20,000 crore for small businesses in crisis: Finance Minister
EPF for those earning less than Rs 15,000 will be given by the Center till August: Finance Minister
This package benefits housing industry, small scale industry, workers, farmers, middle class
Finance Minister Nirmala Sitharaman's press conference has begun to give a complete breakup of the Rs 20 lakh crore Covid-19 relief package announced by Prime Minister Narendra Modi. Breakup information is likely to be provided for four consecutive days. It will focus on four i.e. Land, Labor, Law and Liquidity, which will be announced on a daily basis.
Understand how a loan of Rs 3 lakh crore will benefit MSMEs
The loan is for 4 years and is 100 percent guarantee free.
It will be available to industries whose outstanding loan is less than Rs 25 crore and turnover is not more than Rs 100 crore.
The loan will be repaid for 10 months
This loan can be applied for till 31st October 2020.
No extra charge will be levied. 45 lakh MSMEs will benefit.
Rs 20,000 crore was given to stressed MSMEs.
A fund of Rs 50,000 crore will be off for a good MSME.
All small businesses will be involved.
Investment for micro industry has been increased from Rs 25 lakh to Rs 1 crore.
Approval for investment up to Rs 10 lakh crore and up to Rs 50 crore for small industry, Rs 200 crore for medium and Rs 100 crore for business.
The global tender rule of less than Rs 200 crore has been scrapped to make local industries global. That means there will be no tender less than Rs 200 crore.
Speech of the Minister of Finance
The EPF of less than 15 thousand celery will be provided by the government
MSMEs will be given loans of Rs 3 lakh crore, benefiting 45 lakh industries
Nirmal Sitharaman said the package was announced keeping in view the vision of a self-reliant India. These five pillars are Economy, Infrastructure, System, Demography and Demand.
We want to make the local brand global through a self-reliant India.
Many steps were taken for a self-reliant India. Money was deposited directly into the accounts of farmers and laborers, which was a kind of revolution. Money has been sent directly to people's bank accounts through PM Kisan Yojana, Ujjawala Yojana, Swachh Bharat Abhiyan, Pradhan Mantri Fasal Vima Yojana. Farmers have benefited from these schemes. GST benefited small scale industries.
Breakup of Rs 12 lakh crore package
The declared Rs. Out of the Rs 20 lakh crore package, about Rs 8 lakh crore has already been disbursed by the RBI and the government. Now a breakup of Rs 12 lakh crore package will be given. Of this, Rs 50,000 crore could be declared for tax. While the power sector can get around one lakh crore rupees. In the same way large sums can be allocated through direct benefit transfer to the poor of the country. It could allocate about Rs 1 lakh crore to NBFCs and housing finance companies.
The relief package is about 10 per cent of GDP at Rs 20 lakh crore
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All the information attached to the economic package will be revealed by Nirmala Sitharaman today. Sanjeev Sanyal, chief economic adviser to the finance ministry, said the entire information would be presented in two-three stages. He said the package would be available to all sections of the society. The Rs 20 lakh crore relief package is about 10 per cent of GDP. The Rs 20 lakh crore relief package is about 10 per cent of GDP. That is about Rs 10 lakh crore less than the 2020-21 sanctioned budget i.e. Rs 30 lakh crore. Prime Minister Narendra Modi said the package would benefit the housing industry, small scale industries, workers, farmers and the middle class. Apart from this, it will also give a new impetus to the Indian industry.
