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| Source: ANI |
Nirmala Sitaraman stated that after consulting with all the ministries of states, the other side of the relief package has been fixed. Prime Minister Narendra Modi also joined the conference and added his views. A relief package is being declared to make India self-reliant and strong nation.
15 announcement made by The Indian government to provide relief to real estate, NBFCs, MSMEs, MFIs, discoms, tax and contractors. Nirmala Sitharaman the finance minister stated that "the main purpose of this package is to promote the growth and progress of India as well as build a self-reliant India, hence it is being described the Self-reliant India Package."
Anurag Thakur the Union Minister of State for Finance stated that "Under COVID-19, PM Narendra Modi took the initial step under the Pradhan Mantri Garib Kalyan Yojana that was Rs. 1.70 lakh crore." through Reserve Bank of India liquidity will be provided.. currently, India is struggling as well as fighting with COVID-19 better than other countries worldwide. We are sincerely contemplating that there should be coordination between the demand and supply chain. ”
The finance minister also mentioned five major pillars Demography, Infrastructure, Economy, Systems and Demand by PM Modi to make India self-reliant. He stated that our centre is to make local seizures global. 6 significant steps have been taken for the growth and expansion of micro-industry, small scale industry as well as cottage industry.
Big support for MSME sector
Finance Minister Nirmala Sitharaman has announced a loan of Rs 3 lakh crore to MSMEs. As per finance minister, the loan will be provided without any guarantee. this package will provide profit to Those industries whose loans are less than 25 crores and turnover less than 100 crores. about 45 lakh MSMEs will get advantages under this relief scheme. The loan will have a 4 year limited time, the exemption will be proffered for repaying the loan in the first year. Under this relief scheme, pensioners can use the opportunity by applying for a loan till 31 October. For the growth and expansion of MSME, a fund of 50 thousand crores will be created involving all small industries.
The new definition is given to MSMEs
The Central Government of India revised the investment limit of MSMEs. the limit of Investment micro-industry has been raised from 25 lakh to 1 crore. For the small industry, the limit of investment of 5 crores has been extended to 10 crores as well as the turnover limit has been extended to 50 crores. An investment of 20 crores and a turnover of 100 crores has been fixed for the medium industry.
30 thousand crores to NBFCs
To overcome the liquidity difficulty of non-banking financial companies, a unique scheme of Rs 30,000 crore will be launched. Housing finance and microfinance have been added in 30 thousand with NBFC, which will be fully assured by the Indian central government.
90 thousand crores to power companies
Due to the nationwide lockdown of the Corona epidemic, the power companies are suffering from immense losses. 90 thousand crore rupees will be provided thoroughly to companies producing and distributing electricity through the Indian government company REC, PEC. The contractor will also be proffered 6 months of relief. The power-producing companies of the troubled states will profit.
Relief for government contractors
All government companies like railways, companies working in roadways contracts will be provided 6 months relief without any condition. 30% guarantee of the contractor's work will be returned based on their work is done.
10 per cent stake in PF now in place of 12
The Central Government has proffered great relief to the low paid employees. Employees of all firms as well as companies whose salary is less than 15 thousand, then the government will deposit 24% of their PF in their PF account. The government will invest 2500 crores to serve around 70 lakh 22 thousand employees in the country. Now companies will also be able to expand and increase the share of PF from 12% to 10%.
25% reduction in TDS rate
It has been announced by the Finance Minister that TDS rates will be cut by 25 per cent. The rate cut will be applicable from 13 May, which will be valid till 31 March 2021. Incomplete payments to small industries, partnerships, LLPs or other industries will be completed as soon as possible. Refund speed will be accelerated. The government has also increased the deadline for depositing income tax returns. Now the income tax returns can be filled by 30 November. The tax audit has now been extended beyond October.
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