Atmanirbhar Bharat

Finance Minister Nirmala Sitharaman detailed the broad contours of India's massive ₹ 20 lakh crore fiscal stimulus announced by PM Narendra Modi. Hence, here is some points analysis to understand the key fine prints.

*  PRADHAN MANTRI GARIB KALYAN PACKAGE

• Insurance cover of ₹ 50 lakh per health workers. • 20 crore women Jan Dhan a/c holders get ₹ 500 per month for the next 3 months. • Increase in MNREGA  wage to ₹ 202 a day from ₹ 182. • Provide ₹ 1000 to 3 crore poor senior citizens, poor widows, and poor Divyang. ₹ 2000 paid to farmers under existing PM-Kisan to benefit 8.7 crore farmers. *  MEASURES BY RBI. • Reduction of CRR (Cash Reserve Ratio) has resulted in liquidity enhancement of 1,37,000 crores. SLF(Special Liquidity Facility) of 50,000 crore for MF to alleviate intensified Liquidity Pressure. • Farmers are allowed to sell their produce freely & get a better price as well as a ₹ 1.5 lakh crore package to strengthen infrastructure. • Street vendors are given a credit facility of ₹ 5,000 crore. • Migrant workers to get free foodgrains. • To implement ONE NATION, ONE RATION CARD scheme by May 31st 2021. • To provide employment opportunities to migrants. *  MEASURES FOR MSMEs,(Micro, small and medium enterprises) •  The government will provide collateral-free automatic loans worth ₹ 3 lakh crore to MSMEs, and this will be for 4 years tenure and 100% guaranteed. No principal repayment for 12 months will be required and these loans will benefit 45 lakhs units, allowing them to resume activity and also to safeguard jobs. ₹ 20,000 crore will be injured for stressed MSMEs, who have equity problems and this will benefit 2 lakh MSMEs. •  The investment limit which actually defined MSMEs has been revised to upwards of ₹ 1 crore from 25 lakh earlier. Additionally criteria of turnover have brought into define MSMEs. A company with a turnover, of upto ₹ 5 crore will be considered as Micro company. Global tenders in government procurement will be disallowed for up to ₹ 200 crore or less. Now, this will allow MSMEs, a chance to supply for these big projects and since trade fairs and exhibition will be difficult to have government will also provide e-market facility and where there are receivable all will be cleared also within 45 days and that is what FM said. •  EPF relief for all establishments with ₹ 2,500 crore liquidity support has been announced. •  The government will provide a 12% contribution to both employer and employee and this is extended till August 2020. •  Nearly 3.6 lakh establishment will benefit, over 72 lakh employees will benefit from this. Now to increase take-home salaries for those not covered in EPA benefit the statutory PF contribution is being reduced from 12% to 10%. •  For state PSUs, the employers will continue to pay 12% employees will get options to pay 10% for the next 3 months as well. •  For NBFC, HFC, MFIs, the government has launched ₹ 30,000 crores of special liquidity scheme where the government will buy investment grade debt paper of NBFCs, HFCs, and MFIs, not high quality only, Now these securities will be fully guaranteed by the government. 2. MEASURES FOR DISCOMS, CONTRACTORS &REAL ESTATE SECTORS. For Discoms facing unprecedented cashflow problems a one-time emergency liquidity infusion of ₹ 90,000 crore by PFC and our EC is being provided now this will be a state issued guarantee and rebate will be provided to those discounts that really pass benefits to end consumers for contractors all government agencies such as railways, & highways will give 3 to 6 months of extension to all contractors without any extra cost now this will cover construction work & goods & services. Contracts for real estate sector the Urban Development Ministry shall also issue advisories to states & Union territories to treat the COVID-19 period as an act of now thus allowing force measure thus also fresh project registration certificate can be issued and registration and completion date can also be extended for 6 months for project registrated on or after march 25th 2020. 3. MEASURES IN TAXATION. Well, the government has reduced, TDS rates by 25% this is applicable on all payments interest rent brokerage supply, etc & this will be enforced from tomorrow, until March 2021. This reduction will release ₹ 50,000 crore in the hands of people. All pending refunds of charitable trust, non-profit business shall be issued immediately. Due to all IT Return fillingA extended from July 31 to November 30.