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.

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 Bharat

Key highlights from the announcement

1.

MSME

INR 50,000 crore equity infusion through Fund of Funds

2.

Employee Provident Fund

INR 2,500 crore support to ease financial stress

3.

NBFCs, HFCs, MFIs

INR 30,000 crore special liquidity scheme to be launched

4.

DISCOMs

INR 90,000 crore infused; benefits to reach customers via reduced bills

5.

Contractors

All central agencies to provide no-cost extensions for up to six months

6.

Real Estate

COVID-19 will be considered as force majeure under RERA

7.

Tax relief

Liquidity of up to INR 50,000 crore through reduction in TDS and TCS rates

Atmanirbhar Bharat Abhiyan
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Atmanirbhar Bharat Abhiyan

Bold reforms for a Vibrant Bharat

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