Presentation of details of Tranche 2 by Union Finance Minister Smt. Nirmala Sitharaman – Highlights
Press Information Bureau
Government of India
Ministry of Finance
14-May, 2020
Presentation of details of Tranche 2 by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19
Direct Support to Farmers & Rural Economy provided post COVID
Liquidity Support to Farmers & Rural Economy provided post COVID
Support for Migrants and Urban Poor during last 2 months
MGNREGS support to returning Migrants
Labour Codes – Benefits for Workers
A number of measures were announced yesterday for Businesses in general and MSMEs in particular. The measures which will help all businesses are listed again for your understanding:
• Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs
• No Global tenders for Government tenders of upto Rs 200 crore
• Extending EPF Support for business and organised workers for another 3 months for salary months of June, July and August 2020 – will provide liquidity for workers in MSME and other Businesses
• EPF Contribution reduced for Employers and Employees for 3 months to 10% from 12% for all establishments for next 3 months for workers not covered by Govt support under PMGKP and its extension – will also help middle class employees – will provide liquidity for workers in MSME and other Businesses
• Relief to Contractors given by extension of up to six months for completion of contractual obligations, including in respect of EPC and concession agreements
• Tax relief to business as pending income tax refunds to charitable trusts and non-corporate businesses and professions to be issued immediately
• Reduction in Rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” by 25% for the remaining period of FY 20-21 and Due Dates for various tax related compliances extended – will benefit all businesses
Free Food grain Supply to Migrants for 2 months
Affordable Rental Housing Complexes (ARHC) for Migrant Workers / Urban Poor
Rs. 1500 crores Interest Subvention for MUDRA-Shishu Loans
Rs 5000 cr Special Credit Facility for Street Vendors
Rs 70,000 crore boost to housing sector and middle income group through extension of CLSS
Rs 6000 crore employment push using CAMPA funds
Rs 30,000 crores Additional Emergency Working Capital Funding for farmers through NABARD
Rs 2 lakh crore Concessional credit boost to 2.5 crore farmers through Kisan Credit Cards
Source: PIB