Nirmala Sitharaman Speech Live Updates: Govt pushes to put cash in people's pockets; easier loans for MSMEs

Finance Minister Nirmala Sitharaman press conference live updates: Provident Fund contribution of employers and workers is being reduced from 12% to 10% each of wages for the next 3 months, announced FM Nirmala Sitharaman. She added that the EPFO benefit will lead to more take home salary. A day after Prime Minister Narendra Modi announced the special economic package of Rs 20 lakh crore, Finance Minister Nirmala Sitharaman will unveil the mega stimulus package in her media briefing at 4 pm on Wednesday. Expectations are running high, especially for the country's MSME sector. The finance minister will also focus on MSMEs, labourers, farmers and cottage industries. According to source, FM Sitharaman may announce loans of over Rs 3 lakh crore for MSMEs to give respite and liquidity push to restart small businesses. The Rs 20 lakh crore special economic package announced by PM Modi on Tuesday is the fourth-highest in the world. PM Modi said that the economic package will be around the 10% of the GDP and is aimed at solving the problems of several bleeding sectors as well as migrant labourers.

Also Read: Nirmala Sitharaman to address media on economic stimulus today: Time, when & where to watch live streaming

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5.48 pm: NBFC liquidity push

• Rs. 45,000 crore partial credit guarantee.
• Rs. 90,000 crore infusion of liquidity.

5.47 pm: Govt's EPFO relief

• Liquidity relief to EPF companies.
• Govt support extended to 3 months.

5.44 pm: Govt announces steps to help MSMEs

• Definition of MSMEs changed.
• Micro units can have Rs 5 crore turnover.
• No global tender for upto Rs 200 crore.
• Pending payment to MSMEs in 45 days.

5.40 pm: Stressed MSMEs bailout

Rs. 20,000 crore liquidity for 2 lakh units.

Rs. 50,000 crore equity infused into MSMEs.

5.36 pm: Big boost for MSMEs

• Collateral-free automatic loans.
• Rs 3 lakh crore loans for MSMEs.
• 12-month moratorium on MSME loans.
• 100% credit guarantee cover given.
• 45 lakh MSMEs to benefit from loans.
• Loans will be given till October 31.

5.28 pm: Nirmala Sitharaman speech highlights:

Major tax relief

• TDS, TCS rates reduced by 25%.
• Rates reduced till March 31, 2021.
• Rs 50,000 crore benefit to taxpayers.
• FY20 income tax returns extended to November 30

5.24 pm: Govt's Aatma Nirbhar Bharat Abhiyan: Income    

Among other measures, due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020, says FM Nirmala Sitharaman.

Among other measures, Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020. #AatmaNirbharBharatAbhiyan pic.twitter.com/R4ZWRgss9x

- PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

5.18 pm: FM Nirmala Sitharaman announces major tax relief

Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates: FM Nirmala Sitharaman.

Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates. #AatmaNirbharBharatAbhiyan pic.twitter.com/LR1jhG9ovY

- PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

5.14 pm: Government reduces TDS and TCS rates reduced by 25% till March 31, 2021

Rs 50,000 crore benefit for taxpayers by TDS and TCS cut.

5.12 pm: Aatma Nirbhar Bharat Abhiyan: Relief for Real Estate sector

Will advise States/UTs and their Regulatory Authorities to extend the registration and completion date suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications, says FM Nirmala Sitharaman

5.10 pm: FM Nirmala Sitharaman speech: Relief to contractors

In a major relief to contractors, all Central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts.  

In a major relief to contractors, all Central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts. #AatmaNirbharBharatAbhiyan pic.twitter.com/bR2CShuddl

- PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

5.08 pm: Govt injects Rs 90,000 crore into DISCOMs

To give a fillip to DISCOMs with plummeting revenue and facing an unprecedented cash flow problem, Government announces Rs. 90,000 Crore Liquidity Injection for DISCOMs.

To give a fillip to DISCOMs with plummeting revenue and facing an unprecedented cash flow problem, Government announces Rs. 90,000 Crore Liquidity Injection for DISCOMs. #AatmaNirbharBharatAbhiyan pic.twitter.com/EVqz8nsm4p

- PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

5.05 pm: Govt's Aatma Nirbhar Bharat Abhiyan

Government announces Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs.

5.03 pm: Govt's liquidty push for NBFCs

Government launches a Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs.

4.59 pm: Government's big EPFO relief

Over 70 lakh employees will benefit from the announcement to reduce the providend fund contribution of employers and workers from 12% to 10%.

In order to provide more take home salary for employees and to give relief to employers in payment of PF, EPF contribution is being reduced for Businesses & Workers for 3 months, amounting to a liquidity support of Rs 6750 crores. #AatmaNirbharBharatAbhiyan pic.twitter.com/VSysfvk4KU

- PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

4.58 pm:Provident Fund contribution of employers

Provident Fund contribution of employers and workers is being reduced from 12% to 10% each of wages for the next 3 months, announced FM Nirmala Sitharaman. She added that the EPFO benefit will lead to more take home salary.

4.53 pm: Aatma Nirbhar Bharat Abhiyan

To ease financial stress as businesses get back to work, Government decides to continue EPF Support for Business & Workers for 3 more months providing a liquidity relief of Rs 2,500 crore: FM Nirmala Sitharaman.

4.50 pm: FM Nirmala Sitharaman announces big push for MSMEs

Unfair competetion from foreign companies to become a thing of the past; Global tenders to be disallowed in Government procurement upto Rs 200 crores.

