Do you know the answer to this question- How Many Zeros in 20 Lakh Crore? 20 lakh crore is a huge amount with 13 zeros that has been added as the relief fund by Prime Minister Narendra Modi on April 12 to make a high jump in economic growth and making India self-reliant. “How many zeros in 20 lakh crore” was trending on Google after the announcement on Wednesday. This special economic and comprehensive package for Aatmanirbhar Bharat Abhiyan is equivalent to 10% GDP of India for relief and credit support economy to fight against the COVID-19 pandemic. The PM Narendra Modi addressed the nation for the economic relief fund yesterday and pass on the further details to be announced by the finance minister and its team in the upcoming days.
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How Many Zeros in 20 Lakh Crore?
Fun Fact!! this has been trending on Google and the answer is there are 13 zeros in 20 Lakh Crore.
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Smt. Nirmala Sitharaman, the finance minister addressed the nation in a conference today discussing the relief fund announced by PM yesterday. Smt. Sitharaman addressed what the objective of the economic package for Aatma Nirbhar Bharat Abhiyaan and what is important steps to build India, a self-reliant India focussing on land, labor, liquidity, and law.
She also addressed that she will be coming here with the entire team of the Ministry of Finance for the next few days counting from today to express the Prime Minister’s idea for Aatma Nirbhar Bharat that was announced by the Prime Minister yesterday.
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Atma Nirbhar Bharat Abhiyan Economic Package worth Rs. 20 Lakh Crore
Smt. Nirmala Sitharaman announced the following measures focusing on the aim of getting back to work
- An Emergency Working Capital Facility of Rs. 3 lakh crore for Businesses to more than 45 lakh MSMEs
- Rs 20,000 crore liquidity as Subordinate Debt allocated to Stressed MSMEs with Rs. 4000 crore for Micro and Small enterprises.
- Planning to mobilize Rs 50,000 crores which will be infused from MSME Fund of Fund’s
- An additional measure of e-market linkage for MSMEs as a replacement for trade fairs and exhibitions. A new definition of MSME will be announced indicating the rise in the Investment limit.
- Disallowance of inquiries of Global tenders amounting less than the value of amount less than Rs 200 crores.
- Employees Provident Fund Support for business will be extended for the coming next three months benefitting 77.22 lakh employees. The EPF contribution will be reduced for Employers and Employees for the next 3 months
- The government will be launching about Rs 30,000 crore Special Liquidity Scheme for NBFCs, HFCs, and MFIs with 100 percent guaranteed by the Government of India.
- Scheme 2.0 focusing on Liabilities of NBFCs/MFIs will be initiated with Rs. 45000 crore credits.
- Allocation of Rs 90,000 crore Liquidity Injection for DISCOMs to the final consumers as a relief fund towards their fixed charges.
- Extension of 6 months to the contractors for government agencies including Railways, Ministry of Road Transport and Highways, and CPWD for completing their contractual obligations.
- Announcement of relief to Real Estate Projects with an extension of 6 months to the projects expiring on or after 25th March 2020.
- Various Tax-related measures were announced including a reduction in Rates of TDS with liquidity to the tune of Rs 50,000 Crore. The due date of all Income Tax Returns for Financial Year 2020-21 will be extended to 30 November 2020 and for tax audit it is stretched to 31 October 2020.
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