The COVID-19 Economic Task Force is set to meet at 10.30 am on March 20 to finalise details of the same
Prime Minister Narendra Modi on Thursday announced setting up of an Economic Task Force to combat coronavirus impact on the Indian economy. The government is working on a relief package for the coronavirus (COVID-19) pandemic, CNBC-TV18 reported.
The COVID-19 Economic Task Force is set to meet at 10.30 am on March 20 to finalise details of the same. The Union Cabinet meet is at 11 am.
Among the consideration is a direct cash transfer scheme for the most vulnerable sections of society. For self-employed individuals, the government is considering deferring the repayment of easy monthly installments (EMIs) of loans, according to CNBC-TV18.
The package is also likely to to allow medium and small enterprises (MSMEs) a deferred repayment option for the easy monthly installments (EMIs) for their loans. Here banks could allow about 90 days deferment, the channel said.
The government may also enhance the scope of MSMEs under a new definition. Currently, those companies with initial investment between rs 5 crore to 10 crore are considered MSMEs, this may be expanded to Rs 100 crore, it said.
Further, the time period to classify a non-performing asset (NPA) is likely to be increased from the present 90-day period to six months.A special relief package for the poultry and fisheries sectors are also expected to be announced; wherein direct cash benefits for people engaged in poultry and fisheries industries is likely, it added.
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