FM Nirmala Sitharaman begins her briefingÂ
New Delhi/IBNS: Indian Finance Minister Nirmala Sitharaman has started briefing the nation about the details of the Rs. 20 lakh crore economic stimulus package announced by Prime Minister Narendra Modi during his 33-minute address to the nation last night.
Modi announced the package to help India face the economic trouble owing to the COVID-19 outbreak and lockdown imposed since March end.
" The package is to build a self-reliant India," Sitharaman said while addressing the press conference.
WATCH NOW📡
— PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020
Finance Minister @nsitharaman addresses press conference on #EconomicPackage
ðŸ“: National Media Centre, New Delhi #AatmanirbharBharat https://t.co/senhZQZszz
"Hence, the mission is called 'Atmanirbhar Bharat Abhiyan'," she said.
Highlights:
We are announcing Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs.
Borrowers with up Rs 25 crore outstanding and Rs100 Cr turnover are eligible for it.
"Definition of MSMEs gets a revision, Investment limit to be revised upwards, additional criteria of turnover also being introduced," she said.
To provide stressed MSMEs with equity support, Government will facilitate provision of Rs. 20,000 cr as subordinate debt
To ease financial stress as businesses get back to work, Government decides to continue EPF Support for Business & Workers for 3 more months providing a liquidity relief of Rs 2,500 crore.
Government announces Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs.
In order to provide more take home salary for employees and to give relief to employers in payment of PF, EPF contribution is being reduced for Businesses & Workers for 3 months, amounting to a liquidity support of Rs 6750 crores.
To give a fillip to DISCOMs with plummeting revenue and facing an unprecedented cash flow problem, Government announces Rs. 90,000 Crore Liquidity Injection for DISCOMs.
In a major relief to contractors, all Central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts.
Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates.
Among other measures, due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
