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Highlights of “Atmanirbhar Bharat”

As we all know, our honorable Prime Minister Mr. Narendra Modiji announced a scheme “Atamnirbhar Bharat” worth Rs. 20 Lakh Crores on 12 May 2020. A meeting held with our Finance Minister Mrs. Nirmala Sitharaman to share the details of the monetary measures worth Rs 20 Lakh Crores, to tackle the impact of the COVID-19 on the Indian economy. 

Here are some highlights what Nirmala Sitharaman said about the “Atmanirbhar Bharat” package:

  • The due date for Income Tax Returns 2019-20 extended to November 30
  • Government announces PF benefits, take-home salaries to increase
  • Focus to be on the production of – Labour, Land, Liquidity and Law
  • Direct Benefit Transfer (DBT) scheme helped the government deliver the money directly to Jan Dhan accounts of the poor
  • Rs 52,606 crore transferred to 41 crore Jan Dhan account holders under PM Garib Kalyan scheme
  • Refunds of Rs 18,000 crore made to income tax assessees, 40 lakh taxpayers benefitted
  • Finance Minister announces collateral-free loans worth Rs 3 lakh crore for MSMEs with turnover up to Rs 100 crore till October 31, 2020
  • Move likely to benefit 45 lakh units so they can resume their businesses
  • 4-year collateral-free loans to be 100% credit-free, with a moratorium for the first 12 months
  • There will be no global tender for government procurement up to 200 crores
  • EPF support of Rs 2,500 crore extended for another upcoming three months
  • Announces Rs 30,000 crore liquidity push for non-banking financial companies (NBFC), housing finance companies (HFC), microfinance institutions (MFI)
  • Rs 90,000 crore liquidity for power distribution companies
  • Six-months extension for government contractors to complete their projects

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