The Special Economic, 20 lakh crore package details is announced by Nirmala Sitaraman. This package is to build the self-reliant India. The complete details about this Rs.20 lakh crore package Details PDF Part 1 are available here. Candidates use this news for current affairs preparation.
Due to COVID-19, entire India is under lockdown for around 50 days. The current lock down is coming to an end on May 17th. The central government will decide on lockdown matter after 17th May. There may be relaxations in the less affected areas. Prior to it, 2 days before, our Prime Minister Modi has announced a special economic package. The worth of Rs.20 lakh crore Package. Finance Minister Nirmala Sitaraman revealed the details of this Rs.20 lakh crore package Details. This package is to raise the economy of India. The concept of this 20 lakh crore package is to make a self-reliant economy in India. Also, candidates can use this news for their exam preparation. This is an important national economic news. So candidates prepare with the Rs. 20 lakh crore package details pdf.
Aatmanirbhar Bharat Abhiyan:
This self reliant planned, special economic package is named as Atmanirbhar Bharat Abhiyan. The 5 main pillars of this self reliant India package are,
- Economy
- Infrastructure
- Demography
- Demand
- System
All these 5 pillars will be strengthened with this special economic package of Rs.20 lakh crore. As per this economic package details, funds are allocated for various sectors and plans that benefit common people. So refer all the details here.
Key Takeaways of Rs.20 Lakh Crore Package Details:
The allocated details of Rs.20 lakh crore fund for the special economic package will cover the 10% of India’s total GDP. This amount is much needed to boost the econmy of India. Also this package is to make India with the self reliant economy. The various fund allocation are available in detail here. The finance minister Nirmala Sitaraman made all the announcement related to the fund allocation.
MSME Sector:
The allocation of funds in the Rs.20 lakh crore special economic package, for MSME sectors and its details are,
- Rs. 3 lakh crore collateral-free automatic loan for Businesses of standard MSMEs. This scheme is applicable till 31st Oct, 2020.
- Subordinated Debt of Rs. 20000 crores fund for the stressed MSMEs.
- Government will infuse Rs.50000 crore in fun of funds to benefit the viable and potential MSMEs.
- Also the MSME sector classification is revise. Check the investment and turnover range below.
- Micro enterprise: Investment of upto Rs 1 crore and turnover of upto Rs 5 crore.
- Small enterprise: Investment of upto Rs 10 crore and turnover of upto Rs 50 crore.
- Medium enterprise: Investment of upto Rs 20 crore and turnover of upto Rs 100 crore.
No Global Tender:
- There is no global tender, for the government tenders upto Rs. 200 crores.
EPF, NBFC, and DISCOMS:
For EPF, NBFCs, and DISCOMS, following benefits available through the special economic package of Rs.20 lakh crore.
- Extending the Employees Provident Fund (EPF) Support for business and organized workers for another 3 months for salary months of June, July and August 2020.
- EPF Contribution to be reduced for Employers and Employees for 3 months to 10% from 12% for all establishments covered by EPFO for next 3 months.
- The amount of Rs. 30,000 crore Special Liquidity Scheme for NBFC / HFC / MFIs.
- Rs. 45,000 crore Partial credit guarantee Scheme 2.0 for Liabilities of NBFCs / MFIs.
- Rs. 90,000 crore Liquidity Injection for DISCOMS.
Contractors & Real Estates:
The special economic package of Rs.20 lakh crore, has its part for contractors and real estate sectors as follows,
- Relief to Contractors given by extension of up to six months for completion of contractual obligations, including in respect of EPC and concession agreements
- Relief to Real Estate Projects the registration and completion date for all registered projects will be extended up to six months.
TDS, TCS Reduction & Other Direct Tax Measures:
In this special economic package of Rs.20 lakh crore, there are several benefits in tax payments.
- Till the 31st March of 2021, the tax deducted at source and tax collected at source are reduced by 25 percentage. Finance Minister Nirmala Sitaraman made this announcement.
- Due to this announcement, common people will get benefit of increased cash flow of Rs. 50000 crore.
- Also the last date to file the income tax return will extend to 30th November. And the last date to file tax audits will extend to 31st of October.
- All Pending charitable trusts and non-corporate businesses and professions including proprietorship, partnership, LLP and cooperative shall be issued immediately.
- Date of assessments getting barred on 30th September 2020 will extend to 31st December 2020 and those getting Barred on 31st March 2021 will extend to 30th September 2021.
- Period of Vivad se Vishwas scheme for making payment without additional amount will extend to 31st December 2020.
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