fbpx
  • Hindi
  • Heritage Edge
  • Sports Edge
  • Wildlife Edge
SHARP. BITTER. NEUTRAL.
No Result
View All Result
  • Login
The Edge Media
Saturday, April 1, 2023
  • Home
  • National Edge
  • State Edge
  • Political Edge
  • World Edge
  • Entertainment Edge
  • Business Edge
  • Sports Edge
  • Home
  • National Edge
  • State Edge
  • Political Edge
  • World Edge
  • Entertainment Edge
  • Business Edge
  • Sports Edge
No Result
View All Result
The Edge Media
No Result
View All Result
Home Business Edge

Finance Minister announced Rs 30,000 cr. special liquidity scheme, Rs. 45,000 cr. partial credit guarantee scheme 2.0 and Rs 3 lakh cr. collateral-free loan for business

The Edge Media by The Edge Media
3 years ago
in Business Edge, Main Story, National Edge, Political Edge
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on LinkedInShare via TelegramSend To WhatsApp

Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore of collateral-free loans for small businesses, cut the tax rate for non-salary payments, and provided liquidity to non-banking companies to help them tide over the disruptions caused by the lockdown.  Announcing the first set of components of the Rs 20 lakh crore COVID-19 economic stimulus package announced by the Prime Minister Narendra Modi, she said Rs 90,000 crore liquidity infusion will be made in electricity distribution companies to help them fight the current financial stress.  Also, dates for filing income tax returns and other assessments have been extended. 

Details of Economic Package Announced Download

She said the rate of tax deducted at source (TDS) and tax collected at source (TCS) for non-salaried payments up to March 31, 2021, will be cut by 25 percent.  The move will release Rs 50,000 crore in the system, she said. 

The minister also extended by three months the government support to companies with less than 100 employees to meet retirement fund obligations. For all companies, the statutory obligation to pay 12 percent of basic salary as employer’s share to employee provident fund (EPF) contribution has been reduced to 10 percent to boost their liquidity. 

To boost construction, all government agencies will give up to 6-months extension to all contractors to complete construction, and goods and service contracts. “Essentially this is to spur growth and to build a very self-reliant India,” she said. “It addresses ease of doing business, compliance, and due diligence and the intention is also to build local brands.” 

Prime Minister Narendra Modi had on Tuesday evening announced the raising of spending to Rs 20 lakh crore or about 10 percent of India’s GDP, to help the economy get back on its feet after weeks of the lockdown. 

Sitharaman said collateral-free loans will benefit 45 lakh small businesses. The loan will have 4-year tenure and will have a 12-month moratorium, she said, adding the loans will be guaranteed by the government. 

Also, Rs 20,000 crore subordinate debt will be provided for stressed or loan defaulting MSMEs, she said, adding this would benefit 2 lakh such businesses. A fund of funds for MSME is also being created, which will infuse Rs 50,000 crore equity in MSMEs with growth potential. 

The government also changed the definition of MSMEs to allow units with higher investment as well as introduced turnover criteria to allow more companies to remain small businesses to get fiscal and other benefits. Also, to help them get more business, global tenders for government procurement up to Rs 200 crore will be barred. 

The finance minister announced a Rs 30,000 crore special liquidity scheme for non-banking financial institutions (NBFCs), housing finance firms (HFCs) and microfinance institutions (MFIs) with a view to provide credit support to them and create confidence in the market. 

Further, a Rs 45,000 crore partial credit guarantee scheme 2.0 was also announced for NBFCs, HFCs, and MFIs with low credit rating to help them extend a loan to individuals and MSMEs

News source : – PTI

Tags: finance ministernirmala sitaramanRs 3 lakh cr collateral-free loan for business
Previous Post

Nagaland government will give assistance of Rs 10,000 each to migrants stranded in others states.

Next Post

Highlights of “Atma Nirbhar Bharat Abhiyan”

Related News

Nirmala Sitharaman launches National Monetization Pipeline

by The Edge Media
August 23, 2021
0

Finance Minister Nirmala Sitharaman on Monday launched the Centre's ambitious National Monetisation Pipeline (NMP), which is a four-year pipeline for...

Rajya Sabha passes Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill

by The Edge Media
August 4, 2021
0

The Rajya Sabha on Wednesday passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill amid opposition uproar, with Finance...

Key takeaways of today’s announcement by Nirmala Sitharaman

by The Edge Media
June 28, 2021
0

Union Finance Minister Nirmala Sitharaman has made several announcements to boost the economy hit by the second wave of the...

Government will receive Rs 99,122 crore as dividend by the Reserve Bank of India

Government will receive Rs 99,122 crore as dividend by the Reserve Bank of India

by The Edge Media
May 22, 2021
0

RBI said in a statement that it would transfer surplus funds of Rs 99,122 crore to the central government. RBI...

Businesses will get 2 lakh crore Diwali gift from the government, 10 sectors will get PLI benefits

by The Edge Media
November 11, 2020
0

The government has announced a new package of 2 lakh crore rupees for the industry, giving a big relief to...

Honest Taxpayers to be Honoured by PM Modi on Thursday

by The Edge Media
August 12, 2020
0

PM Narendra Modi will launch a platform for honouring the country's honest taxpayers on Thursday. The 2020-21 Budget unveiled on...

Discussion about this post

Recommended

Tokyo Olympics : India beats Australia to reach the women’s hockey semifinals.

Tokyo Olympics : India beats Australia to reach the women’s hockey semifinals.

2 years ago
IMA Stated Will Move To SC If Kerala Allows Relaxation For Bakrid

IMA Stated Will Move To SC If Kerala Allows Relaxation For Bakrid

2 years ago

Popular News

    • Hindi
    • Heritage Edge
    • Sports Edge
    • Wildlife Edge
    SHARP. BITTER. NEUTRAL.

    © 2021 The Edge Media All Rights Reserved.

    No Result
    View All Result
    • Home
    • National Edge
    • State Edge
    • Political Edge
    • World Edge
    • Entertainment Edge
    • Business Edge
    • Sports Edge

    © 2021 The Edge Media All Rights Reserved.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In