Nirmala Sitharaman’s Announcement on Economic Package worth Rs.20 Lakh Crore which is named as ‘Aatmanirbhar Bharat.’A day after Prime Minister Narendra Modi announced an economic package worth Rs 20 lakh crore or 10 per cent of India’s GDP in 2019-20, Union Finance Minister Nirmala Sitharaman is addressing a press conference to elaborate on the Prime Minister’s announcement. Also present in the press conference is Minister of State for Finance and Corporate Affairs Anurag Thakur. The two Union ministers are informing the press about finer points of the package, which is aimed towards achieving the mission of a self-reliant ‘Aatmanirbhar Bharat.’
Finance Minister Nirmala Sitharaman is giving details of a Rs 20-trillion economic package to support an economy battered by a weeks-long lockdown to contain the coronavirus pandemic. “The package is essentially to spur growth and help build a self-reliant India,” she said at a a press conference in Delhi a day after Prime Minister Narendra Modi announced the stimulus. Modi, in an address to the nation, said the stimulus was equivalent to 10 per cent of India’s gross domestic product, and was aimed at the multitudes out of work and the businesses reeling under the 49-day shutdown.
FM to announce 14 different measures in today’s tranche of announcements “Today’s tranche has 14 different measures. Six of these are for MSMEs, two are for EPF, two for NBFCs and MFIs, one to discoms, one to contractors, one real estate, three tax measures,” Sitharaman said.
FM announces Rs 50,000 cr equity infusion for growing MSMEs Finance Minister Nirmala Sitharaman announced a corpus of Rs 10,000 crore though mother-fund and daughter-fund framework. “For MSMEs needing handholding, a Rs 50,000 crore ‘fund of funds’ through ‘mother fund – daughter fund’ framework is being created, to expand their capacity and to get listed on markets which they choose,” Sitharaman said.
Govt to redefine MSMEs, says investment limit revised upwards to Rs 1 crore “The definition of MSMEs is being changed for their advantage so that they can grow in size and get benefits. Investment limit which defined MSMEs have been revised upwards. Additional criteria being brought in is turnover size – earlier differentiation between manufacturing and service MSMEs will be categorised similarly,” says Sitharaman.
Centre allots Rs 3 lakh crore for collateral free automatic loan for MSMEs The Finance Minister announced that Rs 3 lakh crore will be made available for collateral free loan for those MSME units which have Rs 25 crore outstanding loan payments or Rs 100 crore turnover. These loans will be avaialable with a 4-year tenure and a moratorium of 12 months. The move is expected to benefit 45 lakh units. “”This loan is for 4 year tenure and is 100 per cent guaranteed. This will last till October 21, 2020. It will benefit 45 lakh units, allowing them to resume activity and safeguarding jobs,” Sitharaman said.
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