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Highlights: PM Cares Fund Trust allocates 3100 crore for fight against Covid-

Union finance minister Nirmala Sitharaman on Wednesday evening gave details of the 20 lakh crore economic stimulus package announced by Prime Minister Narendra Modi a day earlier to salvage the economy from the coronavirus pandemic induced crisis.

By HT Correspondent | Updated: May 14, 2020 01:38 IST
Highlights: PM Cares Fund Trust allocates ₹3100 crore for fight against Covid-
ANI File

Union finance minister Nirmala Sitharaman on Wednesday gave details of the first part of the 20 lakh crore economic stimulus package that was announced by Prime Minister Narendra Modi on Tuesday to salvage the economy from the coronavirus pandemic induced crisis. Wednesday's announcements were about the MSME sector and highlights included changing the definition of MSMEs, 3 lakh crore collateral free automatic loan for businesses, including MSMEs, reducing TDS/ TCS rates on non-salary income by 25% and extending due date for filing all income tax returns to November 30, 2020.

Click here for the complete coverage of the Covid-19 pandemic

Meanwhile, several poor nations have turned to the IMF for credit. Chile has asked for $23.8 billion from the IMF while Zambia shall not get emergency coronavirus funding as the nation’s debt will reach 110% of GDP this year. Cases continue to rise as globally 43 lakh people remain infected by Covid-19. India has recorded 74,281 cases so far with 2,415 deaths.

05:03 PM IST

GOI to give extension up to 6 months to contractors

All GOI agencies such as railways etc will give extension up to 6 months without any cost to contractors to comply with contract conditions.

05:00 PM IST

90,000 cr liquidity infusion for discoms

Discoms need help as they are in crisis; so to help them, liquidity infusion of 90,000 cr to all discoms against their receivables. This is a one-time cash infusion for discoms

04:58 PM IST

30000 cr special liquidity scheme for NBFCs, housing finance cos

Government launches a 30,000 crore Special Liquidity Scheme for non-banking financial companies, microfinance companies, housing finance companies: FM Sitharaman

04:53 PM IST

Statutory PF contribution reduced from 12 to 10%

Statutory PF contribution by employers and employees reduced from 12 to 10%;

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 6750 crores: FM

04:49 PM IST

EPF contribution paid by Govt to be extended for another 3 months

For EPF, Equity relief being given to all establishments.; extend govt's support by another 3 months

04:47 PM IST

E-linkages to be provided to MSMEs for participation in trade fairs

Post Covid, trade fairs will be very difficult...so, we'll provide e-linkages to MSMEs so that they can participate in these.

04:38 PM IST

Definition of MSMEs being changed

The MSMEs which want to expand but couldn't do because of coronavirus, govt will provide 50,000 cr equity fusion;

Definition of MSMEs being changed : investment limit being revised upwards, addnl criteria to define MSME based on turnover;

With investment upto 1 cr and with turnover of up to 5 cr will now qualify to be Micro industies

04:33 PM IST

Govt to provide stressed MSMEs with 20k cr subordinate debt

Government to provide stressed MSMEs with equity support; Government will facilitate the provision of Rs. 20,000 Crores as subordinate debt: Finance Minister Nirmala Sitharaman

04:31 PM IST

3 lakh cr collateral-free automatic loans for businesses including SMEs,

FM: In a major initiative, we announce 3 lakh crores collateral-free automatic loans for businesses, including SMEs. Borrowers with up 25Cr outstanding and Rs100 Cr turnover are eligible: Finance Minister Nirmala Sitharaman

04:25 PM IST

Today's tranche comprises measures for MSMEs: FM

Today's tranche comprises measures for MSMEs: FM

6 major steps for MSMEs-collateral free loan for MSMEs; 4 yrs tenure with 12 months moratorium

04:23 PM IST

I'll be giving you in the coming days the details of the vision put forth by PM Modi: FM

FM Sitharaman: Beginning today, I'll be giving you in the coming days the details of the vision put forth by PM Modi yesterday

The tranches will be for the poor, needy, migrants

04:08 PM IST

Atmanirbhar Bharat Mission will rest on 5 pillars: FM

This will rest on 5 pillars- economy, infrastructure, technology driven system, demography and demand: FM

04:07 PM IST

'Package is to build self-reliant India

FM: The package is to build a self-reliant India and that is why the mission is called "Atmanirbhar Bharat Abhiyan'

04:05 PM IST

FM Sitharaman's briefing begins

FM Sitharaman begins briefing to announce details of 20 lakh cr package

03:53 PM IST

FM Sitharaman to shortly announce details of 20 lakh crore economic package

Union finance minister Nirmala Sitharaman will shortly announce details of 20 lakh crore economic package

First published: May 13, 2020 06:22 IST