Aim: spur growth, to build a self reliant India
Therefore called aatmnirbhar abhiyan
Self-sufficient India
@livemint #20trillion
Therefore called aatmnirbhar abhiyan
Self-sufficient India
@livemint #20trillion
Listing the reforms already done
(oh no. can we just get on with the new info please)
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(oh no. can we just get on with the new info please)
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DBT allowed govt to directly give money
(@livemint had a column that said this did not work so well @dvaratrust )
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(@livemint had a column that said this did not work so well @dvaratrust )
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Gas, ayushman Bharat, ujjawala, kisan yojnas
(I think we all know what has been done. But are just waiting for what you will say about the future)
@livemint #20trillion
(I think we all know what has been done. But are just waiting for what you will say about the future)
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He is now listing the steps during the Covid period taken by the government
RBI liquidity and so on
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RBI liquidity and so on
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52606 cr into DBT accounts of 41 crore bank account holders
wheat and rice distribution to 69 crore ration card holders
6.25 crore card holders got pulses
non card holders too have got grain
old age pensions have all got benefits
@livemint #20trillion
wheat and rice distribution to 69 crore ration card holders
6.25 crore card holders got pulses
non card holders too have got grain
old age pensions have all got benefits
@livemint #20trillion
RBI has also infused liquidates now being mentioned
18000 cr of refunds for income tax
done a big push towards liquidity
14 lakh tax payers have benefited
@livemint #20trillion
18000 cr of refunds for income tax
done a big push towards liquidity
14 lakh tax payers have benefited
@livemint #20trillion
15 measures today.
6 for tiny and small sector
2 for EPF
2 NBFC and HFCs and MFIs
1 discoms
1 contractors
1 real estate
3 tax measures
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6 for tiny and small sector
2 for EPF
2 NBFC and HFCs and MFIs
1 discoms
1 contractors
1 real estate
3 tax measures
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6 MSME
1. Rs 3 trillion of loan without collateral
12 month moratorium, 4 year term, 100% credit guaranteed on principal and interest
available till 31 oct 2020
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1. Rs 3 trillion of loan without collateral
12 month moratorium, 4 year term, 100% credit guaranteed on principal and interest
available till 31 oct 2020
@livemint #20trillion
2. Loan is going to be 'automatic'.
No guarantee or collateral needed
first one year is only for interest repayment, not principal
(who will disburse? no details yet)
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No guarantee or collateral needed
first one year is only for interest repayment, not principal
(who will disburse? no details yet)
@livemint #20trillion
2. subordinate debt - 20,000 crore infusion
meant for stressed MSMEs
2 lakh MSMEs to benefit
NPAs or stressed MSMEs eligible
4,000 crore as the govt contribution for the guarnatee
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meant for stressed MSMEs
2 lakh MSMEs to benefit
NPAs or stressed MSMEs eligible
4,000 crore as the govt contribution for the guarnatee
@livemint #20trillion
(at this rate, we are going to be here for a long time.
so coffee break etc when the hindi translation begins)
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so coffee break etc when the hindi translation begins)
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3. Fund of fund for 50,000 crore as equity into the MSMEs
benefit those that have the potential and are viable
(10,000 crore or 50k? - she said both - but no details?)
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benefit those that have the potential and are viable
(10,000 crore or 50k? - she said both - but no details?)
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3. It is Rs 50,000 crore!
(some benefit of the hindi translation!)
(some benefit of the hindi translation!)
Definition of MSME is being changed in favour or the MSMEs: investment limit revised upwards
additional criterion that is turnover based being brought in
difference between mfg and service is being removed
25 lakh micro unit - now 1 crore
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additional criterion that is turnover based being brought in
difference between mfg and service is being removed
25 lakh micro unit - now 1 crore
@livemint #20trillion
service too will be a micro unit for Rs 1 crore
Turnover: turnover can be upto Rs 5 crore - micro unit
Investment Rs 1 crore, T/o 5 crore
Small - Rs 10 crore investment and Rs 50 cr t/o
Medium - Rs 20 cr and ...sorry! missed it!
