COVID-19: 4.5 million MSMEs to get guarantee free loan |
FM shares details of 265 billion dollar stimulus package; announces 39.8 billion dollar collateral-free automatic loans for businessesIndian finance minister Nirmala Sitharaman on Wednesday announced the first tranche of stimulus packages, under the Atma-Nirbhar Bharat Yojana. Addressing the media in New Delhi, the Finance Minister said the financial stimulus will cater to various sections of the society including MSMEs, labourers, middle class and Industries. Sitharaman announced 15 special financial packages of 84.9 billion dollars benefitting a wide array of sectors including MSMEs, Discoms, Real Estate, Middle Class, Tax Payers and others. In a major boost to the MSME sector, a collateral free loan of 39.8 billion dollar has been announced with a moratorium of 12 months. These loans will benefit 4.5 million small and medium units. In another major announcement, the Finance Minister said that Tax Deducted at Source and Tax Collected at Source have been reduced by 25 percent till 31st March of next year.
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