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Wednesday, May 27, 2020

FM Nirmala Sitharaman speech HIGHLIGHTS: Rs 20,000 crores for MSMEs, EPF support and more

FM Nirmala Sitharaman Speech HIGHLIGHTS: From announcing loans for business, including micro, small and medium enterprise (MSMEs) to extending date for filing ITR return, here's what all Finance Minister said in her press briefing.

By: Express Web Desk | New Delhi | Updated: May 15, 2020 2:43:41 pm
Finance Minister Nirmala Sitharaman during the press conference. (Video screengrab)

FM Nirmala Sitharaman Speech HIGHLIGHTS: Union Finance Minister Nirmala Sitharaman Wednesday unveiled details of the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi on Tuesday.

Announcing a special package for Micro, Small and Medium Enterprises (MSMEs), Sitharaman announced that the government will provide stressed MSMEs with equity support and facilitate the provision of Rs. 20,000 Crores as subordinate debt.

On Tuesday evening, PM Modi pitched for a self-reliant India in the post Covid-19 world as he announced an economic package that is about 10 per cent of the country’s GDP. The prime minister had said the package would help every section including workers, farmers, middle class, industrial units and the MSME sector. (Here’s what all was announced)

Earlier today, the proposed mega stimulus plan had already lifted markets, with the benchmark equity market indices on the BSE and National Stock Exchange (NSE) opening nearly 4 per cent higher.

Here are the key highlights from Nirmala Sitharaman’s Press Conference

#Essentially this is to spur growth to build a very self-reliant India and that is why this initiative is called ‘Atmnirbhar Bharat Abhiyaan.’

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#Prime Minister Modi laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society.

#You’ve been seeing that the government led by Prime Minister Modi since 2014 has been a listening, sensitive and responding government.

#A self-reliant India does not mean that our country will be an isolationist country. It will be a confident country.

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#So far, Rs 52,606 crore has been transferred to 41 crore Jan Dhan account holders, Rs 18,000 crore grain transfers; Ujjwala, divyang and old age have also benefited.

#Beginning today, over the next few days we will come before you with our team to put forth Prime Minister’s vision of self-reliant India.

#We should not forget that we also have a responsibility towards the poor, needy, the migrants workers, divyang and the aged of the country.

#There is a collateral-free MSME loan that is being provided. This will give a facility of 3 lakh crore.

#Collateral free automatic loans to be provided to MSMEs worth Rs 3 Lakh Crore. These have a 4-year tenor and will be valid up to October 31, 2020.

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#Rs 20,000 crores subordinate debt for stressed MSME. Two lakh MSME’s are likely to benefit from it.  Our government will provide support of 4,000 to CGTMSE.

#Global tenders to be disallowed in Government procurement up to Rs 200 crores. Indian MSMEs and other companies have often faced unfair competition from foreign companies, this will make self-reliant India, will also then be able to serve ‘Make in India’.

#To ease financial stress as businesses get back to work, Our government has decided to continue EPF support for business and workers for 3 more months providing a liquidity relief of Rs 2,500 crores.

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# Government will also launch a Rs 30,000 crore Special Liquidity Scheme. Under this scheme investment will be made in both primary and secondary market transactions in investments graded debt paper of NBFCs, HCFCs and MFIs.

#Discoms today are facing unprecedented cash flow problems. In all states, they are in serious crisis. In order to help them, liquidity infusion of Rs 90,000 will be done.

#Extension of up to 6 months to be provided to contractors by all central agencies.

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#In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25 per cent of the existing rates.

#Due date of all income-tax return for the financial year 2019-20 will be extended from July 31, 2020, and October 31, 2020, to November 30, 2020, and Tax audit from September 30, 2020, to October 31, 2020.

#Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to December 31, 2020.

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