FM Nirmala Sitharaman live news: Rs 20 lakh crore Atmanirbhar Bharat Abhiyan package

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said the Atmanirbhar Bharat package announced by Prime Minister Narendra Modi will spur growth and built a self-reliant India.

FM announced to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25 percent of the existing rates.

In a televised address to the nation on Tuesday Prime Minister Narendra Modi announced a massive new financial incentive on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore. This package of Rs 20 lakh crore is expected to give a new impetus to sagging economy.

Nirmala Sitharaman said that she will hold several press conferences over the next few days to announce details of economic package related the Rs 20 lakh crore Atmanirbhar Bharat package.

Here are the Live Updates

13 May 2020

17:22 IST

FM announced that due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 and 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020

17:17 IST

17:14 IST

Government announces Rs. 90,000 Crore Liquidity Injection for DISCOMs

17:13 IST

Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs

17:13 IST

Government to extend registration and completion date suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications.

.@MoHUA_India will advise States/UTs and their Regulatory Authorities to extend the registration and completion date suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications pic.twitter.com/SBChFjXVGv

— PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

17:06 IST

All central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts

17:03 IST

FM announces Rs 30,000 crore special liquidity scheme to buy investment-quality debt papers of NBFCs, MFIs, HFCs

17:03 IST

To increase take-home salaries for those not covered in EPF benefit, the statutory PF contribution is being reduced from 12 percent to 10 percent. For state PSUs - the employers will continue to pay 12 percent, employees will get option to pay 10 percent for the next three month

16:56 IST

Government is extending this contribution for another three months from June, July and August. The EPF contribution will be paid by government of india. Rs 2500 crore liquidity support 72.22 lakh employee will benefit from it

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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. #AatmaNirbharBharatAbhiyan pic.twitter.com/02uw5GO1TE

— PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

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16:55 IST

Earlier the goverment has extended it for March, April and May 2020 by the government of India which benefitted 3.6 lakh establishments

16:47 IST

12 percent of employee contribution and 12 percent of employer contribution support extended by another 3 months by government

16:47 IST

Within next 45 days CPSEs and government will honor every MSME pending payment revievable

16:44 IST

Post COVID-trade fair, exhibition will be very difficult. We are going to promote e-market linkage and take steps how they MSMEs can highlight their presence

16:43 IST

For tenders upto Rs 200 crore will no longer be on global tender route for garment procurement

16:40 IST

Rs 50,000 crore equity infusion for MSMEs will be done through Fund of Funds. It will be operated through a Mother Fund and few daughter funds

16:37 IST

Government wants to provide Rs 20,000 crore for stressed MSMEs via subordinate debt, says Finance Minister

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To provide stressed MSMEs with equity support, Government will facilitate provision of Rs. 20,000 cr as subordinate debt. #AatmaNirbharBharatAbhiyan pic.twitter.com/zNxbJUawiK

— PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

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16:35 IST

The Moratorium will enable MSMEs to skip principal repayment of loan for the first 12 months

16:35 IST

45 lakh MSMEs are to benefit from this scheme, says Sitharaman

16:34 IST

The Collateral-free automatic loan up to Rs 3 lakh crore will be given to MSMEs with a time frame of 4 years with a 12 months moratorium

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In a major initiative Government announces Rs 3 lakh crores Collateral-free Automatic Loans for Businesses, including MSMEs. #AatmanirbharBharat pic.twitter.com/jgnWeKYrWs

— PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

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16:33 IST

100 percent credit guarantee scheme for MSMEs, says FM Sitharman

16:27 IST

The tranche today has 15 different measures -MSMEs, EPF, MFIs, discoms and for real estate. 

Definition of MSMEs changed

Company with investment of Rs 1 crore, turnover of Rs 5 crore is a micro enterprise. Company with Rs 10 crore investment, turnover of Rs 50 crore a small enterprise. Company with Rs 20 crore investment, Rs 100 crore turnover a medium enterprise

16:25 IST

FM starts with details of various tranches of the Atmanirbhar Bharat Abhiyan economic package of Rs 20 lakh crore

16:24 IST

FM Nirmala Sitharaman announces collateral free MSME loans up to Rs 3 lakh crore. This Rs 3 lakh crore loans will be provided to MSMEs with turnover of over Rs 100 crore.

16:24 IST

Government will lay its focus on land, labour, liquidity and law

16:23 IST

Our focus is on ease of doing business, ease of compliance: FM

16:17 IST

Direct Benefit Transfer based on Jan Dhan Yojana account, PM Awas Yojana, Swacch Bharat Abhiyan, PM Fasal Bima Yojana, PM Kisan Yojana have all been successful schemes that has helped the poor

16:15 IST

PM Modi has laid out a comprehensive vision after elaborate consultation with several sections of society, says FM

16:14 IST

FM lauds Ujjwala scheme, says it wouldn't have been able to get gas to the poor without Ujjwala scheme

16:10 IST

Atmanirbhar Bharat package to spur growth and built a self-reliant India, says FM Sitharaman 

16:07 IST

FM reiterates PM’s vision on India's self-reliance that stands on 5 pillars of the economy, infrastructure, technology-driven system, vibrant demography, and demand

16:07 IST

FM explains the meaning of Atmanirbhar in all four South Indian languages

16:06 IST

The word Atmanirbhar India is a word that you will be hearing from me quite often: FM

16:00 IST

Government may also decide to hike the budget of MNREGA. From 100 days, it could be increased to 150 or 200 days

16:00 IST

It is also expected that the FM may announce reduction in GST rates, although the GST Council will take a final decision on it

16:00 IST

Government may also announce PF relief to MSME sector employees. Government may give extra money to the EPF account of employees of MSME sector. Government will also help with loans taken by the MSME sector, sources said.

15:58 IST

As per sources, the Finance Minister may give maximum benefits to the struggling MSME sector by announcing Rs 2.50 lakh crore for the sector. It may also announce PF relief to MSME sector employees. Government may give extra money to the EPF account of employees of MSME sector. Government will also help with loans taken by the MSME sector, sources said. ESIC has a fund of over Rs 30 thousand crores. This can be used for MSME, which the FM may announce.