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In his nationwide address on 12 May 2020, Prime Minister Narendra Modi called for Atmanirbhar Bharat Abhiyan, which will focus on making the country self-reliant. He emphasised on the need for going vocal for local, and stated that the scheme will be based on five key pillars: economy, infrastructure, system, vibrant demography and demand. As part of this scheme, in the next few days, Finance Minister Nirmala Sitharaman will be sharing the details of the economic package of INR 20 lakh crore to boost several sectors adversely impacted by the coronavirus pandemic.
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From the CEO’s desk “Balancing the national interest of self-reliant India (SRI) and yet not become isolationist is key. It is creditable to see how the risk has been recognised by the government upfront when announcing SRI; we have to keep reminding ourselves of the same as well.” Vishesh C. Chandiok, CEO, Grant Thornton India |
Key announcements made on 13 May
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MSME INR 50,000 crore equity infusion through Fund of Funds |
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Contractors All central agencies to provide no-cost extensions for up to six months |
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Employee Provident Fund INR 2,500 crore support to ease financial stress |
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Real Estate COVID-19 will be considered as force majeure under RERA |
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NBFCs, HFCs, MFIs INR 30,000 crore special liquidity scheme to be launched |
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Tax relief Liquidity of up to INR 50,000 crore through reduction in TDS and TCS rates |
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DISCOMs INR 90,000 crore infused; benefits to reach customers via reduced bills |
