#FinanceMinisterAddress | Finance Minister has strated her live address to discuss details of 20,000,000,000,000 package.

Keep an eye on this space, I will try to post updates during the whole address

(1/n)

#FinanceMinisterAddress | FM is currently talking about what PM Modi said yesterday. She is currently saying #atmanirbharbharat in four languages spoken in southern India

#FinanceMinisterAddress | FM reiterates PM's points of #atmanirbharbharat being driven on five pillars:

Economy
Infrastructure
Technology driven system
Demography
Demand

and four factors of productions:

Land
Labour
Liquidity
Law

#FinanceMinisterAddress | FM says that the intention is to increase ease of doing business, help local brands go global and help the global value chain.

She reiterates that #atmanirbharbharat does not mean isolated India. It is about India getting stronger and helping world.

#FinanceMinisterAddress | As an example she cites the rapid production (and possible export of) PPEs in past two months from ZERO to 2 LAKH per day

#FinanceMinisterAddress | FM is currently listing achievements from 2014-2019:

1. DBT
2. Micro Insurance
3. PM Awaas Yojana
4. Ujjwala Yojana
5. Clean India
6. Aayushman Bharat

For Agriculture:

PM Fasal Bima
PM Kisaan Yojana
New Fishery Dept
Krishi Sinchai Yojana

For Businesses:

PSB cleanup
EoDB reforms
IBC Reforms
GST Reforms
Reforms (NHAI, Airport privatisation, Power Sector Reform - made india power surplus , Cleaning up of Coal Mine Sector)

#FinanceMinisterAddress | Now, Anurag Thakur (Minister of State for Finance and Corporate Affairs) is speaking.

Reiterating what PM Modi said yesterday about self-reliance.

Talking about how India has helped others in COVID and early package of 1.7 lakh crore rupees

#FinanceMinisterAddress |

Anurag Thakur is currently talking about five pillars of growth again and praises PM Modi for talking bold decisions

#FinanceMinisterAddress | FM is speaking again. She is going to elaborate the details of 20,000,000,000,000 package.

#FinanceMinisterAddress | She started with July 2019 budget and her previous addresses to underscore the fact that Modi govt is "sensitive and responsive"

#FinanceMinisterAddress | FM says she will make several such addresses 'starting today' during next couple of days to talk about the whole vision of #atmanirbharbharat

#FinanceMinisterAddress | FM says today she has 15 different measures to talk about:

6 for MSMEs
2 for PF
2 for NBFC, Housing Finance Corporation
1 for Contractors
1 for Real Estate
3 Others

#FinanceMinisterAddress | 3 lakh crore package for MSMEs that will will help 45 lakh businesses.

#FinanceMinisterAddress | Anurag Thakur is speaking again. He says all the promises of last package have been completed.

#FinanceMinisterAddress | Anurag Thakur is saying MSME is the backbone of Indian economy with 12 crore jobs and we came to know that it was facing problem.

MSME will have collateral free automatic loan of 3 lakh Crore. No need of submitting any guarantee.

#FinanceMinisterAddress | It will be for 4 years and first 12 months will not require any principle return.

#FinanceMinisterAddress | FM is speaking again. She is talking about new 20,000 Crore subordinate Debt provision for stressed MSMEs. 2 Lakh MSMEs may eventually benefit from it.

#FinanceMinisterAddress | Anurag Thakur translated the same thing in hindi

#FinanceMinisterAddress | FM says there will be 50,000 crore equity infusion through a fund of funds created for MSMEs which are viable and just need a little hand-holding due to COVID.

#FinanceMinisterAddress | FM says we are changing the definition of MSME 'to help them' so that they don't need to worry of growing in size and losing benefits.

Changes:

- Investment limit that defines MSME is being increased
- Additional criterion of turn over

#FinanceMinisterAddress |

- Differentiation of manufacturing and service-based MSME is being removed

#FinanceMinisterAddress |

Micro: Investment can be up to 1 crore (perviously 20 lakhs) and Turnover up to 5 crore (new criterion)

Similar changes to Small and Medium Enterprises. (There is a table, I will post later)

#FinanceMinisterAddress |

Medium: Investment up to 20 Crore and turn over up to 10 Crore

#FinanceMinisterAddress | For government procurement, tenders up to 200 crore will no longer be on global tender route i.e. "Global tenders will be disallowed for tenders upto 200 crore"

It will help more small units to participate in government purchases and help #MakeInIndia

#FinanceMinisterAddress | E-Market linkage and participation in trade fares for MSMEs will be enabled.

All pending payments of MSMEs in government organizations will be released in next 45 days.

#FinanceMinisterAddress | PF Contribution of Employers and Employees in certain organizations was done by government in March-April-May, it will be extended for more three months.

Employee and Employer contribution in certain organization has reduced from 12% to 10% each

#FinanceMinisterAddress | 30,000 Crore liquidity scheme to provide fully guaranted debt papers (by GOI) for struggling Non Banking Financial Corporations, A lot of these NBFCs are also funding MSMEs. So this move will help two-ways.

#FinanceMinisterAddress | 45,000 Crore for partial (20%) debt guarantee scheme by GOI . for NBFC.

#FinanceMinisterAddress | 90,000 Crore Emergency Liquidity Infusion for all DisComs (power distribution companies)

FM says they hope that this benefit will further be passed on to the final customers.

#FinanceMinisterAddress | Contractors working with Railways, Roads, Highways, CPCs etc., will give three to six month extension in all the works.

This Covers:

- Construction works
- Goods and service contracts
- Concessional periods in PPP contracts

#FinanceMinisterAddress | For the contractors their security can be released partially according to the work completed so that they have liquidity to complete rest of the work.

#FinanceMinisterAddress | For Real Estate sector, Urban Development Ministry will issue advisory to consider COVID as an "Act of God" and extend the registration and completion date for six months if it was registered on or after March 2020.

#FinanceMinisterAddress | Last announcement. It is pertaining to taxes. All the TDS and TCS rates will be reduced by 25%. Coming into force by 14th May 2020 and exist to March 2021.

It will result in 50,000 crore back to the people.

#FinanceMinisterAddress | All pending refunds for LLPs, Charitable, Non-Corporation, Proprietorship, Partnerships etc. will be returned immediately.

Income tax return dates are being extended to 30th Nov 2020

Tax Audit dates will be extended till 31st Oct 2020

#FinanceMinisterAddress | Date of Assesment getting barred will be Dec 2020.

Those getting barred in 31 March 2021, will be moving over to 30 Sep 2021.

#FinanceMinisterAddress | Vivaad se Vishwash scheme is getting extended upto 31st Dec 2020 without any additional payment (which was 10%)

#FinanceMinisterAddress | With that, the live address ends. Thanks for tuning in to my thread.

Follow @AnOpenLetter001 for more such threads in the future.

Take care of yourself. See you soon. :)