Union Finance Minister Nirmala Sitharaman, who came to press briefing a day after PM Modi announced a historic 20 lakh crore relief package on the Corona crisis, said that the package has been decided after a long discussion. He said that India would be built through reforms.
The Finance Minister further said that direct help is being provided to people’s accounts. Six major steps have been taken for MSMEs. Nirmala said that MSME will be given an unsecured loan of Rs 3 lakh crore. 4.5 million MSMEs will benefit. The Finance Minister said that RBI will bring more money in the market in the coming days. He said that RBI maintained liquidity in the market. He said that MSAEs employ more than 120 million people. There will be an automatic loan. No guarantee will have to be given. Its time limit will be 4 years. Principal will not have to be repaid in the first year.
He said that this would benefit all types of MSMEs. The Finance Minister further said that MSME will benefit if business is more. Despite high investment, the status of MSME will remain. In spite of high turnover, MSME status will remain. The Finance Minister said that companies with an investment of 1 crore will continue to be micro units.
PM announced a package of 20 lakh crores a day before
Prime Minister Narendra Modi in his address to the country at eight o’clock on Tuesday night has announced Rs 20 lakh crore for the country to improve the economic conditions caused by the corona virus. PM Modi said that this economic package will serve as an important link for ‘Self-reliant India campaign’. Announcing the economic package, PM Modi said, ‘Recently, the government had made the economic announcements related to the Corona crisis, which were the decisions of the Reserve Bank. If you add the economic package that is being announced today, it is about 20 lakh crore rupees. This package is about 10 percent of India’s GDP.
He said that through all this, various sections of the country, the links of the economic system, will get the support of 20 lakh crore rupees, will get support. This package of 20 lakh crore rupees will give a new impetus to the development journey of the country in 2020, the self-reliant India campaign.
The Prime Minister said that in order to prove the resolve of self-reliant India, Land, Labor, Liquidity and Laws have all been emphasized in this package. This economic package is for our cottage industry, home industry, our small-scale industry, our MSME, which is a source of livelihood for millions of people, which is the strong foundation of our resolve for a self-reliant India.
The Prime Minister said in his address to the nation, ‘This economic package is for the laborer of the country, for the farmer of the country who is working day and night for the countrymen in every situation, every season. This economic package is for the middle class of our country, which pays taxes honestly, contributes to the development of the country. He said that this crisis is so big, that the biggest systems have been shaken. But under these circumstances, we, the country have also seen the struggle-power of our poor brothers and sisters, their restraint-power.