The Indian government announced new measures to boost the economy amidst the ongoing pandemic. Finance Minister Nirmala Sitharaman revealed a slew of reforms aimed at stimulating key sectors like agriculture, MSMEs, and housing. The initiatives include a 1.63 lakh crore package for the agriculture sector, which includes funds for agricultural infrastructure. Additionally, a fund of 50,000 crore rupees will be allocated for infrastructure development in farm-gate infrastructure such as cold chains, warehouses, and logistics. The MSME sector will benefit from a 20,000 crore rupee subordinate debt for stressed businesses, a 50,000 crore equity infusion for viable MSMEs, and a 3 lakh crore collateral-free automatic loan. In a bid to revive the housing sector, the government has extended the Credit Linked Subsidy Scheme for middle-income groups till March 2021. Furthermore, affordable rental housing complexes will be developed for migrant workers. These measures are part of the Atmanirbhar Bharat Abhiyan (Self-reliant India Mission) aimed at making India economically self-reliant. The government is taking proactive steps to counter the economic impact of the COVID-19 pandemic and spur growth in key sectors. This comprehensive package is expected to provide much-needed support to businesses and individuals affected by the crisis, positioning India for a stronger post-pandemic recovery.
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