Shah hails announcements concerning Rs 20 lakh crore economic package, says steps towards self-reliant India

Topics Coronavirus

Union Home Minister Amit Shah. Photo PTI

Union Home Minister Amit Shah on Wednesday termed announcements by Finance Minister Nirmala Sitharaman to disallow global tenders up to Rs 200 crore a welcome step towards creating a self-reliant India and a boost to MSMEs and Make in India initiative in the challenges posed by COVID-19.

Shah said in a series of tweets that announcement of Rs 20 lakh crore comprehensive economic package was a reflection of Prime Minister Narendra Modi's government commitment to revive country's economy, help small businesses and boost employment.

"In these challenging times, to boost Make in India, help our MSMEs and other companies from the often unfair competition by foreign giants, Modi government has disallowed global tenders up to Rs 200 crore. A welcome step towards Aatma Nirbhar Bharat Abhiyan," Shah said.

He said the government's decision to provide Rs 3 lakh crore collateral-free automatic loans to businesses, including MSMEs, will surely help them to meet their operational liabilities, built up due to COVID-19 and resume their business.

The Home Minister stressed that the government will facilitate the provision of Rs 20,000 crore as subordinate debt, which will benefit more than 2 lakh MSMEs.

"Modi government to facilitate equity infusion worth Rs 50,000 crore for the MSMEs through Fund of Funds. This will help them expand their size as well as capacity and encourage them to get listed, raise public money through stock exchanges," he said.

Highlighting the EPF support announced by the Centre, he said: " Rs 2500 crore EPF support for business and workers for three more months will help about 3.67 lakh units and 72.22 lakh employees."

He lauded the move for infusing liquidity of Rs 90,000 crore in DISCOMs, providing Rs 45,000 crore partial credit guarantee scheme 2.0 for NBFCs and Rs 50,000 crore liquidity through TDS/TCS rate reduction.

He added that the Centre will also launch a Rs 30,000 crore special liquidity scheme to help NBFCs/ HFCs/MFIs/ NBFCs/HFCs/MFIs as they are finding it difficult to raise money in debt markets.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel