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

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

The top security panel is likely to discuss the standoff with China in Ladakh.

New Delhi:

Farmers will get 50-83 per cent more returns as the Union cabinet approved minimum support price for 14 crops at a meeting today. The meet — preceded by meetings of the Cabinet Committee on Security and the Cabinet Committee on Economic Affairs — also took key decisions on MSMEs (Micro, Small and Medium Enterprises) and street vendors.

GDP data last week showed the slowest pace of growth in 11 years and a big impact of the lockdown on the latest quarter. Some 12 crore people lost jobs in April, according to estimates by the Center for Monitoring Indian Economy.

Attempting to revive economic activity, the government has been easing out of lockdown curbs since April 20. Domestic flights and train services restarted last month.

the government has continued with easing of restrictions, with “Unlock1” plan that came into force today. The latest phase of relaxations included reopening of malls, restaurants, hotels and places of worship.

Analysts predict a first full-year contraction of the economy in more than four decades even as the country battles a spurt in coronavirus cases. India galloped to the number 8 spot in the top 10 worst virus-hit countries in the world on the weekend.

In a letter to the nation to mark a year after his re-election, PM Modi said the nation took historic decisions and progressed rapidly in the last year.

He also predicted that India would set an example in economic revival and surprise the world like it did in its fight against the pandemic.

Analysts predict a first full-year contraction of the economy in more than four decades even as the country battles a spurt in coronavirus cases. India galloped to the number 8 spot in the top 10 worst virus-hit countries in the world on the weekend.

In a letter to the nation to mark a year after his re-election, PM Modi said the nation took historic decisions and progressed rapidly in the last year.

He also predicted that India would set an example in economic revival and surprise the world like it did in its fight against the pandemic.

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