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File photo of Union Minister Nirmala Sitharaman.
Sitharaman announced a series of measures on income tax, real estate and the contribution of the EPF under the Rs 20 lakh crore economic package of the Center to alleviate the losses suffered due to the blockade.
- News18.com
- Last update: May 13, 2020 7:18 PM IST
After Prime Minister Narendra Modi announced the Rs 20 lakh crore economic aid package on Tuesday, the Indians were trying to understand what the money would mean for the economy affected by the blockade. Interest in the numbers increased further on Wednesday when Finance Minister Nirmal Sitharaman gave a break in the allocation of funds. Of all the things people wanted to know, it was “zero” that interested him most.
Shortly after the Sitharaman press conference, people turned to the Google search engine to find out how many zeros Rs 20 lakh crore has. “How many zeros in 20 lakh crore” was trending on Google shortly after the announcement on Wednesday.
Sitharaman announced a series of measures on income tax, real estate and the contribution of the EPF under the Rs 20 lakh crore economic package of the Center to alleviate the losses suffered due to the blockade. She said the stimulus package has 16 different measures. Six of which deal with MSMEs, two related to EPF, two related to NBFC, housing finance corporations, and MFIs, one on discoms, one on contractors, one on real estate, and three on tax measures.
The EPF contribution has also been reduced for companies and workers for three months with liquidity support of Rs 6750 crore. The legal PF contribution of both employee and employer will be reduced to 10 percent. This does not apply to PSUs. This is applicable for the next three months.
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