New Delhi, May 13 : Finance Minister Nirmala Sitharaman on wednesday elaborated the details of Rs 20 Lakh Crore “aatmanirbhar bharat” Stimulus Package announced by Prime Minister Narendra Modi Yesterday.
In her Press Conference, FM Says that the package will spur growth and build a self-reliant India and push local brands to be competitive at the global level, but not make India an isolationist economy. She says that the package to build an ‘aatmanirbhar bharat’ was realised after long deliberations with all sections of the society.
Nirmala says that the Stimulus Package has 16 different measures, six of which deal with MSMEs, Two related to EPF, Two related to NBFCs, housing finance corporations and MFI, One on Discoms, One on Contractors, one on real estate and three on tax measures.
For giving equity support to MSMEs, Govt will fecilitate provision of Rs.20,000 Cr as subordinate debt. it is likely to benefit 2 lakh MSMEs across the Country. The MSMEs which are NPA or stressed will be eligible for this. Govt will also give support to CGTMSE for for providing partial credit guarantee support.
FM Nirmala also announced Rs.90,000 cr support to Discoms for their payments to Power generation and transmission companies as their payables nearer to Rs 94000 cr.
The EPF contribution has been reduced from 12 percent to 10 percent by giving Rs.6750 Cr liquidity support. The statutory contribution for employee and employer also reduced to 10 percent. and this will not be applicable to PSUs and applicable to three months.
The govt will also extends the completion of all real estate projects which were registered under RERA for six months from 25 march, 2020.
The due date of Tax returns of assessment 2020-21 will be extended to November 30, 2020. And the tax audit due date will be extended to October 30, 2020
FM also said that the govt has decided to disallow global tenders upto Rs.200 Crore for saving indian MSMEs and other companies.