With the India government announcing one of the biggest financial packages the world has witnessed in the Corona time, common men and the corporate world are busy figuring out how the benefit of the Rs 20 lakh crore will trickle down to the bottom layers of society. Let’s take a look at the highlights of the package explained by the Finance Minister Nirmala Sitharaman. The package emphasizes on 5 areas: Economy, Infrastructure, Technology-driven Systems, Demography and Demand. Production, Land, Labour and Liquidity sectors are also prioritized. The centre is also careful to protect the debt-ridden MSMEs.
- Initiatives to help the MSME sector survive and grow
- Collateral-free loans for MSMEs
- Rs 3 Lakh Cr is earmarked for the purpose
- Monetary assistance of Rs 20,000 Cr for trailing MSMEs
- Rs 10,000 Cr Fund of Funds for the expansion of viable MSME Units
- New definition for MSMEs to grow without loss of benefit
Financial aid worth Rs 2,500 Cr via EPF for employment agencies.Provident Fund benefits to 72 lakh workers. Rs 45,000 crore credit guarantee scheme for NBFCs. The completion period of projects ending on March 25 has been extended for 6 months. The Rural Development Ministry will issue an order on this regard.
- 25% discount on tax deduction and tax collection
- This will help to release a total of Rs 50,000 crore
- The ITR filing due date has been extended until December 31
The government is also considering a series of measures to boost economic growth. In the first part, support is extended to the MSME sector. Similarly, the Centre has also directed States to take precautions to prevent power disruption.
Only Indian companies can participate in government tenders up to Rs 200 crore. The exclusive facility is to ensure that Indian companies are not left behind when it comes to the government’s global tenders and to guarantee work to Indian companies.
