PM Modi addressed the nation yesterday and announced about the ‘Aatmanairbhar Bharat’ economic package. The details were said to be given by the Finance Minister Nirmala Sitharaman.
In today’s press conference held at 4:30 PM Finance Minister announced the details about the economic package given by PM Modi.
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The emphasis was given on these points:
- Collateral free loan will be given to MSME up to 3 lakh crore.
- Government launches a Rs 30,000 crore Special Liquidity Scheme for non-banking financial companies, microfinance companies, housing finance companies
- Rs 50,000 crore equity infusion for MSMEs through Fund of Funds; to be operated through a Mother Fund and few daughter funds; this will help to expand MSME size as well as capacity
- “The focus is on the factors of production: Land, Labour, Liquidity and Law. It addresses issues of ease of doing business. The intention is to build brands and take local brands and build them as a global brand and link them with the global supply chain,”
- The due date for Income Tax Returns for the year 2019-2020 now being extended from 31st July and 31 Oct to 30 November 2020
- TDS/TCS rates to be reduced by 25% till March 31, 2021
- Ministry of Housing to advise States/UTs &their Regulatory Authorities to extend registration&completion date suo-moto by 6mnts for all registered projects expiring on or after 25Mar,2020 without individual applications. Treat COVID-19 as an event of ‘Force Majeure’ under RERA
- 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
- Rs 90,000 crore liquidity injection for Power Distribution Companies (DISCOMs)
- The 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 liquidity support of Rs 6750 crores
- 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 crores
More points and discussions will be made on the economic package every day.