The Centre has also cleared the expansion of the social security net for vulnerable sections of society until 2031, with an allocation of ₹53,000 crore.
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The Centre has approved a performance-linked bonus for more than 11 lakh railway employees ahead of Diwali, with a total outlay of ₹2,009 crore.
It has also cleared the expansion of the social security net for vulnerable sections of society until 2031, with an allocation of ₹53,000 crore, and approved the strategic restructuring of IDBI Bank to strengthen support for micro, small and medium enterprises (MSMEs).
₹2,009 crore bonus for railway employees
The Cabinet's approval of a performance-linked bonus will benefit more than 11 lakh railway employees ahead of the festive season. The government has earmarked ₹2,009 crore for the payment.
The bonus is intended to recognise the contribution of railway employees to the functioning of the country's extensive rail network, which plays a crucial role in passenger transportation and freight movement.
Social security cover expanded till 2031
In another major decision, the Cabinet approved the expansion of the social security net for vulnerable sections of society until 2031, with a total outlay of ₹53,000 crore.
The expanded coverage is expected to take the total number of beneficiaries to 3.2 crore. The intended beneficiaries include senior citizens, widows and persons with disabilities, who often depend on government assistance for financial security.
IDBI Bank restructuring to support MSMEs
The Cabinet also approved the strategic restructuring of IDBI Bank, with the move expected to have implications for the institution's role in supporting the MSME sector.
Micro, small and medium enterprises are a key component of India's economy, contributing to employment generation, manufacturing and services.
Maharashtra's ₹5,000 aid for drought-hit farmers
Separately, Maharashtra chief minister Devendra Fadnavis has announced advance financial assistance of ₹5,000 for drought-affected farmers ahead of Diwali, with around 1.25 crore farmers expected to benefit from the measure, ANI reported.
The proposed assistance is estimated to involve an expenditure of around ₹6,000 crore. The move is being presented as a first for the state, with the government seeking to provide financial relief earlier than in previous years.
Fadnavis has also said that the state has expanded the number of drought-affected talukas from 265 to 305. Maharashtra has 358 talukas, making the latest declaration a significant expansion of the areas covered by drought-related measures.
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