New Delhi: Hours after the Central government increased the Minimum Support Prices (MSP) for 14 kharif crops by 50- 83%, Prime Minister Narendra Modi on Monday said India will prosper when the farmers of the country prosper. Also Read - PM Modi Meets President Kovind, Briefs Him on Issues of 'National And International' Importance

He said the Centre has fulfilled its promise to hardworking farmers by fixing the MSP at a level of at least 1.5 times of the cost of production. Also Read - 'America Loves India', Donald Trump Thanks PM Modi For Independence Day Greetings

“India will prosper when our farmers prosper. Our Government has fulfilled its promise to our hardworking farmers, of fixing the MSP at a level of at least 1.5 times of the cost of production. Care has also been taken towards improving the financial situation of our farmers,” PM Modi said. Also Read - 'Malicious and Unsubstantiated', Indian Army Dismisses Allegations Over Medical Facility in Leh

He said this soon after Union Minister Narendra Singh Tomar said that the farmers will get more time to repay their loans till August.

The Agriculture Minister also said that the Central government has increased the cotton MSP by Rs 260 to Rs 5,515 per quintal for 2020-21.

In a series of tweets, PM Modi said that as the Centre enters its second year, the Union Cabinet took important decisions that will have a transformative impact on the MSME sector, hardworking farmers and street vendors. He also added that today’s decisions will ensure a better quality of life for them.

“PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) is a very special scheme. For the first time, our street vendors are a part of a livelihood programme. This scheme will ensure support for street vendors. It harnesses technology and emphasises on capacity building,” PM Modi said.

He said this as the centre on Monday launched a special micro-credit scheme to provide an affordable loan of up to Rs 10,000 to street vendors, a move aimed at restarting their livelihoods affected due to coronavirus-triggered lockdown.

The Union Housing and Urban Affairs Ministry in a statement said the ‘Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi’ is likely to benefit 50 lakh street vendors in the urban and rural areas of the country.

As per updates, those who were vending till March 24 this year can avail the benefits of the scheme, the duration of which is till March 2022.

“The vendors can avail a working capital loan of up to Rs 10,000, which is repayable in monthly instalments in the tenure of one year. On timely or early repayment of the loan, an interest subsidy of seven per cent per annum will be credited to the bank accounts of the beneficiaries through direct benefit transfer on six monthly basis,” the ministry said.