PM Modi chairs first Cabinet Meeting of second year in office: Highlights with Details

PM Modi chairs first Cabinet Meeting of second year in office: Highlights with Details

PM Modi chairs first Cabinet Meeting of second year in office: Highlights with Details

The Union Cabinet, chaired by Prime Minister Narendra Modi. 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.

Highlights with Details:

1. Historic decisions for MSME sector, street vendors and farmers taken
2. MSME definition revised for the first time after 14 years
3. Definition of medium units enhanced further to Rs 50 crore investment and Rs 250 crore turnover
4. Special Micro Credit Facility Scheme 'PM SVANidhi' for providing affordable loans to street vendors launched
5. 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
6. Repayment dates for short-term loans for agriculture and allied activities extended; farmers to also get benefit of interest subvention and prompt repayment incentive
7. Caring for the poor is the top focus of the government

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