The stimulus package will generate lakhs of jobs for workers in the vast #MSME sector.The package for employment and economic revival will now largely mitigate the distress of working class who were impacted by #COVID19 pandemic and nation-wide lockdown thereafter.The Left parties on Wednesday said the economic package announced by Finance Minister Nirmala Sitharaman failed to address the immediate concerns of people, describing it as a "farce" that propagated the policies which had in the first place led to an economic crisis even before the onset of the coronavirus pandemic. No details.”The Trinamool Congress was sceptical. Union Home Minister Amit Shah on Wednesday said the Narendra Modi government is committed to reviving the economy, help small businesses and boost employment in the challenging time of coronavirus pandemic.In a series of tweets, Shah said the central government is doing everything possible to help those in the business sector as they may face financial stress while resuming their work following the lockdown to combat the coronavirus pandemic.
All rights reserved.We are witnessing the pettiest form of politics from Modi govt. Prime Minister Narendra Modi tweets on the announcements made by FM Nirmala Sitharaman today: "Today’s announcements by FM @nsitharaman will go a long way in addressing issues faced by businesses, especially MSMEs.
"“The announcement made over the last two days is one of the most important steps we are taking post Independence. The value addition in India’s electronics industry is limited to mostly assembly, while the country depends on imports to access most of the primary and critical components used to make them, including printed circuit boards (PCBs). Nirmala Sitharaman Speech LIVE Updates: Finance Minister Nirmala Sitharaman will address a press conference at 4pm to share details of the Rs 20 lakh crore economic relief package announced by Prime Minister Narendra Modi on Tuesday. This is completely insensitive to the existential crisis being faced by crores. ""This will also boost local, boost 'swadeshi'. "We are witnessing the pettiest form of politics from Modi govt. He also said there was nothing by way of cash transfer to the nearly 13 crore families in bottom half of the population who have been “pushed into destitution”.The government Wednesday broadened the definition of Micro, Small and Medium Enterprises (MSMEs) by revising the limit of investment in machinery or equipment and introducing a “turnover” criteria — a reform measure that seeks to reverse the traditional policy bias in favour of units staying small in order to qualify for benefits.As per the proposal, for which amendments to the law will need to be made, micro enterprises will be those with investment of up to Rs 1 crore and turnover of up to Rs 5 crore — the earlier definition classified investments of up to Rs 25 lakh for manufacturing and up to Rs 10 lakh for services.For small enterprises, the classification covers up to Rs 10 crore in investment and Rs 50 crore in turnover, against investment of up to Rs 5 crore in manufacturing and up to Rs 2 crore in services.For medium enterprises, the investment limit has been doubled for manufacturing enterprises from Rs 10 crore to Rs 20 crore and quadrupled for services from Rs 5 crore to Rs 20 crore, in addition to the turnover criteria of up to Rs 100 crore for both sectors in this size.Banks are set to extend funds to lower rated non-banking financial companies and housing finance companies following the government’s decision to offer credit guarantee support on Wednesday. Party MP Manish Tewari tweeted, “@PMOIndia ‘s speech can be summed up in one word — Headline Hunting. It is tax that is to be deposited with the government periodically and the onus of the doing it on time lies with the deductor. We saw the wrapping paper today.
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sitharaman live press conference today