NEWS
13/05/2020 4:59 PM IST | Updated 13/05/2020 5:31 PM IST

Modi Govt's Economic Package: Nirmala Sitharaman Announces Measures To Boost Economy

Six steps relate to MSMEs, two each to EPF and NBFCs.

Hindustan Times via Getty Images
File image of Finance Minister Nirmala Sitharaman.

Finance Minister Nirmala Sitharaman on Wednesday said that the economic package, announced by Prime Minister Narendra Modi on Tuesday, is called ‘Atmanirbhar Bharat Abhiyan’ because the goal is to create a self-reliant India. She announced 15 new steps, out of which six relate to Micro, Small & Medium Enterprises and two relate to the employee provident fund. 

The government announced Rs 3 lakh crore collateral-free automatic loans for businesses, including MSMEs. Sitharaman also said that the definition of the MSME is being revised (see the new definition here).

Sitharaman said Employees Provident Fund Support for business and organised workers will be extended by another 3 months for June, July and August 2020. 

The government will launch a Rs 30,000 crore Special Liquidity Scheme for NBFCs, HFCs and MFIs, the minister said. 

Sitharaman announced a Rs 90,000 crore liquidity injection for DISCOMS.

The government also announced relief for contractors. 

TDS, TCS rate for non-salaried payments for period up to March 31, 2021 has been cut by 25% of existing rates, Sitharaman announced. 

The due date for income tax returns for 2019-20 has bee extended to 30 November, 2020.