Atmanirbhar Bharat Abhiyan: FM Nirmala Sitharaman shares details of stimulus package

Finance Minister Nirmala Sitharaman (File image: Reuters)

In her address to the media on May 13, Finance Minister Nirmala Sitharaman presented the fine print of the Rs 20 lakh crore economic stimulus package announced by the prime minister in his address on May 12.

FM Sitharaman said starting today, she will come to present details of the PM Modi's vision in various tranches over the next few days.

Follow FM Nirmala Sitharaman's announcements here on our LIVE blog

Today, the tranche has about 15 different measures, six of which pertain to the micro, small and medium enterprises (MSMEs), two related to Employees' Provident Fund, two on non-banking finance companies (NBFCs), housing finance companies (HFCs) and micro-finance institutions (MFIs), one on discoms, one for contractors, one for real estate and 3 tax measures, FM Sitharaman said.

Read More | Here are 6 measures for MSMEs announced by FM Nirmala Sitharaman

This comes after Prime Minister Narendra Modi, in his address to the nation yesterday, announced an economic stimulus package in light of the COVID-19 situation. The relief package, he said, comes up to a total of Rs 20 lakh crore, which is nearly 10 percent of India's GDP.

It includes the measures earlier announced by the finance ministry and steps taken by the Reserve Bank of India, PM Modi said.

Finance Minister Nirmala Sitharaman had announced a Rs 1.7 lakh crore package while RBI Governor Shaktikanta Das had announced liquidity support in two tranches in March and April amounting to over Rs 5 lakh crore.

Also Read | Government, CPSEs to honour all MSME receivables within next 45 days: FM Nirmala Sitharaman

The economy has been reeling under the impact of the nationwide lockdown to contain the spread of COVID-19, which was first announced on March 24. Activity across sectors has come to a standstill due to the restrictions put in place by the government in order to control the spread of the virus.