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Home Economy and Finance Watch: Finance Minister Nirmala Sitharaman briefs media on economic package

Watch: Finance Minister Nirmala Sitharaman briefs media on economic package

Prime Minister Modi on Tuesday had announced economic package of Rs 20 lakh crore to boost the economy post lockdown.

Finance Minister Nirmala Sitharaman addressed media today on the economic package for the Atmanirbhar Bharat Abhiyan.

Boost to MSMEs

Union Finance Minister Nirmala Sitharaman on Wednesday unveiled the details of the Rs 20 lakh crore economic package under ‘Atmanirbhar Bharat Abhiyan’ announced by Prime Minister Narendra Modi in his address to the nation on Tuesday night.

Finance Minister Nirmala Sitharaman said that the Rs 20 lakh crore economic package will focus on land, labour, capital and enterprise. Five pillars of ‘Atmanirbhar Bharat’ are – economy, infrastructure, system, demography and demand” reiterated Sitharaman.

In a major initiative, Finance Minister Nirmala Sitharaman announced Rs 3 lakh crores Collateral-free Automatic Loans for Businesses, including Micro, Small and Medium Enterprises (MSMEs). FM Sitharaman announced that collateral-free automatic loan to MSMEs will be given for a four-year tenure with 100% credit guarantee. The collateral-free loan is available till 31st October, said Finance Minister. The scheme will benefit 45 lakh units, allowing them to resume activity and safeguarding jobs, said Sitharaman.

To read details about the speech, click here.

Atmanirbhar Bharat Abhiyan

On 12th May 2020, Prime Minister Modi in his address to nation gave a call for using made in India products and stressed on self-reliant economy. He urged people to consume more and more made in India products so as to achieve this goal.

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