Highlights of FM Nirmala Sitharaman Speech

Last night Prime Minister Narendra Modi has announced Rs 20 Lakh crore package in order to revive the economy that was badly hit by the Corona virus. Regarding the same Union Finance minister Nirmala Sitharaman has addressed the media and the schemes, initiatives and investments, the Modi sarka is going to do.

Here are the highlights:

· Rs 1.70 lakh crore PM Garib Kalyan Yojana scheme for welfare of poor.

· Collateral free automatic loans to MSMEs worth Rs 3 Lakh Crore. These have 4 year tenor, valid up to October 31st, 2020.

· Borrowers with up Rs 25 Cr outstanding and Rs 100 Cr turnover are eligible for this. It will enable 45 lakh MSME units to resume business activity and also safeguard jobs

· Government to provide stressed MSMEs with equity support and will facilitate the provision of Rs. 20,000 Crores as subordinate debt.

· Global tenders to be disallowed in Government procurement up to Rs 200 crores. This will make self-reliant India.

· Centre decides to continue EPF support for business & workers for 3 more months providing a liquidity relief of Rs 2,500 crore.

· For employees take more salary to home and to give relief to employers in payment of PF, EPF contribution is being reduced for businesses and workers for 3 months, amounting to liquidity support of Rs 6750 crore.

· Rs 90,000 crore liquidity injection for Power Distribution Companies (DISCOMs).

· Rs 30,000 crore Special Liquidity Scheme for non-banking financial companies, microfinance companies, housing finance companies.