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For the MSME sector, the minister detailed six measures, including the new definition of the sector. Consequently, the investment limit to define MSMEs has been revised upwards. In addition, he stressed that additional criteria such as rotation have been considered to define MSMEs. The Center has also decided not to participate in the global tender for public procurement for tenders of up to Rs 200 million, which encourages the participation of MSMEs, he said.
Sitharaman said the package will stimulate growth and build a self-sufficient India and push local brands to be globally competitive, but it will not make India an isolationist economy. She says that the package to build an ‘aatmanirbhar bharat’ was made after lengthy deliberations with all sectors of society.
Today was the first in a series of press conferences by the finance minister in the coming days. The sum of Rs 20 lakh crore. which equals 10 percent of India’s Gross Domestic Product (GDP), includes the liquidation of the Reserve Bank of India worth close to Rs 8.04 lakh crore along with the relief package of Rs 1.7 lakh crore under Gareeb Kalyan Yojana explained by Sitharaman last month. The balance of the economic package, the details of which are not yet known, stands at Rs 10.26 lakh crore.
In a televised address to the nation on Tuesday night, Prime Minister Modi had announced Rs 20 lakh crore, equivalent to 10 percent of India’s GDP, in fiscal and monetary measures to support an economy badly affected by the blockade of 50 days to combat the spread. from Covid-19.
The Prime Minister said that the package will focus on land, work, liquidity and laws and that it has been designed to take into account various segments of society, such as the artisanal industry, small-scale industry, MSMEs, workers, farmers, middle class taxpayers and Indians. industries.
He also gave a boost to local products, as he said that India’s mission should be self-sufficient (Atma Nirbha Bharat). Explaining the details, Modi said that the self-sufficient strategy will depend on five pillars: the growth of a new economy, the creation of a state-of-the-art infrastructure, the creation of a technology-based delivery system, the exploitation of young demographics and exploiting internal demand. Prime Minister Modi had said that the details of the package would be shared by Sitharaman.
In a series of tweets after Modi’s speech, the finance minister said on Tuesday “this will not be just a financial package, but a stimulus for reform, a mental overhaul and a boost in governance.”
“The Indian economy has gained strength in its various dimensions. Now, we can confidently commit to the world. Our goal is general transformation and not incremental changes. We will turn the pandemic challenge into an opportunity. #AatmanirbharBharat will integrate, it will not isolate itself, ”Sitharaman had tweeted.
The blockade imposed on March 24 that led to the closure of shops, factories and services, such as tourism, restaurants and public transportation, had a devastating impact on the economy with thousands of bankrupt companies and millions losing their jobs.
Data from the Central Statistics Office showed on May 12 that the country’s unemployment rate reached 27.1 percent in the week ending May 3, the highest in history, indicating a bath of blood from the coronavirus pandemic and closure.
Not surprisingly, output from the Indian factory, a key measure of economic activity, fell by 16.7 percent, data from the Central Bureau of Statistics showed on May 12, indicating that a widespread shutdown had bitten the economy.
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