Finance Minister announced 15 key highlights of the financial stimulus package under Atma Nirbhar Bharat Yojna that included 25% TDS cut, govt. will pay EPF for 3 months, reforms for MSMEs and other measures in favour of NBFC and Contractors. Lockdown 4.0. will begin from 18 May and each state may plan it according to its circumstances and situations. PM Modi on 12 May in his address to the nation made some announcements on how the govt. will be helping in uplifting the economy by focusing on local and announced the 20 Lakh crore Atmanirbhar Bharat Yojna.
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On Tuesday, Prime Minister Narendra Modi addressed the nation about the 4th phase of COVID-19 lockdown and stressed on protecting ourselves as well as to move ahead from this crisis altogether. In his address to the nation, he announced a special economic package with the objective of “Atmanirbhar Bharat Abhiyan”, according to which a financial help of Rs. 20 lakh crore will be made available for everyone including the middle class to the business community to cope up with the situation created due to COVID-19. The special economic package will be a boost to make India self-reliant and will be focusing on land, labor, liquidity, and law. This amount is announced as a special economic package to the nation which is equal to 10% GDP of the country. Besides various preventive and productive measures to tackle coronavirus, the Finance Ministry had earlier announced a Rs 1.7 lakh crore package, which includes support of food grains and cash to the lower class of the society.
|Announcements For MSME||Announcements For EPF||Announcements For NBFC|
|Announcement For DISCOM||Announcement for Contractors||Announcement for Tax Payers|
The lockdown 4.0. comes with new financial stimulus and rule. The finance minister addressed the nation about the economic package and its details as said by the Prime Minister. This package will be a great help to laborers, farmers, small scale business, cottage industry, farmers, and honest taxpayers. The main objective to announce this package is to make India Self-reliant by strengthening local markets, products, and supply chains as this is the only possible way seen so far for making the 21st century belonging to India. When speaking of self-reliance in India, it means the whole world’s happiness, cooperation & peace rather than a self-centered nation. Finance Minister on 13 May made 15 big announcements for MSMEs, EPF, Contractors, Tax Payers, and NBFCs. Other announcements will be done in subsequent days.
Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates. #AatmaNirbharBharatAbhiyan pic.twitter.com/LR1jhG9ovY
— PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020
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PM also said that as per reports from our scientists, we have to deal with Coronavirus for quite a long time, so by keeping this in mind, new rules and guidelines will be set for the nation. In his speech on Tuesday, he declared that after 17th May the fourth phase of lockdown will be different from the previous three lockdowns. These guidelines will be prepared by discussing it with the chief ministers and will be announced to the nation before 18th May. You can check the highlights of Atma Nirbhar Bharat Yojna’s Finance Stumulus given by the Finance Minister on 13 May.
— NSitharamanOffice (@nsitharamanoffc) May 13, 2020
PM Modi also stressed on maintaining social distancing and following the lockdown quite seriously in order to protect yourself and your family from the effect of coronavirus. According to the Health Ministry of India, the total number of coronavirus cases recorded positive till Tuesday has reached 70,756, out of which while active cases stand at 46,008 and the counting of recovered one is 22,454 while 2,293 died.