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.
- 05:03 PM IST
GOI to give extension up to 6 months to contractors
- 05:00 PM IST
₹90,000 cr liquidity infusion for discoms
- 04:58 PM IST
₹30000 cr special liquidity scheme for NBFCs, housing finance cos
- 04:53 PM IST
Statutory PF contribution reduced from 12 to 10%
- 04:49 PM IST
EPF contribution paid by Govt to be extended for another 3 months
- 04:47 PM IST
E-linkages to be provided to MSMEs for participation in trade fairs
- 04:38 PM IST
Definition of MSMEs being changed
- 04:33 PM IST
Govt to provide stressed MSMEs with ₹20k cr subordinate debt
- 04:31 PM IST
₹3 lakh cr collateral-free automatic loans for businesses including SMEs,
- 04:25 PM IST
Today's tranche comprises measures for MSMEs: FM
- 04:23 PM IST
I'll be giving you in the coming days the details of the vision put forth by PM Modi: FM
- 04:08 PM IST
Atmanirbhar Bharat Mission will rest on 5 pillars: FM
- 04:07 PM IST
'Package is to build self-reliant India
- 04:05 PM IST
FM Sitharaman's briefing begins
- 03:53 PM IST
FM Sitharaman to shortly announce details of ₹20 lakh crore economic package
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.
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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.
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.
₹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
₹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
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
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
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.
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
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
₹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
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
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
Atmanirbhar Bharat Mission will rest on 5 pillars: FM
This will rest on 5 pillars- economy, infrastructure, technology driven system, demography and demand: FM
'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'
First published: May 13, 2020 06:22 IST