20 lakh crore package for self-reliant India, Finance Minister Nirmala Sitharaman will announce the third part at 4 pm
Finance Minister Nirmala Sitharaman live: Finance Minister Nirmala Sitharaman will announce the third part of the 20 lakh crore package for self-reliant India. At exactly 4 pm, she will distribute relief from her box at the press conference at the National Media Center. Earlier on Wednesday and Thursday, she announced relief for MSMEs, jobbers, taxpayers, farmers, small traders, hawkers and migrant laborers.
In order to turn the corona virus crisis into an opportunity, PM Narendra Modi on Tuesday announced a ambitious mission of ‘Self-reliant India’ in front of the country, announcing a package of 20 lakh crore rupees. After this, Finance Minister Nirmala Sitharaman has kept the details of the package in front of the country for two consecutive days.
Let’s have a look at the big announcements made by the finance minister so far
Thursday’s big announcement
Finance Minister Nirmala Sitharaman on Thursday announced a concessional rate of loan of Rs 2 lakh crore to 2.5 crore farmers. Apart from this, to provide benefits to small and marginal farmers, he said that additional facility of Rs. 30 thousand crores was given.
For middle class
To provide relief to the middle class and housing sector, the loan subsidy scheme under the Pradhan Mantri Awas Yojana has been extended for one year. People with an annual income of Rs 6-18 lakh will be able to take advantage of this. A provision of 70 thousand crores has been made for this.
Loans up to 10 thousand to street vendors
Finance Minister Nirmala Sitharaman said that the government will come up with a loan scheme in one month for street, street and street vendors. Under this, loan assistance of 5 thousand crore rupees will be given to 50 lakh hawkers. They can easily take a loan of up to 10 thousand rupees. So that they can resume their work after the lockdown is over. Such mobile payment ferries will be encouraged and will get additional loan in the coming time.
Interest Relief in Mudra Shishu Loan Scheme
An interest relief of Rs 1500 crore will be given under the Mudra Shishu Loan Scheme. One lakh 62 thousand crore rupees have been given under it. This will benefit 3 crore people.
Houses on cheap rent to urban poor
Under the Pradhan Mantri Awas Yojana, the government will bring a rental housing scheme for the migrant laborers and the urban poor. Homes will be built to rent on PPP model, in which they can live for less. So that they can stay in the city by spending less rent. Industrialists who build such houses on their land will be encouraged. This work will also be done in collaboration with the state governments.
Free ration to laborers
For the next two months, all migrant laborers will be given 5 kg of wheat or rice per person and one kg of gram per family without a card. This will benefit around 8 crore migrants. It will cost about 3500 crores rupees. The Central Government will bear all its expenses.
Big announcement by the finance minister on Wednesday
1. Under this campaign, a provision has been made to provide collateral free loan of Rs 3 lakh crore to MSMEs. This loan will be for four years and the principal will not have to be repaid for the first year. Under this, MSMEs with a turnover of Rs 100 crores will get loans up to Rs 25 crores. 100% guarantee cover will be available for banks and NBFCs. The scheme will be available till 31 October 2020.
2. In addition, the definition of MSME has been changed. Under the new definition of MSME, micro enterprises can be invested up to Rs 1 crore and its business limit will be Rs 5 crore. Similarly, an investment of Rs 10 crore can be made in a small enterprise and its total annual turnover will be Rs 50 crore. The medium enterprise will have an investment of up to 20 crores and its total business will be up to 100 crores.
3. A provision of 20 thousand crores has been made to help the stressed MSMEs. This will benefit such MSMEs who are NPAs or non-beneficiaries. This will benefit more than two lakh MSMEs. 50 thousand crore rupees will be invested in MSMEs which are doing better business. A fund of 10 thousand crore rupees will be set up for them. This will help in listing the MSMEs in the stock market.
4. The period of all income tax returns to be filed by 31 July 2020 and 31 October 2020 has been extended till 30 November 2020. Along with this, the period of the audit report has also been extended to 31 October by filling up by 30 September.
5. All pending refunds up to five lakh rupees are being issued. More than 14 lakh refunds have been issued so far. The assessment date up to 30 September has been extended to 31 December 2020 and 31 March 2021 to 30 September 2021.