The finance minister detailed the economic stimulus package under the Atmanirbhar Bharat Abhiyan.
Finance Minister Nirmala Sitharaman, addressing the media on May 13, said the government and Central Public Sector Enterprises (CPSEs) would honour all micro, small and medium enterprise (MSME) receivables within the next 45 days.
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The finance minister detailed the Rs 20 lakh crore economic stimulus package under the Atmanirbhar Bharat Abhiyan.
The first tranche of the announcement has 15 relief measures, of which six 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 three tax measures.
Source: PIB India
Source: PIB India
During his address to the nation on May 12, Prime Minister Narendra Modi had announced a stimulus package totaling Rs 20 lakh crore to rescue the economy reeling under the impact of coronavirus. This amounts to nearly 10 percent of India's GDP.
He said that this economic package would focus on areas like land, labour, liquidity and law.
The Rs 20 lakh crore stimulus includes packages worth nearly Rs 7-8 lakh crore already announced by the Finance Ministry and the Reserve Bank of India (RBI).
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 respectively amounting to over Rs 5 lakh crore.
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