New Delhi, May 13: Union Finance Minister Nirmala Sitharaman on Wednesday listed out details of the 'Atmanirbhar Bharat' financial package worth Rs 20 lakh crore, which was announced by Prime Minister Narendra Modi yesterday. In her address/speech, Nirmala Sitharaman announced a slew of measures that the Modi government has taken to mitigate the impact of the coronavirus outbreak on the country's economy. Scroll down to get the full text and complete details of the financial package. TDS, TCS Slashed by 25% on Non-Salary Payments, Reduced Taxes to Give Relief Worth Rs 50,000 Crore.
In her speech, Sitharaman announced a Rs 30,000 crore special liquidity scheme for non-banking finance companies (NBFCs), housing finance companies (HFCs) and micro-finance institutions (MFIs). She also announced a corpus of Rs 50,000 crore Micro, Small and Medium Enterprises (MSMEs) with growth potential through a fund of funds, adding that the definition of criteria of MSMEs have been revised.
Details of Atmanirbhar Bharat Financial Package:
Nirmala Sitharaman Full Press Conference:
Global tenders will be banned for government procurement up to Rs 200 crore, the Finance Minister, adding this would help MSMEs to compete and supply in government tenders. She further announced a reduction by 25 percent in rates for Tax Deducted at Source (TDS) and Tax Collected at Source (TCS).
Reacting to the measures announced by Sitharaman, Congress said the focus of the economic package is "debt creation" and not "demand creation". Congress spokesperson Jaiveer Shergill in a statement, said, "Rs 20 Lakh Cr Package announced by FM is a 'Loans Marketing Brochure" rather than a "Relief Oriented Rescue Plan."
(The above story first appeared on LatestLY on May 13, 2020 06:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).