Part -1 : Businesses including MSMEs
Prime Minister’s Vision
- Call for आत्मनिर्भर र्ारत अनर्याि or Self-Reliant India Movement
- Five pillars of Atmanirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand
- Special economic and comprehensive package of Rs 20 lakh crores – equivalent to 10% of India’s GDP
- Package to cater to various sections including cottage industry, MSMEs, labourers, middle class, industries, among others.
- Bold reforms across sectors will drive the country’s push towards self-reliance.
- It is time to become vocal for our local products and make them global.
Pradhan Mantri Garib Kalyan Package (1)
Rs. 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus:
- Insurance cover of Rs 50 Lakh per health worker
- 80 crore poor people given benefit of 5 kg wheat or rice per person for next 3 months
- 1 kg pulses for each household for free every month for the next 3 months
- 20 crore women Jan Dhan account holders get Rs 500 per month for next 3 months
- Gas cylinders, free of cost, provided to 8 crore poor families for the next 3 months
- Increase in MNREGA wage to Rs 202 a day from Rs 182 to benefit 13.62 crore families
- Ex-gratia of Rs 1,000 to 3 crore poor senior citizen, poor widows and poor Divyang
Pradhan Mantri Garib Kalyan Package (2)
- Front-loaded Rs 2,000 paid to farmers under existing PM-KISAN to benefit 8.7 crore farmers
- Building and Construction Workers Welfare Fund allowed to be used to provide relief to workers
- 24% of monthly wages to be credited into their PF accounts for next three months for wage-earners below Rs 15,000 p.m. in businesses having less than 100 workers
- Five crore workers registered under Employee Provident Fund EPF to get non-refundable advance of 75% of the amount or three months of the wages, whichever is lower, from their accounts
- Limit of collateral free lending to be increased from Rs 10 to Rs 20 lakhs for Women Self Help Groups supporting 6.85 crore households.
- District Mineral Fund (DMF) to be used for supplementing and augmenting facilities of medical testing, screening etc..
Other Measures – 1
- On the request of the Government of India, RBI raised the Ways and Means advance limits of States by 60% and enhanced the Overdraft duration limits.
- Issued all the pending income-tax refunds up to ₹5 lakh, immediately benefiting around 14 lakh taxpayers
- Implemented “Special Refund and Drawback Disposal Drive” for all pending refund and drawback claims
- Both the above measures amount to ₹18,000 crore of refund.
- Sanctioned Rs 15,000 crores for Emergency Health Response Package
Other Measures – 2
Provided Relaxation in Statutory and Compliance matters, such as –
- Extending last date for Income Tax Returns to June 30, 2020
- Extending filing GST returns to end of June 2020
- 24*7 custom clearance till 30th June, 2020
- Relaxation for 3 months for debit cardholders to withdraw cash free from any ATMs, etc
- Allowing payment before 15 May, 2020 for Motor Vehicle and Health Insurance Policies
- Mandatory Board meetings extended by 60 days till 30 September
- Allowing Extraordinary General Meetings through Video Conference with e-voting/simplified voting facility