Unfair competetion from foreign companies to become a thing of the past; Global tenders to be disallowed in Government procurement upto Rs 200 crores#AatmaNirbharBharatAbhiyan #atmanirbharbharat pic.twitter.com/voj3hstdOR

- PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

4.48 pm: Relief for MSMEs

For viable MSMEs that need hand-holding due to coronavirus pandemic, they will be given support through fund of funds worth Rs 50,000 cr. The money will be infused as equity. The fund of funds will be operated through a Mother Fund and few daughter funds; this will help to expand MSME size as well as capacity, announces FM Nirmala Sitharaman

4.43 pm: Major rejig in qualification norms for  msmes.

• Limit of investment for micro units raised to Rs 1 crore
• Micro units can have a turnover of Rs 5 crore now

4.40 pm: Finance Ministry redefines MSME to help companies which lose benefits after expanding.

4.37 pm: Definition of MSMEs gets a revision

Investment limit to be revised upwards, additional criteria of turnover also being introduced

Definition of MSMEs gets a revision, Investment limit to be revised upwards, additional criteria of turnover also being introduced#AatmanirbharBharat pic.twitter.com/euRNgiPJeB

- PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

4.33 pm: Rs. 20,000 crore as subordinate debt for MSMEs

To provide stressed MSMEs with equity support, Government will facilitate provision of Rs. 20,000 crore as subordinate debt.

4.29 pm: Economic push for MSMEs

For MSMEs with outstanding loan of Rs 25 crore or with Rs 100 crore turnover will get these loans. These loans will have 100 per cent credit guarantee and a moratorium of 12 months: FM Nirmala Sithraman.

4.26 pm: FM's MSME Push

• 15 measures to be announced today, 6 of them related to MSMEs, 2 to EPF, 2 to NBFC, HFC and MFI, 1 to contractors, 1 to real estate, and 3 are for real estate, says FM.
•  3 lakh crore for collateral-free automatic loans for businesses, including MSMEs, announced

4.22 pm: Rs 52,000 crore dircet transfers into 41 crore accounts: FM Nirmala Sitharaman

4.19 pm: Numbers of Garib Kalyan Yojana have to be mentioned here because we have to build up on that, says FM.

4.16 pm: Nirmala Sitharaman speech live:

• If you look at migrants and poor, DBT helped us put money directly into their accounts, and they didn't even had to go to banks, says FM.
• PSB clean-ups happened, ease of doing business reforms, IBC reforms, GST reforms undertaken, FM says.
• Highway reforms, TOT, airport privatisation, power reforms, solar power, and cleaning up of the coal mine, is what I would like to talk about before what we are offering in the Atma Nirbhar Bharat, says FM.

4.15 pm: Nirmala Sitharaman announcement today

Various reform-based steps undertaken. DBT-based reforms for the poor, micro-insurance schemes, Ujjwala Yojana, Awas Yojana, Swacchh Bharat Abhiyan and Ayushman Bharat: FM

4.15 pm: FM Sitharaman speech live updates

If you look at migrants and poor, DBT helped us put money directly into their accounts, and they didn't even have to go to banks, says FM.

4.15 pm: Rs 20 lakh crore economic package

PSB clean-ups happened, ease of doing business reforms, IBC reforms, GST reforms undertaken, FM says.

4.13 pm: Nirmala Sitharaman speech on economic package

Manufacturing of PPEs and N95 masks growing rapidly, says FM

4.11 pm: FM Sitharaman on Rs 20 lakh crore economic push

In Atma Nirbhar Bharat, our focus would be on those factors of production  which are land, labour, liquidity and law, says FM Sitharaman.

4.09 pm: FM Nirmala Sitharaman lays out outline of Rs 20 lakh crore economic stimulus package

5 important pillars of economy- Infra, tech-driven system, demography and demand. Trying to build Aatma Nirbhar Bharat on these pillars. Land, labour, liquidity and law - the factors to build Aatma Nirbhar Bharat.

4.07 pm: Finance Minister Sitharaman media address

Stimulus to spur hagrowth and make India self-reliant, says FM Nirmala Sitharaman.

4.05 pm: Nirmala Sitharaman speech live

FM begins her media briefing on unveiling the Rs 20 lakh crore economic stimulus package announced by PM Modi on Tuesday.

3.59 pm: Nirmala speech today: Target groups

Finance Minister Nirmala Sitharaman in her presser at 4 pm on Tuesday is expected to focus on MSMEs, labourers, farmers and cottage industries which are the worst-hit sectors in the wake of coronavirus induced lockdown.

3.53 pm: Nirmala Sitharaman speech live updates: Rs 3 lakh crore stimulus package for MSMEs likely

Expectations are running high, especially for the country's MSME sector. The finance minister will also focus on MSMEs, labourers, farmers and cottage industries. According to source, FM Sitharaman may announce loans of over Rs 3 lakh crore for MSMEs to give respite and liquidity push to restart small businesses.

3.45 pm: Sitharaman speech live: Rs 20 lakh crore economic stimulus package 4th-highest in the world

The Rs 20 lakh crore special economic package announced by Prime Minister Narendra Modi on Tuesday is the fourth-highest in the world. PM Modi added that the economic stimulus package will be around the 10% of the GDP and is aimed at solving the problems of several bleeding sectors as well as migrant labourers. Japan has the highest economic stimulus package in the world at 21.1% of GDP, the United States package stands at 13% of GDP, Germany at 10.7% of GDP, followed by India at 10% of GDP, France at 9.3% of GDP. Italy at 5.7% of GDP and the last one on the list is the UK with the stimulus package at 5% of the GDP.