PM Modi issues first statement on FM's 15 announcements; cites benefit to entrepreneurs

On Wednesday, Prime Minister Narendra Modi lauded first set of measures anunced by Union Finance Minister Nirmala Sitharaman as a part of Rs.20 lakh crore financial pack. He opined that se measures would go a long way in mitigating problems faced by businesses. According to him, se steps would boost liquidity in ecomy. PM ded that pack will empower entrepreneurs and strengn ir competitive spirit.

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Anuncements by Union Finance Minister

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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