First Tranche Of The 20 Lakh Stimulus Package: Here’s Everything FM Nirmala Sitharaman Announced
Following the announcement of a combined
stimulus package of Rs.20 lakh crore to cushion the COVID-19 blow to the
nation, the Finance Minister Nirmala Sitharaman announced the first tranche
which has relief for MSME’s, EPF’s, and NBFC’s. The announcement of Rs.3 lakh
crore collateral-free automatic loans have been announced for micro, small, and
medium enterprises to resume activities and safeguard jobs.
Here are the key announcements made by the FM
Nirmala Sitharaman
●
Change in the definition of MSMEs
The long-pending revision to the definition of MSMEs has now assured that MSMEs will have the urge to grow without the fear of losing out on the benefits
The long-pending revision to the definition of MSMEs has now assured that MSMEs will have the urge to grow without the fear of losing out on the benefits
●
Rs.3 lakh crore worth of
collateral-free automatic loans for businesses including micro, small, and medium
enterprises. Here’s the revised definition
○
A firm with an investment of up to
1 crore and turnover under 5 crores are now classified as Micro
○
A firm with an investment of up to
10 crores and turnover under 50 crores are now classified as Small
○
A firm with an investment of up to
20 crores and turnover under 100 crores are now classified as Macro
●
Business and workers will get
support for the next 3 months for Rs.2500 crores
●
For 3 months, EPF contribution
reduced for business and its workers
●
NBFCs/MFIs/HFCs to get special
liquidity scheme worth Rs.30,000 crores
●
TDS/TCS rate reduction through
liquidity of Rs.50,000 crores
●
DISCOMs to get liquidity injection
of Rs.90,000 crores
●
Relief to contractors
●
Global tenders to be disallowed
upto Rs.200 crores
●
For real estate projects under
RERA, an extension of completion and registration date
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