Finance Minister Nirmala Sitharaman addressed the nation today at 4 pm to provide a detailed report on the distribution of Rs 20 lakh crore economic package which was announced by Prime Minister Narendra Modi on Tuesday evening to boost the economy and help the citizens.
This package was made after a brief discussion with various sectors of the society for a growth and make the very self-reliant India said FM Nirmala Sitharaman. Atmanirbhar Bharat Abhiyan intention is to make local brands to reach a global recognition. This Abhiyan will be effective in land, labour, liquidity and laws.
Beginning today, over the next few days we will come before you (media) with team to put forth PM’s vision: Finance Minister Nirmala Sitharaman.
FM announced Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs. Borrowers with up to Rs 25 crore outstanding and Rs 100 crore turn-over are eligible.
Distribution of Economic package of Rs 20 lakh crore–
– Equity support to stressed MSMEs Government will facilitate the provision of Rs. 20,000 crore as subordinate debt will benefit 2 lakh MSMEs.
– Affected MSMEs will get loans without any guaranty
– Under the revised definition of MSMEs if your investment is of Rs 1cr and turnover is up to 5 crore then you will be in a category of micro industry. Under small industry company which will have Rs 10 crore investment and turnover of Rs 50 cr and Medium industry who had Rs 20 crore investment and 100 crore turnover.
– Next 45 days all MSMEs will receive the amount
-Under Pradhan Mantri Garib Kalyan Package (PMGKP), payment of 12% of employer and 12% employee contributions was made into EPF accounts of eligible establishments
– The statuary PF contribution by employer reduced from 12% to 10% for next 3 month.
-CPSEs and State PSUs will however continue to contribute 12% as employer contribution
– Rs 30,000 crore liquidity scheme for NBFC, Micro finance companies, Housing finance companies.
– Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs
– Rs 90,000 crore liquidity for Power Distribution companies (DISCOMS)
– Contractors, all Central agencies to provide an extension of up to 6 months without cost to contractor on completion of work covering construction and goods and services contracts
– If any project was registered on or after March 25 can suo-moto the time bound up to six month as COVID-19 has affected the various real-estate projects
– TDS, TCS rate for non-salaried payment for the financial year of 20-21 is now reduced by 25% till March 31 2021, which will benefit of Rs 50,000 crore
– All pending refund to charitable trust, small partnerships and many other shall be issued immediately
– Due date for Income Tax returns for the year 2019-2020 now being extended from 31st July and 31 Oct to 30 November 2020.
The special economic package will have an emphasis on land, labour, liquidity and laws, and will be for “our labourers, farmers, honest taxpayers, MSMEs and cottage industry”, Modi said.