As the entire nation has been affected by the COVID-19 lockdown, the financial package announced by Prime Minister Narendra Modi on Tuesday i.e May 13 aiming to see a spur growth and build a very self-reliant nation. Prime Minister introduced his initiative #AatmaNirbharBharatAbhiyan in his speech yesterday. In a live press conference today, the Finance Minister Nirmala Sitharaman shares the details of the Rs 20 lakh crore package announced by PM Modi yesterday.
Nirmala listed out the five major pillars in the #AatmaNirbharBharatAbhiyan campaign, i.e Economy, Infrastructure, Technology-driven system, Demography, and Demand. In her live session she stated that, “Aatma-nirbhar Bharat’ does not imply isolationism or becoming an exclusionist. We’ll build capacities, skill people and compete globally acquiring strengths. We’ll build the local. After all, every global brand began with its local strength. We shall integrate with GVCs.”
Giving the details about the Aatma Nirbhar Bharat Abhiyan, Nirmala cleared that to provide a stressed MSMEs with equity support, the Government will facilitate the provision of Rs. 20,000 crore as subordinate debt. Two lakh MSMEs are likely to benefit. She stated that the definition of MSMEs is being changed for their advantage so that they can grow in size and get benefits. The investment limit which defined MSMEs have been revised upwards.
The 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’, said Nirmala Sitharaman.
She stated further, to ease financial stress as businesses get back to work, the government decides to continue EPF support for business and workers for 3 more months providing a liquidity relief of Rs 2,500 crores.
E-market linkage for MSMEs to be promoted to act as a replacement for trade fairs and exhibitions. MSME receivables from Government and CPSEs to be released in 45 days said the Finance Minister.
To ease financial stress as businesses get back to work, the Government decides to continue EPF Support for Business and Workers for 3 more months providing a liquidity relief of Rs 2,500 crore to 3.67 lakh establishments and for 72.22 lakh employees.
The Government launches a Rs. 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs. And Rs. 45,000 crore has been announced for liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs.
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