FM to provide details of Rs 20 lakh crore Atmanirbhar Bharat Abhiyan package today --Here's what is expected

New Delhi: Finance Minister Nirmala Sitharaman will address a press conference on Wednesday at 4 pm at National Media centre to give details of the Atmanirbhar Bharat Abhiyan economic package of Rs 20 lakh crore.

In a televised address to the nation, Prime Minister Narendra Modi on Tuesday announced massive new financial combined stimulus of Rs 20 lakh crore to revive the COVID-hit economy.

This package of Rs 20 lakh crore is expected to give a new impetus to sagging economy.

This is prime minister's fifth address to the nation and it came a day after he held a marathon meeting with chief ministers on the road ahead after May 17 when the 54-day nationwide lockdown is due to end.

Modi emphasised that bold reforms are needed to make the country self-reliant so that the impact of crisis such as COVID can be negated in future that ranges from supply chain reforms for agriculture, rational tax system, simple and clear laws. He also pointed that measures must be in place to attract investment and further strengthen 'Make in India'.

Here’s what is expected from Finance Minister Nirmala Sitharaman’s speech

As per sources, the government may give maximum benefits to the struggling MSME sector by announcing Rs 2.50 lakh crore for the sector

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

ESIC has a fund of over Rs 30 thousand crores. This can be used for MSME, which the FM may announce

FM may also bring focus on LTC by removing tax on it

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

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

Government may also announce measures of cash transfer to the poor through DBT

FM may also announce hike in Kisan Samman Nidhi scheme

There may also be an announcement regarding collateral free loan, where the government will become the guarantor

Government may also address the liquidity concerns of banks. It may enable lower interest rate loans for the common people

FM may also announce change in labour laws

Government may also invite industries and business houses to invest in SEZ. It may also invite industries to re-start closed units, sources said