The Prime Minister had announced the Aatma Nirbhar Bharat package that will focus on making India self-reliant during his national address on 12th May at 8 pm.
On 13th May, Finance Minister Nirmala Sitaraman shared the first instalment of the mega Rs 20 lakh crore package with the focus being on the relief to the MSME sector.
The finance minister, who was flanked by the MoS Anurag Thakuŕ and the finance ministry officials, said that the Aatma Nirbhar Bharat rests on five pillar Economy, Infrastructure, Technology-driven system, Demography and Demand. The focus will be on factors of production, land ,labour,liquidity and laws.The intention is to make local brands global.
Six major steps for the revival of the MSME sector.
1. Collateral free loan of Rs. 3 lakh crores for MSMEs.This will benefit 45 lakh units so that they can resume work and save jobs.
2.For stressed MSMEs,subordinate debt provision of Rs 20,000 cr. has been announced for 2 lakh MSMEs. It will benefit those which are NPAs or stressed MSMEs.
3.Rs.50,000 cr. equity infusion through Mother fund-Daughter fund for MSMEs that are viable but need handholding. A fund if funds with corpus of Rs 10,000 cr will be set up to the help these units expand capacity and help them list on markets if they choose.
New definition:
Micro units with investment till Rs 1 cr, turnover upto Rs 5 cr.Small units with investment till Rs 10 cr, turnover upto Rs 50 cr. Medium units with investment till Rs 20 cr, turnover upto Rs 100 cr.
5. Global tenders will be disallowed upto Rs 200 crore for government contracts.
6.Will ensure e-market linkages are provided across the board in the absence of non-participation in trade fairs due to covid-19. Government of India and PSUs will clear all the receivables in next 45 days.
7. A liquidity relief of Rs.2,500 cr EPF support is being given to all EPF establishments, EPF contribution will be paid by Government of India for another 3 month till August and will benefit more than 72 lakh employees.
8.Statutory EPF contribution for all organisations and their employees covered by EPFO has been reduced to 10% from 12% earlier.This doesn't apply to government organisations. This will infuse Rs.6,750 cr liquidity into these organisations.
For NBFCs/HFCs/MFIs
9.Rs 30,000 crore special liquidity scheme for investing in investment grade debt paper of NBFCs,HFCs and MFIs.These NBFCs are those that are also funding MSMEs.These will be fully guaranteed by government of India.
10. Rs 45,000 crore partial credit guarantee scheme 2.0 for NBFCs. The first 20% loss will be borne by the guarantor that is government of India.
Other Details
12.An extension of upto 6 months (without costs to contractor) to be provided by all Central Government Agencies like Railways,Ministry of Road Transport &Highwaya,Central Public Works department.
13.On real estate, Urban development ministry will issue advisory to states/UTs so that the regulators can invoke force majeure.The regulators can suo moto extend completion registration dates for sir months for projects expiring on or after march 25,2020.
14.A reduction of 25% of existing rates of Tax Deducted at Source (TDS) & Tax Collection at Source (TCS) from tomorrow till march 31,2021.This will release Rs 50,000 crores.
15.Due date of all IT Returns filings extended from July 31 to November 30. Vivaad se Vishwas scheme extended till December 31,2020.Date of assessments getting barred as on March 31,2021 extended to September 20,2021.
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