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  • Economic package announced by PM will enhance growth & build a very self -reliant India: Nirmala Sitharaman

    Published on May 13, 2020

    Finance Minister Nirmala Sitharaman today said that the economic package  of 20 lakh crore rupees announced by the Prime Minister will enhance growth and build a very self -reliant India- Atmanirbhar Bharat. Addressing media in New Delhi this evening, Ms Sitharaman said, this whole initiative is called Atmanirbhar Bharat Abhiyan. She said, Mr Modi in his address to the nation yesterday  had outlined his vision for a self reliant India and exhorted the  Indians to become vocal for our local products. The Finance Minister said, this vision was laid out after wide consultations with several sections of the society.

    She said, the focus will be on the factors of production, labour, land, liquidity and law. She said, it will improve ease of doing business. Ms Sitharaman said, the intention is to build and take local brands to a global level. She said, Self-reliant India does not mean cutting off from rest of the world.

    Giving details about the package, Ms Sitharaman announced  3 lakh crore rupees Collateral-free Automatic Loans for Businesses, including MSMEs. She said, to provide stressed MSMEs with equity support, Government will facilitate provision of 20 thousand crore rupees as subordinate debt.

    She  also said that  50 thousand crore rupees equity infusion for MSMEs through Fund of Funds will be operated through a Mother Fund and few daughter funds. She said,  this will help to expand MSME size as well as capacity. The Finance Minister also said that definition of MSMEs has been revised and investment limit will be revised upwards and additional criteria of turnover is  also being introduced.