Why this topic has sprung up?
From the last 24 ampere-hours, there is a plan going on Self-reliant India”now what it means for India.
On 13 May 2020 FM said
Finance Minister Nirmala Sitharaman said that the PM has given 5 Aadhaar pillars. Our focus will be on land, labour, liquidity and law. Emphasis will be on building local brands and making them global and joining international supply chains.
Finance Minister Nirmala Sitharaman said that after extensive consultation with many sections of the society, the PM has put a comprehensive view in front of you.
Big Disclosure for MSME Areas.
- Finance Minister Nirmala Sitharaman said that the poor are constantly being helped. He said food grains worth 18 thousand crores were given.
- Finance Minister Nirmala Sitharaman said that 6 major steps are being taken for MSME. MSME will be given a loan of 3 lakh crore rupees.
- Finance Minister Nirmala Sitharaman said that principal money will not have to be repaid for one year. 45 lakh MSME units will benefit from this. Those who have not repaid loans will also be given loans.
- Rs 50,000 cr. equity infusion for MSMEs through Fund of Funds; to be operated through a Mother Fund and few daughter funds; this will help to expand MSME size as well as capacity: Finance Minister Nirmala Sitharaman.
- Finance Minister Nirmala Sitharaman said that Micro Small and Medium Enterprises (MSME) will be given an automatic loan of Rs. 3 lakh crore without guarantee. This will benefit 45 lakh MSME units.
- Finance Minister Nirmala Sitharaman said that small and medium industries will be able to take 20% of the outstanding loans through banks and non-banking financial institutions under the emergency credit line.
- A provision of 20 thousand crores has been made. This will benefit 2 lakh cottage industries. In this, the NPA and the stressed MSME will be benefited. Those MSMEs doing well, who want to expand, will be able to make a profit of 50 thousand crores through Funds of Fund.
MSME receive another loud alleviation
- Nirmala Sitharaman said that the definition of MSME has been changed. Investment limit is being increased.
- Now the unit with an investment of 1 crore rupees will also be considered as micro. Similarly, a production-based industry with an investment of 10 crores and a turnover of 50 crores will be considered as small scale industry.
- Tenders up to 200 crores will not be global tender in government procurement. This will help MSME to do business with enthusiasm.
- Also, it will help them to increase Make in India. E-market links will be made available to MSME. In the next 45 days, all the outstanding bills of MSME government undertakings and the government will be cleared.
Government briefing concerning EPF
- Finance Minister Nirmala Sitharaman said that the EPF centre for those with less than 15 thousand rupees will be given by August.
- Finance Minister Nirmala Sitharaman said that the Government of India will contribute 12 per cent of the EPF to the employer and employee in the Garib Kalyan Yojana.
- Earlier it was given for March, April and May. Now it will be given for the next three months i.e. June, July and August.
- This will help 2500 crores. The EPF contribution for the next three months is being reduced from 12 per cent to 10 per cent for institutions and employees.
- For the next three months, all employees will be able to contribute 10% of their contribution to the employer. This will help in increasing the liquidity in their hands.
Finance Minister Nirmala Sitharaman also informed about the special liquidity scheme of Rs 30 thousand crores for NBFC. He informed that the already running scheme of 45,000 crores to NBFC will be expanded.
A provision of Rs 30,000 crore will be made for non-banking financial institutions ie NBFCs / HFC / MFIs to overcome the shortage of funds.
Apart from this, a partial loan guarantee scheme of 45 thousand crores is being started for NBFCs. In this, the initial 20 per cent deficit will be borne by the Government of India.
For the TAX and the Construction FM said…
- Finance Minister Nirmala Sitharaman said that there is a serious crisis in front of the power distribution companies. 90,000 crore of emergency cash will be made available to companies.
- 6 months of relief to builders.
- Nirmala Sitharaman said that the current TDS and TCS rates are being cut by 25 per cent. This deduction will be applicable from tomorrow. With this, the amount of 50 thousand crores will be available to the people. This deduction will remain in force till 31 March 2021.