Update

Atmanirbhar Bharat Abhiyan –Bold reforms for a Vibrant Bharat

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.

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

NewIcon-01.png MSME
INR 50,000 crore equity infusion through Fund of Funds
  NewIcon-02.png Contractors
All central agencies to provide no-cost extensions for up to six months
NewIcon-03.png Employee Provident Fund
INR 2,500 crore support to ease financial stress
  NewIcon-04.png Real Estate
COVID-19 will be considered as force majeure under RERA
NewIcon-05.png NBFCs, HFCs, MFIs
INR 30,000 crore special liquidity scheme to be launched
  NewIcon-06.jpg Tax relief
Liquidity of up to INR 50,000 crore through reduction in TDS and TCS rates
NewIcon-07.png DISCOMs
INR 90,000 crore infused; benefits to reach customers via reduced bills