{"id":4220,"date":"2020-05-13T19:09:13","date_gmt":"2020-05-13T13:39:13","guid":{"rendered":"http:\/\/yourcareerheights.com\/?p=4220"},"modified":"2020-05-13T19:28:37","modified_gmt":"2020-05-13T13:58:37","slug":"pm-modi-unveils-%e2%82%b920-lakh-crore-package-for-atmanirbhar-bharat-abhiyan-part-1-businesses-including-msmes","status":"publish","type":"post","link":"https:\/\/yourcareerheights.com\/?p=4220","title":{"rendered":"PM Modi unveils \u20b920-lakh-crore package for \u2018Atmanirbhar Bharat Abhiyan\u2019 – Part 1 : Businesses including MSMEs"},"content":{"rendered":"
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\"\"<\/a>Prime Minister Narendra Modi announced a \u20b9<\/span>20-lakh-crore special economic package,\u00a0 which is almost equal to 10 per cent of the country\u2019s GDP on 12th May 2020. \u201cThis package will lay emphasis on land, labour, liquidity and laws,\u201d PM Narendra Modi said.<\/h3>\n

The package included the first tranche of the stimulus amounting to\u00a0\u20b9<\/span>1.70-lakh crore on March 26 and multiple policy measures including the\u00a0\u20b9<\/span>3.74-lakh-crore liquidity infusion by the Reserve Bank of India.<\/strong><\/p>\n

Prime Minister\u2019s Vision<\/strong><\/em><\/p>\n

\u2022Call for '\u0906\u0924\u094d\u092e\u0928\u093f\u0930\u094d\u092d\u0930\u00a0 \u092d\u093e\u0930\u0924 \u0905\u092d\u093f\u092f\u093e\u0928 'or 'Self Reliant India Movement'. \u2018Atmanirbhar Bharat Abhiyan\u2019 (Self Reliant India Campaign), package will focus on supply chain in the farm sector, taxation, simple and clear rules\/regulations, sound infrastructure, competent and efficient labour force and a strong financial system. These reforms will promote business, attract investment, and further strengthen \u2018Make in India\u2019.
\n<\/strong><\/em>\u2022Five pillars of Atmanirbhar Bharat are: \"Economy, Infrastructure, System, Vibrant Demography and Demand\"<\/span><\/strong><\/em>
\n\u2022Special economic and comprehensive package of Rs 20 lakh crores is equivalent to 10 % of India s GDP<\/strong><\/em>
\n\u2022Package to cater to various sections including cottage industry, MSMEs, labourers, middle class, industries, among others.<\/strong><\/em>
\n\u2022Bold reforms across sectors will drive the country's push towards self reliance<\/strong><\/em>
\n\u2022It is time to become vocal for our local products and make them global.<\/strong><\/em><\/p>\n

Finance minister Nirmala Sitharaman today shared the first instalment of the mega Rs 20 lakh crore package with the focus today being on the relief to the MSME sector.<\/strong><\/p>\n

Key Takeaways:<\/strong>
\nSix major steps for the revival of the MSME sector<\/strong>
\n1. Collateral free loan of Rs 3 lakh crores for MSMEs. This will benefit 45 lakh units so that they can resume work and save jobs.
\n2. For stressed MSMEs, Subordinate debt provision of Rs 20,000 cr has been announced for 2 lakh MSMEs. It will benefit those which are NPAs or stressed MSMEs.
\n3. Rs 50,000 crore equity infusion through Mother fund-Daughter fund for MSMES that are viable but need handholding. A fund of funds with corpus of Rs 10,000 crore will be set up to help these units expand capacity and help them list on Markets if they choose.
\n4. Definition of MSMEs has been revised to allow MSMEs to aim for expansion and not lose benefits. Also, there'll be no distinction between manufacturing & services sector MSMEs.<\/p>\n

\"MSME\"
New Definition of MSME<\/figcaption><\/figure>\n

New definition:
\nMicro units with investment till Rs 1 cr, turnover up to Rs 5 crore.
\nSmall units with investment till Rs 10 cr, turnover up to Rs 50 cr. Medium units with investment till Rs 20 cr, turnover up to Rs 100 crore.<\/strong><\/p>\n

