Amit Shah thanks PM Modi & FM for economic package; exudes confidence in economic revival

Soon after Finance Minister anunced major schemes and relief measures for MSME sector, Home Minister Amit Shah thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for se unprecedented steps.

Finance Minister Nirmala Sitharaman on Wednesday anunced a Rs 3 lakh crore collateral-free automatic loan schemes for Micro, Small and Medium Enterprises along with five or major boosters aimed to revive sector most hit with ecomic woes. He stated that Modi government's decision to provide Rs 3 lakh cr collateral-free Automatic Loans to Businesses, including MSMEs, will surely help m meet ir operational liabilities, built up due to COVID-19 and resume ir business. 

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Amit Shah said that government will facilitate provision of Rs. 20,000 crore as subordinated debt, which will benefit more than 2 lakh SMEs. He ded that Modi government is doing everything possible to help business sector as y may face financial stress while resuming ir businesses. 

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Key Points from FM's briefing

Earlier in day, Union Finance Minister Nirmala Sitharaman unveiled  first set of 15 measures of financial pack. She stated that PM Narendra Modi laid down vision of Atmanirbhar India (self-reliant India) after deep consultation with several sections of society. Sitharaman also mentioned that focus of pack is on factors of production- land, labour, liquidity, and ors. 

measures to revitalise MSME sector include Rs.3 lakh crore collateral-free automatic loans for businesses, including MSMEs, Rs. 20,000 crore subordinate debt for MSMEs, Rs. 50,000 crore equity infusion through MSME Fund of Funds, revising definition of MSMEs and  prohibition of global tenders in government procurement tenders up to Rs.200 crore.

Or measures such as Rs.2500 crore EPF support for business and workers for 3 more months, reduction of EPF contribution for business and workers for 3 months, Rs.30,000 crore liquidity facility for NBFCs/HFCs/MFIs, Rs.45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs and Rs.90,000 crore liquidity injection for DISCOMs were also anunced. Furrmore, registration and completion date of all registered projects expiring on or after March 25, 2020, shall be extended suo-moto by 6 months. due date of income tax return, tax audit, assessments, and 'Viv se Vishwas' scheme has also been extended. ditionally, all Central ncies shall provide an extension to construction work, service contracts, etc. by 6 months. 

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