Finance Minister Nirmala Sitharaman will hold a press conference at 4 pm today. This conference is in relation to the relief package announced by Prime Minister Narendra Modi. She will give details related to the economic package of 20 lakh crores. It is believed that the minister can make a big announcement about the agriculture sector and related activities. Apart from this, a big relief is expected to be given by the Modi government to repair the supply chain.
Prime Minister Narendra Modi on Tuesday announced a Rs 20 lakh crore package to make India self-reliant. The details of its first installment were given by the Finance Minister on Wednesday. In this, a lot of relief has been given to those working in small industries. Today Sitharaman will give information about its second installment.
MSME sector got relief
The Finance Minister on Wednesday gave details of the first installment of the relief package to the countrymen. He said that the MSME would be given a loan of three lakh crore rupees. Government will take six steps for MSMEs. The Finance Minister said that from 31 October 2020, MSMEs will get loan facility. Loans up to 3 lakh crore will be given without guarantee and 45 lakh MSMEs will be benefited under this. They will not have to pay the principal money for one year. 20,000 crore loan will be given to stressed MSMEs.
Definition of MSME changed
The government has changed the definition of MSME so that more and more industries and people working in it can get benefit from it. Now industries investing up to five million rupees and up to five crore rupees will come into the micro. At the same time, companies investing up to 10 crores and earning up to 50 crores will come in the small scale industry.
Those less than 15 thousand salary will get government relief
Those less than 15 thousand rupees will get government assistance. Government will deposit 24% of salary in PF. For this, the government is providing assistance of Rs 2,500 crore. Finance Minister Nirmala Sitharaman said the PF contribution is being reduced for the next three months. This step has been taken for employers. PSUs will have to pay only 12%. The PSUs will pay only 12% of the PF but the employees will have to pay 10% of the PF.
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