New Delhi, May 14: Finance Minister Nirmala Sitharaman would be addressing a press conference later today to disclose more details related to the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi. This would be second consecutive media interaction by Sitharaman in a period of two days. Her address is scheduled at 4 pm. Nirmala Sitharaman Speech: Full Text And Details of Atmanirbhar Bharat Financial Package Released So Far.

Sitharaman's press meet on Wednesday witnessed a major announcement for the micro, small and medium-scale entrepreneurs (MSME), as the government has now permitted the sector to collectively avail loans to the tune of Rs 3 lakh crore without any collateral.

The Finance Minister also disclosed a relief for the salaried class, as their provident fund (PF) deduction from monthly salaries - from the company's end - would be reduced to 10 percent from 12 at present. The move would lead to an increase in take-home pay.

Sitharaman also announced a 25 percent reduction in TCS/TDS for employees. The tax deducted at source would reduce, thereby leading to a larger amount of salary disbursal for contractual employees, as well as freelancers.

Update by ANI

Sitharaman's announcements on Wednesday came a day after PM Modi, in a special interaction to the nation, announced the Rs 20 lakh crore package which is aimed at making India an "Ata Nirbhar Bharat" or self-reliant.

The amount equates to roughly 10 percent of the total Gross Domestic Product (GDP), Modi had said, adding that it will aid all the building blocks of Indian economy, including the famers, labourers, MSMEs as well as the industrialists.

"I announce a special economic package today. This will play an important role in the 'Atma Nirbhar Bharat Abhiyan'. The announcements made by the government over COVID, decisions of RBI and today's package totals to Rs 20 Lakh Crores," Modi had said.

(The above story first appeared on LatestLY on May 14, 2020 10:54 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).