Finance Minister Nirmala Sitharaman, on Wednesday, addressed a press conference at 4 pm in which she shared details of the ₹ 20 lakh crore economic package announced by Prime Minister Narendra Modi on Tuesday in his address.
Major steps for MSMEs announced are:
1. MSME loan to benefit 45 lakh units
2. Loans available till October 31
3. Loans will be fully guaranteed
4. Loans will have a 4-year tenure
5. 3 lakh crore collateral-free automatic loan
6. ₹ 20,000 crore subordinated debt for stressed MSMEs
7. 2 lakh MSMEs to benefit from a debt scheme
8. ₹ 4,000 crore contribution from govt for debt
9. ₹ 50,000 crore equity infuser for MSMEs
10. ₹ 10,000 crore corpus for fund of funds
11. Firms with up to ₹ 100 crore turnover to benefit
12. For Micro Enterprise: ₹ 1 crore investment, ₹ 5 crore turnover
13. Additional criteria based on turnover for MSMEs
14. No global tenders for up to ₹ 200 crore
15. Will ensure E-Market links for all MSMEs
16. All MSME outstandings to be cleared in 45 days
17. Liquidity relief to be given for all EPF establishments
18. ₹ 2500 crore EPFO, support extended for 3 months
19. Statutory PF contribution down to 10%
20. ₹ 6750 crore relief on EPF contributions
21. ₹ 30,000 crore liquidity push for NBFCs, HFCs, MFIs
22. ₹ 45,000 crore liquidity infusion for NBFCs
23. NBFC partial
24. ₹ 90,000 crore liquidity infusion for DISCOMs
25. Infusion to DISCOMs a one-time provision
26. Government to give 6-month extension to contractors and PPE works for no cost
27. Real Estate deadlines extended by 6-months
28. Reduction to give ₹ 50,000 crore relief to taxpayers
29. 25% rate reduction in TDS and TCS will March 2021
30. Deadline for FY20 returns extended to November 30