@livemint #20trillion
Turnover: turnover can be upto Rs 5 crore - micro unit
Investment Rs 1 crore, T/o 5 crore
Small - Rs 10 crore investment and Rs 50 cr t/o
Medium - Rs 20 cr and ...sorry! missed it!
@livemint #20trillion
6. E market linkages for MSMEs in the absence of physical markets post covid
GOI and CPSEs where there are receivables by MSMEs, by next 45 days - ALL receivables be cleared.
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GOI and CPSEs where there are receivables by MSMEs, by next 45 days - ALL receivables be cleared.
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EPF
1. liquidity relief for all eps establishments
Both employer and employee contribution support for another 3 months
payments were made into the eligible accounts done already
June, July and Aug - EPF contribution will be paid by GoI
@livemint #20trillion
1. liquidity relief for all eps establishments
Both employer and employee contribution support for another 3 months
payments were made into the eligible accounts done already
June, July and Aug - EPF contribution will be paid by GoI
@livemint #20trillion
EPF
2. For more take home salary, for those not covered under the first provision, the statutory PF contribution reduced from 12% to 10%.
Employers will pay only 10%
(not saying if employees will have option of 10%?)
@livemint #20trillion
2. For more take home salary, for those not covered under the first provision, the statutory PF contribution reduced from 12% to 10%.
Employers will pay only 10%
(not saying if employees will have option of 10%?)
@livemint #20trillion
For both employer and employee for next 3 months
You get to take home 2% more of your basic
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You get to take home 2% more of your basic
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NBFS, HFC and MFI
1. Says that transmission has not happened the way it was planned
30,000 cr liquidity scheme
investment in primary and secondary in investment grade debt paper of these three
Need not be just triple A (double A etc will qualify)
@livemint #20trillion
1. Says that transmission has not happened the way it was planned
30,000 cr liquidity scheme
investment in primary and secondary in investment grade debt paper of these three
Need not be just triple A (double A etc will qualify)
@livemint #20trillion
NBFC
2. 45,000 cr through partial credit guarantee scheme
Existing scheme expanded
first 20% loss will be borne by the guarantor, that is GoI
double A rated papers and below this, even unrated paper will be eligible (this is good!)
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2. 45,000 cr through partial credit guarantee scheme
Existing scheme expanded
first 20% loss will be borne by the guarantor, that is GoI
double A rated papers and below this, even unrated paper will be eligible (this is good!)
@livemint #20trillion
Discoms
1. To solve their cash flow problems - emergency liquidity for 90,000 crore infusion against their receivables. PFC and REC will infuse money, this will in turn be with a state guarantee. dis com will pay ge co
(This is again good)
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1. To solve their cash flow problems - emergency liquidity for 90,000 crore infusion against their receivables. PFC and REC will infuse money, this will in turn be with a state guarantee. dis com will pay ge co
(This is again good)
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Contractors
1. All GoI agencies, railways, roads, CPWDs, will give 6 month extension to contractors, to cover construction, goods and services contracts. can take another 6 months to fulfil contracts.
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1. All GoI agencies, railways, roads, CPWDs, will give 6 month extension to contractors, to cover construction, goods and services contracts. can take another 6 months to fulfil contracts.
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Extension is upto 6 months.
It will cover completion of work, and milestones, will also cover confessional periods get an extension.
For greater liquidity, govt agencies, will partially release bank guarantees in basis of the partially completed work
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It will cover completion of work, and milestones, will also cover confessional periods get an extension.
For greater liquidity, govt agencies, will partially release bank guarantees in basis of the partially completed work
@livemint #20trillion
Real Estate
(In which @Ashwini2312 and @RenuYadav08 get ready to fire! @deeptibhaskaran)
@livemint #20trillion
(In which @Ashwini2312 and @RenuYadav08 get ready to fire! @deeptibhaskaran)
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Real Estate
states being advised so that RERA can treat Covid period where you can evoke force mature - treat it as act of God for all registered projects, expiring on or before 21 march 2020.
