'Self-respect comes from self-reliance’ this is not only true for an individual but also for a nation. Ironically, India is being led by a party which talks about ‘swadeshi or self-reliance’. Indian Prime Minister Shri Narendra Modi has delivered speech to the nation on the Self-Reliant India Movement on 12th May,2020 at 8 pm.
Prime Minister Narendra Modi has announced a much-needed second Relief package of around Rs. 20,00,000 Crores which he said would bring the government’s overall stimulus to around 10% of the country’s GDP, including the previously released package back in March, and central bank liquidity measures.
This new program, “Atmanirbhar Bharat Abhiyan” (Self-reliant India Scheme) would, according to Modi’s speech, cover five pillars: “economy, infrastructure, technology-driven system, vibrant demography and demand” and would involve “land, labour, liquidity, and laws.”
Detailed scheme will be announced by Finance Minister Nirmala Sitharaman in three parts afterwards.
Today in the first part of announcement, Nirmala Sitharaman, Finance Minister has given more lights on the Self-Reliant India vision laid down by our Prime Minister yesterday. It includes measures as follows: 6 are for MSMEs, 2 are for EPF, 2 for NBFCs and MFIs, 1 for discoms, 1 for contractors, 1 for real estate sectors and 3 tax measures.
Out of all the above measures, Upward revision in the definition of MSME's criteria will be the Game changer as per NITI Ayog CEO.
Total benefits given up till now, including previously announced 1.7 lakh crores package and RBI’s measures already taken to regulate liquidity in the market, are approximately Rs. 7,79,000 Crores.
For detailed presentations on the benefits given, please click here - Atmanirbhar Presentation Part-1 Business including MSMEs 13-5-2020