Aatmanirbhar Bharat economic package
PM Modi on Tuesday addressed the nation and told about the package of Rs.20 Lakh Crore and also says that FM will tell about the distribution of money in different sectors. So, Finance Minister Nirmala Sitharaman on Wednesday said that the Rs.20 lakh crore economic stimulus package is aimed at salvaging the economy of the county which is heavily impacted from the coronavirus pandemic induced crisis. So today FM unveils Aatmanirbhar Bharat economic package of Rs.20 Lakh Crore so go through the top highlights of announcements from this page.
FM Sitharaman said that PM Modi laid out a comprehensive vision after a “wide and deep consultation with several sections of our society”. “These discussions were held at various levels,” she told during the press conference.
Atamanirbhar Bharat Highlights
Here are the top highlights
- As a relief to contractors, all Central agencies to give an extension of up to 6 months, without cost to contractor, to obligations like fulfillment of work covering construction and goods and services contracts.
- RS 90,000 crore liquidity injection for Power Distribution Companies (DISCOMs).
- 30,000 crore Special Liquidity Scheme for non-banking financial companies, microfinance companies, housing finance companies.
- 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs
- For more take-home salary for employees and provide 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
- EPF support for business & workers for 3 more months providing a liquidity relief of Rs.2,500 crores
- Govt of India and Central Public Sector Enterprises will honour every MSME receivable in the next 45 days
- Global tenders to be disallowed in Government procurement up to Rs.200 crores. This will make Atamanirbhar Bharat.
- 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
- This will enable 45 lakh MSME units to resume business activity and also safeguard jobs
- Collateral free automatic loans to MSMEs worth Rs3 Lakh Crore. These have 4 year tenor, valid up to October 31st, 2020
- In a major initiative, we announce Rs.3 lakh crores collateral-free automatic loans for businesses, including SMEs. Borrowers with up Rs.25Cr outstanding and Rs100 Cr turnover are eligible
- Beginning today, over the next few days we will come before you (media) with team to put forth PM’s vision. The tranches will be for the poor, needy, migrants
- Atmanirbhar Bharat does not mean India is to be an isolationist country
- Five pillars of Atmanirbhar Bharat- economy, infrastructure, system, demography and demand
- The package is to build a self-reliant India and that is why the mission is called “Atmanirbhar Bharat Abhiyan’
- PM laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society
- In a broadcast address to the country, Prime Minister Narendra Modi on Tuesday declared enormous new financial combined stimulus of Rs.20 lakh crore to revive the COVID -hit economy. Apart from the Reserve Bank of India (RBI) help, the government had last month announced a Rs.1.74 lakh crore to give advantages to poor people, including cash transfers, Rs.50 lakh insurance cover and steps to guarantee food security.
- PM Modi also said there will be a fourth phase of the lockdown which will be very different from the earlier three phases. The third phase of the 54-day lockdown is scheduled to end on May 17.
- PM Modi said that the financial package will be around 10 per cent of the GDP. The special economic package will have an emphasis on land, labour, liquidity and laws, and will be for “our labourers, farmers, honest taxpayers, MSMEs and cottage industry”, the PM said.
In a massive development Prime Minister Narendra Modi announced a Rs.20 Lakh Crores financial package to boost Atamanirbhar Bharat. So let’s see the plans will grow the Indian Economy.