
  • Repayment dates for short-term loans for agriculture and allied activities extended
  • Farmers to also get benefit of interest subvention and prompt repayment incentive.
  • Caring for the poor is the top focus of the government.