5. Global tenders will be disallowed up to Rs 200 crore for government contracts.
\n<\/strong>
\n6. Will ensure e-market linkages are provided across the board in the absence of non-participation in trade fairs due to Covid. Govt of India and PSUs will clear all the receivables in next 45 days.
\n<\/strong><\/p>\n

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For Employees<\/strong>
\n7. A liquidity relief of \u20b92,500 crore EPF support is being given to all EPF establishments, EPF contribution will be paid by Govt. of India for another 3 months till August and will benefit more than 72 lakh employees.<\/p>\n

8. Statutory EPF contribution for all organisations and their employees covered by EPFO has been reduced to 10% from 12% earlier. This doesn't apply to govt organisations. This will infuse Rs 6,750 cr liquidity into these organisations. \u00a0..<\/p>\n

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For NBFCs\/HFCs\/MFIs<\/strong>
\n9. Rs 30,000 crore special liquidity scheme for investing in investment grade debt paper of NBFCs, HFCs and MFIs. These NBFCs are those that are also funding MSMEs. These will be fully guaranteed by government of India.<\/p>\n

10. Rs 45,000 crore partial credit guarantee scheme 2.0 for NBFCs. The first 20% loss will be borne by the guarantor that is government of India.<\/p>\n

11.\u00a0For Discoms<\/strong>, a one-time emergency liquidity injection of Rs 90,000 crore against all their receivables. The states will guarantee it.
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\nOther Details
\n<\/strong>12. An extension of up to 6 months (without costs to contractor) to be provided by all Central Government Agencies like Railways, Ministry of Road Transport & Highways, Central Public Works Dept.<\/p>\n

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13. On real estate, urban development ministry will issue advisory to states\/UTs so that the regulators can invoke force majeure. The regulators can suo moto extend completion\/registration dates for six months for projects expiring on or after March 25, 2020.
\n14. A reduction of 25% of existing rates of Tax Deducted at Source (TDS) & Tax Collection at Sources (TCS) from tomorrow till March 31, 2021. This will release Rs 50,000 crores.<\/p>\n

15. Due date of all IT Return filings extended from July 31 to November 30. Vivaad se Vishwas scheme extended till December 31,2020. Date of assessments getting barred as on Sep 30, 2020 extended to December 31, 2020. Date of assessments getting barred as on March 31, 2021 extended to September 30, 2021. All pending refunds to charitable trusts and non-corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.<\/p>\n

For details please read the following document:Atmanirbhar Presentation Part-1 Business including MSMEs 13-5-2020<\/a><\/p>\n

<\/div>\n<\/div>\n
Source: PIB.GOV.IN,Economic Times, Business Line, LivMint, TOI<\/em><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

Finance minister Nirmala Sitharaman on Wednesday announced credit guaranteed loans to micro, small and medium enterprises (MSMEs), expected to help about 4.5 million units to get back to business. Announcing the details of the \u20b920 trillion fiscal stimulus package, Sitharaman said the collateral free, automatic loans will benefit MSMEs with up to \u20b925 crore outstanding loans and \u20b9100 crore sales.<\/p>\n","protected":false},"author":1,"featured_media":4224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[854,869,860,722,10,120],"tags":[857,887,747,278],"class_list":["post-4220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-covid-19","category-covid-19-2","category-covid-19-regulatory-package","category-economic-reforms","category-economy","category-finance-ministry","tag-covid-19","tag-covid-stimulous-package","tag-finance-minister","tag-finance-ministry"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/yourcareerheights.com\/wp-content\/uploads\/2020\/05\/FM.jpg?fit=620%2C464&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/posts\/4220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4220"}],"version-history":[{"count":2,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/posts\/4220\/revisions"}],"predecessor-version":[{"id":4225,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/posts\/4220\/revisions\/4225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/media\/4224"}],"wp:attachment":[{"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}