(@SandeepParekh - what does this mean?)
@livemint #20trillion
states being advised so that RERA can treat Covid period where you can evoke force mature - treat it as act of God for all registered projects, expiring on or before 21 march 2020.
(@SandeepParekh - what does this mean?)
@livemint #20trillion
Tax
1. TDS TCS
From tomorrow( may 14) till 31 March 2021, reduced these rates by 25% of existing rates
Will apply to all payments, professional fee, rent, brokerage, dividend - whatever
This will release 50,000 crore in the hands of the people
@livemint #20trillion
1. TDS TCS
From tomorrow( may 14) till 31 March 2021, reduced these rates by 25% of existing rates
Will apply to all payments, professional fee, rent, brokerage, dividend - whatever
This will release 50,000 crore in the hands of the people
@livemint #20trillion
Tax
2. All pending refunds to be issued immediately to a variety of entities charitable trusts, non corporate businesses, partnerships, LLPs, co-operatives. small firms benefit
due date of all income tax returns for FY 2020 extended to 30 Nov 2020
@livemint #20trillion
2. All pending refunds to be issued immediately to a variety of entities charitable trusts, non corporate businesses, partnerships, LLPs, co-operatives. small firms benefit
due date of all income tax returns for FY 2020 extended to 30 Nov 2020
@livemint #20trillion
Tax.
3. Date of assessments getting barred as on 30 Sept 2020, extended to 31 Dec 2020
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3. Date of assessments getting barred as on 30 Sept 2020, extended to 31 Dec 2020
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Without any additional amount, the whole vivad se avishwas scheme extended to 31 Dec 2020 for making payment without additional amounts
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Online question: how will the govt finance this?
FM evades the question and talks just about the borrowing plan of govt
Q: Will banks lend?
A: Banks should lend post the guarantee. We are putting immense pressure on banks to increase transmission
@livemint #20trillion
FM evades the question and talks just about the borrowing plan of govt
Q: Will banks lend?
A: Banks should lend post the guarantee. We are putting immense pressure on banks to increase transmission
@livemint #20trillion
FM says that clients themselves are not taking loans. Sanctioned loans are not getting taken
@livemint #20trillion
@livemint #20trillion
Q: Cash outgo by govt?
A: Total size we get to know once all announcements happen
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A: Total size we get to know once all announcements happen
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Q: April GST numbers? Any GST amnesty scheme for MSME?
A: Govt is doing a lot for MSME. GST revenue answered by rev secy who says, all dates have got extended therefore 30 June is the time to count
@livemint #20trillion
A: Govt is doing a lot for MSME. GST revenue answered by rev secy who says, all dates have got extended therefore 30 June is the time to count
@livemint #20trillion
Q: Fiscal deficit? (such a garbled question!)
A: She says: wait for next announcements!
@livemint #20trillion
A: She says: wait for next announcements!
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Q: how many co to benefit on definition change? How many global tenders will go out?
A: no numbers yet - will give these numbers later
@livemint #20trillion
A: no numbers yet - will give these numbers later
@livemint #20trillion
Q: damage to economy?
A: She says - how can I answer the future of the lock down!
(sometimes I wonder who goes to ask these questions!)
@livemint #20trillion
A: She says - how can I answer the future of the lock down!
(sometimes I wonder who goes to ask these questions!)
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Also that the fiscal implications are minor for this FY.
Most announcements on credit side
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Most announcements on credit side
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I think this is not looking like reform but just an emergency measures.
I hope 'reform' is coming soon.
This is just cleaning the clogged system
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I hope 'reform' is coming soon.
This is just cleaning the clogged system
@livemint #20trillion
For those waiting for the 1991 moment want to see reform on land, labour and regulatory cholesterol
@gchikermane @rishiagraw
@livemint #20trillion
@gchikermane @rishiagraw
@livemint #20trillion
