Highlights of the package announced by Finance Minister

The Central Government on Wednesday announced a nearly Rs 6 lakh crore package, including Rs 3 lakh crore of collateral-free loans for small businesses and a Rs 30,000 crore lifeline to non-banking and housing finance companies as part of measures to help the economy tide over disruptions caused by the coronavirus lockdown.

 

Announcing the first set of components of the Rs 20 lakh crore COVID-19 economic stimulus package announced by Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman said the measures will help "spur growth and build a very self-reliant India".

 

These are the highlights of the package announced by Finance Minister Nirmala Sitharaman on Wednesday. 

• Rs 3 lakh crore emergency working capital facility for businesses, including MSMEs           


• Rs 20,000 crore subordinate debt for stressed MSMEs           


• Rs 50,000 crore equity infusion through MSME Fund of Funds           


• New definition for MSMEs           


• No global tenders for government procurement worth up to Rs 200 crore to promote MSMEs           


• Extension of EPF support for business, organised workers for another 3 months           


• Rs 30,000 crore special liquidity scheme for NBFC/HFC/MFIs 


• Rs 45,000 crore partial credit guarantee scheme 2.0 for liabilities of NBFCs/MFIs 


• Rs 90,000 crore liquidity injection for stressed discoms 


• Relief to contractors given by providing extension of up to 6 months to complete projects           


• States are being advised to invoke the force majeure clause under RERA           


• Reduction in rates of tax deduction at source, tax collected at source by 25 per cent for specified non-salaried payments           


• Extension of deadline for payment without additional amount under "Vivad Se Vishwas" scheme extended till December 31

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M.E.DURAIPANDIYAN