Nirmala Sitharaman announces first set of measures under Economic Package of Rs 20 lakh crore

Finance Minister Nirmala Sitharaman addressed a press conference enumerating the Rs 20 lakh crore economic revival package aimed to make an 'Atmanirbhar' Bharat or "Self-Reliant India."

Nirmala Sitharaman announces first set of measures under Economic Package of Rs 20 lakh crore
Nirmala Sitharaman announces first set of measures under Economic Package of Rs 20 lakh crore

Union Finance Minister Nirmala Sitharaman announced the first set of relief measures under the government's Atma Nirbhar Bharat Abhiyan. In her brief to the media, she elaborated on the details of the part of the economic revival package of Rs 20 lakh crore which was announced by Prime Minister Narendra Modi on Tuesday, in his address to the nation on the Covid-19 condition in the country.

On Wednesday, May 13, Finance Minister Sitharaman began her address by announcing that she and her team will hold daily press conferences to inform the citizens about a number programs the Center has arranged with the aim of bringing the economy in the groove again.

In her speech, the  Finance Minister Nirmala Sitharaman announced various measures to support businesses, including micro, small and medium enterprises (MSMEs), recuperate from the monetary effect of the coronavirus crisis. Today's announcement was a piece of the Rs 20 lakh crore economy revival package declared by Prime Minister Narendra Modi a day before on Tuesday, May 12, to boost the development and to help to construct an Atma Nirbhar Bharat.

In her address to the nation, she also said that "We have a responsibility towards needy, poor, migrant, divyang, and the aged people of the country."

In order to offer help to the battling MSME sector, the government declared security free automatic loans of up to Rs 3 lakh crore. In her speech Finance Minister also changed the meaning of MSMEs by modifying upwards as far as possible and acquiring an extra standard of the turnover size of the organization. Further, it said it would no longer permit worldwide tenders for government obtainment of up to Rs 200 crore.

The government will mix Rs 50,000 crore liquidity by lessening rates of TDS, for non-salaried determined installments made to residents, and rates of tax collection at source for indicated receipts, by 25 percent of the existing rates, Finance Minister stated today.

For citizens, the government had decreased the rates of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) by 25 percent, with impact from May 14, 2020, to March 21, 2021. It has broadened the date for filing income tax returns to November 30, 2020, and tax review to October 31, 2020. The EPF commitment was additionally decreased for organizations and laborers for a quarter of a year to 10 percent from 12 percent.