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India
oi-Vicky Nanjappa
New Delhi, May 13: The long-awaited financial package of Rs 20 lakh crore will be revealed today by Finance Minister Nirmala Sitharaman.
The package is expected to have more funds for Mudra loans for small businesses.
To ensure that small businesses do not initiate working capital, the Ministry of Finance has also put forward a proposal for the Cabinet to guarantee new working capital limits to small units through the National Credit Guarantee Trustees Company. Current bank exposure to MSMEs is estimated to be around Rs 15 lakh crore.
What to expect from the Nirmala Sitharaman press about the financial package of Rs 20 lakh crore
The package is also expected to include a provision for additional loans of up to Rs 3 lakh crore for MSMEs.
During his speech to the nation, Prime Minister Modi said that this package, along with previous government announcements during the COVID crisis and decisions made by RBI, is around Rs 20 lakh crore, equivalent to almost 10 percent of India’s GDP. He said the package will provide a much-needed boost to achieve ‘Atmanirbhar Bharat’ or a self-sufficient India.
Nirmala Sitharaman presser at 4pm, details of financial package to be announced
He noted that the package will also focus on land, work, liquidity and laws. It will cover various sections, including the artisan industry, MSMEs, workers, the middle class, industries, among others. He reported that the details of the contours of the package will be provided by the Finance Minister starting tomorrow, in the coming days, the prime minister said Tuesday.
