New Delhi: Soon after Union Finance Minister Nirmala Sitharaman announced the second phase of the economic package for farmers, migrant workers and street vendors, Prime Minister Narendra Modi on Thursday said the announcements will especially benefit farmers and migrant workers of the country. He also said these announcements will boost the food security, credit to farmers as well as street vendors. Also Read - Ladakh Standoff: After Defence Minister, PM Modi Meets NSA, CDS, 3 Service Chiefs; Reviews Situation

“Today’s announcements by FM @nsitharaman will especially benefit our farmers and migrant workers. The announcements include a series of progressive measures and will boost food security, credit to farmers as well as street vendors,” he said. Also Read - Lockdown Has Failed, PM Modi Must Say What Plan B is, Rahul Gandhi Fires Salvo

As part of the second tranche of fiscal stimulus to heal the economy of the country in the wake of the coronavirus, Finance Minister Nirmala Sitharaman announced Rs 3.16 lakh crore package of free foodgrains for migrant workers, concessional credit to farmers and working capital loan for street vendors.

Giving further details, Finance Minister Sitharaman said 8 crore migrant workers will get 5 kgs of grains and 1 kg of pulses free for two months, while 50 lakh street vendors rendered jobless by the lockdown would be given a working capital loan of Rs 10,000 each.

She also added that 2.5 crore farmers will be provided Rs 2 lakh crore of concessional credit through Kisan Credit Cards.

The finance minister further said post-harvest (Rabi) and current Kharif crop requirements in May and June, NABARD will provide Rs 30,000 crore additional emergency working capital funding for farmers through rural cooperative banks and regional rural banks.

In the press conference, Sitharaman announced a Rs 70,000 crore boost to the housing sector through one-year extension of subsidised loan for affordable houses for the middle-income group with an annual income of Rs 6 lakh to Rs 18 lakh.

For small businesses, the finance minister announced a 2 per cent interest subvention under MUDRA-Shishu loans of up to Rs 50,000. This would cost the government Rs 1,500 crore.