Finance Minister Nirmala Sitharaman Outlines Economy Revival Plan For India

“Five pillars of ‘Atmanirbhar Bharat’ include economy, infrastructure, system, demography and demand,” says Nirmala Sitharaman, Minister of Finance.

Jessica David

May 14, 2020

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Providing details of the Rs 20 lakh crore Economy Stimulus Package announced by Prime Minister Narendra Modi, the Minister of Finance and Corporate Affairs of India, Nirmala Sitharaman, addressed the nation on May 13, 2020. A major part of the announcement was for Micro, Small, and Medium Enterprises (MSMEs) including a Rs 3 lakh crore collateral and free automatic loans. This collateral-free loan will be provided with a 12-month moratorium, benefitting 45 lakh people. For stressed MSMEs, the government will facilitate a provision of Rs 20,000 crore subordinate debt, benefitting two lakh MSMEs.

A liquidity infusion of Rs 50,000 crore has also been announced via ‘Fund/s’ for MSMEs which may be doing viable business but need handholding because of the current situation. The definition of MSMEs has also been revised. For government requirement, global tenders up to Rs 200 crore will be disallowed. Within the next 45 days, all pending payments from the government will be cleared.

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