PM Narendra Modi Lauds Economic Measures Announced by Nirmala Sitharaman to Mitigate Impact of COVID-19 on Indian Economy

New Delhi, May 13: Prime Minister Narendra Modi on Wednesday lauded economic measures announced by Finance Minister Nirmala Sitharaman. PM Modi said that the announcements made by the finance minister would help in mitigating the economic crisis occurred due to coronavirus outbreak. PM Modi took to Twitter to appreciate the finance ministry. Income Tax Return 2019-20 Filing Deadline Extended Till November 30, 2020.

In a tweeted, the Prime Minister said, “Today’s announcements by FM @nsitharaman will go a long way in addressing issues faced by businesses, especially MSMEs. The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit.” Catch Live Updates of Coronavirus Here:

Tweet by PM Modi:

Earlier in the day, Sitharaman addressed a press briefing to give details of the economic package – Atma Nirbhar Package - announced by PM Modi on Tuesday. During the press conference, the finance minister announced a slew of measures to combat economic crisis which have erupted due to the outbreak of COVID-19.

Among other measures for MSMEs, Nirmala Sitharaman also announced a collateral free automatic loans for businesses including MSMEs up to Rs 3 lakh crore. Under the measure, borrowers with up to Rs 25 crore outstanding and Rs 100 crore turnover would be eligible for the special collateral free loan. Further, the government has also done away with the distinction of services and manufacturing MSME.

As per the new changes, businesses with investment of less than Rs 1 crore and turnover of Rs 5 crore would be classified as micro enterprises. Under the existing criteria, a company with investment of less than Rs 25 lakh in the manufacturing sector and less than Rs 10 lakh in the services sector were considered micro enterprises. The measure is a part of the Rs 20 lakh crore economic package announced by PM  Modi on Tuesday evening.

(The above story first appeared on LatestLY on May 13, 2020 07:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).