Finance Minister began with elaborating meaning of Atmanirbhar Bharat, said essentially this is to spurt growth and to build a very self reliant India and that is why this whole initiative is called #AtmanirbharBharatAbhiyan. Atmanirbhar (self-reliant) India does not mean India is to be an isolationist country, said Finance Minister Nirmala Sitharaman. FM translated Atma Nirbhar Bharat in 4 South Indian Languages What the package PM announced last night was for self reliant India and this way the whole initiative is called Atma Nirbhar India Abhiyan.
Five pillars of 'Atmanirbhar Bharat- economy, infrastructure, system, demography and demand: Finance Minister Nirmala Sitharaman. As PM announced Economy, infra, Technology drive , demography and demand. We should have Intention is to build local brands, and take them to global level with integration. As PM said we have developed PPE and Masks and starts fulfilling our needs as per requirements.
Finance Minister Nirmala Sitharaman mentioned the details of the Rs.20 crore fiscal stimulus package announced by Prime Minister Narendra Modi. The package has been designed to solve the problem of liquidity crunch being faced by different sectors of the economy. Normal Sitharaman, in her speech on Wednesday revealed the break up of the stimulus package. To build the 'Atma Nirbhar India', India has DBT , Ujjwala Yojana, AWAS yojana, Sawachh Bharat Abhiyan and Ayushman Bharat. Several schemes which benefited the poor were reform driven., says FM. The vision and thought of Atma Nirbhar Bharat has brought India together in these tough times. India has emerged better than others in these times. We are also helping other countries by supplying with drug, Annurag Singh Thakur said.
Our responsibility is towards all including poo, needy, migrant and differently abled. The package has come up with 14 different measures out of which 6 are meant for MSMEs, 2 are for EPF for NBFCs and MFIs, 1 for discoms, 1 for contractors, 1 for real estate sector, and 3 tax measures, Finance Minister said. The fiscal measures announced are directly aimed at infusing liquidity in the sectors like MSMEs, NBFCs, MFIs, and HFCs. Nirmala Sitharaman announced the monetary benefit pf Rs.50,000 being given to MSMEs by equity infusion through Fund Of Funds, which will be set up with a corpus of Rs.10,000 crores. The FM announced 6 months duration being provided to complete all RERA timelines for all the projects across all the states with excess 3 months which can be granted if the state government wants to. Considering that projects are likely to be delayed by at least 4 to 6 months due to the lockdown, this is a welcome move for all real estate developers. However, it does not address the larger liquidity and cash flows related challenges faced by the developers. The various reforms driven stats I’m going to lay down including- Based on Jan Dhan Accounts, Aadhar we have done DBT, PM Awas Yojana, Ayushmann Bharat, Swachch Bharat Yojana, PM Kisan Yojana, Krishi Sinchai Yojana and others several reforms.
Beginning today, over the next few days we will come before you (media) with team to put forth PM's vision.
In a major initiative, we announce Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs. Borrowers with up Rs 25 Cr outstanding and Rs100 Cr turnover are eligible. No Guarantee and Collateral need to pay, 12 months relieve remain in this loan. Will be provided for 4 years.
Government to provide stressed MSMEs with equity support; Government will facilitate the provision of Rs. 20,000 Crores as subordinate debt. This will enable 45 lakh MSME units to resume business activity and also safeguard jobs, said FM Sitharaman.
Rs 50,000 cr. equity infusion for MSMEs through Fund of Funds; to be operated through a Mother Fund and few daughter funds; this will help to expand MSME size as well as capacity.
MSME definition chmaged- Definition of MSMEs has been revised, investment limit to be revised upwards, additional criteria of turnover also being introduced.
Global tenders to be disallowed in Government procurement up to Rs 200 crores. This will make self-reliant India, will also then be able to serve 'Make in India'.
Govt of India and Central Public Sector Enterprises will honour every MSME receivable in the next 45 days.
To ease financial stress as businesses get back to work, Government decides to continue EPF support for business & workers for 3 more months providing a liquidity relief of Rs 2,500 crores:, said FM
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 Rs 6750 crores.
For Power Sector- RS 90,000 crore liquidity injection for Power Distribution Companies (DISCOMs).
For Contractors- In a major relief to contractors, all Central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts.
For Real-Estate- Ministry of Housing to advise States/UTs &their Regulatory Authorities to extend registration&completion date suo-moto by 6 months for all registered projects expiring on or after 25 March, 2020 without individual applications.Treat COVID-19 as an event of 'Force Majeure' under.
Income Tax Return Last Date extended- Due date for Income Tax returns for the year 2019-2020 now being extended from 31st July and 31 Oct to 30 November 2020.
TDS/TCS Rates- TDS / TCS rates to be reduced by 25% till March 31, 2021