Economic Package is to Spur Growth: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman shared the details ofthe fiscal and monetary measures worth Rs 20 lakh crore announced by PrimeMinister Narendra Modi on Tuesday, to tackle the impact of coronavirus andweeks of lockdown on the economy.

Here are highlights of whatFinance Minister Nirmala Sitharaman said about the government's AtmaNirbhar Bharat Abhiyan package:

• Ministries held detailed talks with industries and PM's Office on the economic package
• The "Atma Nirbhar Bharat Abhiyan" initiative to spur growth and help in building self-reliant India
• Plan based on five important pillars: economy, infrastructure, tech-driven systems, demography and demand 

Rs 50,000 cr. Equity infusion for MSMEs through Fund of Funds; to be operated through a Mother Fund and few daughter funds; this will help to expand MSME size as well as capacity. #AtmaNirbharBharatAbhiyan #atmanirbharbharat pic.twitter.com/Y5FMC4TouI

— PIB India (@PIB_India) May 13, 2020

• Prime Minister has laid out a comprehensive vision, which is based on wide and deep consultations with several sections of society 
• Focus to be on factors of production – land, labour, liquidity and law 
• Local brands to be brought to global level
• Focus will be on nurturing local brands as part of this mission
• Global value chain integration part of PM's plan
• We have capability to build such enterprises 

Definition of MSMEs gets a revision, Investment limit to be revised upwards, additional criteria of turnover also being introduced#AatmanirbharBharat pic.twitter.com/euRNgiPJeB

— PIB India (@PIB_India) May 13, 2020

• All schemes rolled out by government since it came to power are driven by reforms
• Direct Benefit Transfer (DBT) scheme helped government deliver money directly to Jan Dhan accounts of the poor
• Transfers made to 41 crore Jan Dhan account holders
• Beginning today, I will lay out details of PM's Vision over next few days 
• Refunds of Rs 18,000 crore made to income tax assessees, 40 lakh taxpayers benefitted

In order to provide more take home salary for employees and to give relief to employers in payment of PF, EPF contribution is being reduced for Businesses & Workers for 3 months, amounting to a liquidity support of Rs 6750 crores. #AatmaNirbharBharatAbhiyan pic.twitter.com/VSysfvk4KU

— PIB India (@PIB_India) May 13, 2020

Sitharaman said that global tenders to be disallowed in Government procurement up to Rs 200 crores. This will make self-reliant India, and will also then be able to serve 'Make in India'.

She further stated that the economic package is to ease financial stress as businesses get back to work, Government decides to continue EPF support for business & workers for 3 more months providing a liquidity relief of Rs 2,500 crore.