Accordingly Finance minister nirmala sitharaman is sharing the details about the key stimulus package announced by PM narendra modi to revive the economy. The prime minister on tuesday said india has prepared a comprehensive relief package of Rs 20 lakh crore or 10 per cent of the Gross Domestic Product (GDP), including those already announced by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india and government earlier.
The resolve to build an Aatmanirbhar Bharat brings in a new energy to the nation, where we see opportunity in crisis, this is part of the reason why india has been able to manage COVID-19 with strength. PM modi is known to make big decisions, this mindset is going to become india Aatmanirbhar Bharat. PM has announced a historic package of Rs 20 lakh crore: MoS Finance Anurag Thakur. FM said PM laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society. Essentially the economic package is to spurt growth and to build a very self reliant india and that is why this whole initiative is called Atmanirbhar Bharat Abhiyan.
The government said India’s economic relief package is one of the highest in the world and will focus extensively on getting the Micro, Small and Medium Enterprises (MSMEs) back on their feet. The package also focuses on farmers, small companies, honest taxpayers from the middle class besides providing additional liquidity support to help restart the economy. FM announces a collateral-free automatic loan for MSMEs worth Rs 3 lakh crore for these. For MSMEs with outstanding loan of Rs 25 crore or with Rs 100 crore turnover will get these loans. These loans will have 100 per cent credit guarantee and a moratorium of 12 months. This will enable 45 lakh MSME units to resume business activity and also safeguard jobs.
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