Nirmala Sitharaman Provides Details on government’s Rs 20 lakh crore economic Package

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PM Modi announced a relief package of Rs 20 lakh crore yesterday to give new life to various sectors across of the country amid coronavirus pandemic. This considerable amount is 10% of the country’s GDP. Now today finance minister Nirmala Sitharaman appeared on a press conference to present more information about where this package will get utilized.

Government aid till three months for people earning below 15 thousand:

People earning less than or equal to 15 thousand salaries will get three months of government help. The government will contribute 24% of the EPF for the next three months.

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This step of the government will benefit approximately 72 lakh employees of 3 lakh organisations and other establishments.

Significant things about the economic package received by the MSME sector: –
  • A fund of 10 thousand crores will get allocated to MSME. This fund will increase business efficiency and help in listing in the stock market.
  • Companies with high investment will be kept under the purview of MSME. Earlier, it was decided only bases on investment, now the definition of MSME will also be determined based on turnover.Turnover to Define MSMEs, Not Investment - The New MSME Definition ...
  • A unique liquidity scheme of Rs 30,000 crore got announced for the non-banking finance company, Micro Finance Companies (NBFC).
  • Three lakh crore loan will be given to MSME for four years without any guarantee. Relief to 45 lakh MSMEs from steps taken, exempted from paying tax for one year.
  • A provision of “funds of funds” has been made to MSMEs who want to increase the capacity, which will lead to an equity infusion of 50 thousand crores.
Rs. 90,000 Crore Liquidity Injection for DISCOMs

 

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