Finance Minister Nirmala Sitharaman Highlights on government's Rs.20 lakh crore economic package

Finance Minister Nirmala Sitharaman on Wednesday shared the first instalment of Rs.20 lakh crore package with a view to relieving the MSME sector.

In his national speech on Tuesday, Prime Minister announced the Aaatmanirbhar Bharat Package, Which will focus on making India self-sufficient.

Moos Anurag Thakur and Finance Ministry officials surrounded the five pillars of economy.infrastructure, technology-driven systems, population, and demand. The focus will be on the factors of production: land, labor, liquidity, and laws. The idea is to make local brands worldwide.

Here are the Highlights announced by Nirmala Sitharaman:

• Rs.3 lakh crore collateral free automatic loans for MSMEs
• Rs. 20,000 cr subordinate debt for MSMEs
• Rs.50,000cr equity infusion through MSME Fund of Funds
• The new definition of MSMEs
• Global trends to be disallowed up to Rs200cr
• other interventions for MSMEs
• Rs 2500cr EPF support for business and workers for 3 more months
• EPF contribution reduced for business and workers for 3 months, amount to support of Rs 6750cr
• Rs 30,000cr liquidity facility for NBFC/HCs/MFs
• Rs 45,000 cr partial credit guarantee scheme 2.0 for NBFC
• Rs 90,000cr liquidity injection for DISCOMs
• Relief to contractors
• Extension of registration and completion date of real estate projects under RERA
• Rs 50,000cr liquidity through TDS/TCS reductions
• Extension of due date for income tax returns for 2019-2020 to Nov 30,2020
• Immediate issuance of all pending refunds to charitable trusts; noncorporate business and professions

Based on the selection of the different fields the economic package is announced.