India announces massive relief package to reboot economy
Indian finance minister has unveiled huge business plans to reboot the economy by providing massive amount of loans to small businesses.
Finance minister Nirmala Sitharaman announced the first installment of a relief package targeted of reviving the economy with 15 measures and extended guaranteed credit for small and medium businesses, non-financial banking companies and power distribution companies (discoms).
Nirmala Sitharaman said the Indian government will provide Rs 3 lakh crore worth of collateral free- automatic loans for businesses, including SMEs, a move that will help 45 lakh businesses in the country. Indian Finance Minister also said the government will provide Rs 90,000 crore for power distribution companies via state-run power finance companies.
Rs 30,000 crore special liquidity scheme introduced for NBFCs under which investments will be made in both primary and secondary market transactions in investment-grade debt papers of these institutions. These securities will be fully guaranteed by the government.
Sitharaman said the next wave of reforms with self-reliance as the guiding principle will focus on land, labour, liquidity and laws. “Essentially, this is to spur growth and to build a self-reliant India. That is why this initiative is called ‘Atmanirbhar Bharat Abhiyan’,” she said. Nirmala Sitharaman said the Income Tax Department will fast-track processing of pending refunds to charitable trusts, limited liability partnerships (LLPs), non-corporate businesses, proprietorship firms, among others.
Media report also said that Indian Finance Minister announcements are also aimed to improving the declining morale of India’s workforce, facing the strain of a decreasing economy and silent corporate earnings.
Let it be known that this mega relief is part of the economic package of 20 lakh crore in India announced by the Prime Minister Narendra Modi.
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