Thread by @deepakshenoy

I haven't tweeted much about yesterday's awesome stimulus beyond the speech. Because I got the presentation and then I was like okay this is where I need to speak to a VC - who are better than me at understanding: Lots of big numbers, very little actual cash.

I'm sure the VC community will have a deeper take but what I should have realized is: It's stimulus over four days. Of course they won't give you much on day 1.

There is perhaps too much analysis and disappointment, but there's more data to come.

Much of what was said yesterday was:
- Pay govt less (TDS) now, just pay later
- 300K cr. loans to MSMEs if they already have a loan, which they get 20% more guaranteed by govt
- 20K cr. loans to defaulted MSME and their promoters(?)

- Companies to get what was due to them from the govt
- Don't pay as much to your own EPF (govt isn't involved)
- Banks can buy 30K cr. high grade NBFC bonds and they are guaranteed
- Low grade NBFCs 20% guarantee only, for total 45K cr. bonds

- Someone else will lend 90K cr to State Electricity Distribution cos, and the state will guarantee it
- RERA projects get an extension because it's not like they can complete anyhow now.
- Due date of income tax returns extended.

Most of this has no cash payout of a meaningful sort, but it provides the base for a view:
a) Actual numbers are likely to be a lot lesser than 20 lakh crore (good- my view is probably we don't need that much)
b) More hard hitting items will come later.