It is the Rs 20 lakh crore package and according to PM Narendra Modi will focus on "land, labour, liquidity and law". The PM has also emphasised that everyone including "small business, migrants, farmers" can expect succour.
As our report had noted Modi's 33-minute message had a few gold nuggets for businesses. First among them is the need to implement big-bang reforms. "We need reforms to bring rational tax system, simpler laws, better infrastructure, strong financial system and attract investment," he said.
With the headlines done, it is on to the Finance Minister to fill the blank page now, as her predecessor P Chidambaram put it.
Over to her:
In a communique to all state presidents and state secretaries, presidents and secretaries of the local branches and all national office bearers, IMA national president Ranjan Sharma drew their attention to the migrants travelling on foot to reach their destination. (READ FULL STORY HERE)
The significantly lower return of investment in an already expensive international higher education domain coupled with further reduced chances of employability in the post-COVID-19 world have a key role to play in this shift, experts at QS have pointed out. (READ FULL STORY HERE)
The officers of the 52 Battalion and 32 Battalion located in Punjab have been quarantined for organizing a social gathering in their own officer's messes. (READ FULL STORY HERE)
Rapid PCR test of seven persons has been found positive today. All 7 persons came to Goa from Mumbai, they all are asymptomatic. They have been put under quarantine. Their samples have been sent to Goa Medical College for confirmatory test: Goa CM Pramod Sawant.
Even as the state looks to ease coronavirus restrictions to spur economic and other activities, Khattar made it clear that his government will not lower its guard and will not hesitate in imposing stricter curbs if things don't go as planned. (READ FULL STORY HERE)
Eight new COVID19 positive cases reported in Bihar, taking the total number of positive cases to 940: Bihar Health Department.
Indian Railways special trains to be notified in future, will have waiting lists from May 22; Maximum waiting list limit- 1AC-20, Executive Class-20, 2AC-50, 3AC-100, AC Chair Car-100, Sleeper-200: Ministry of Railways.
Unable to return home due to the nationwide lockdown due to coronavirus, a distressed migrant worker from Odisha's Kendrapara district has allegedly committed suicide in Haryana, an official said here on Wednesday. (READ FULL STORY HERE)
Gujarat CM announces to constitute a committee of experts, to be headed by former Union Finance Secretary Dr. Hasmukh Adhia, to provide comprehensive recommendations to the Gujarat Govt for post-COVID economic revival in the State: Chief Minister's Office Gujarat
Vaniyambadi Municipal Engineer (ME) Cecil Thomas, who was holding additional charge of Municipal Commissioner, was shunted out on Wednesday following a controversy over damaging veggies and fruits of pavement shops in the business town. (READ FULL STORY HERE)
1495 new COVID-19 cases and 54 deaths reported in Maharashtra today, taking total number of cases to 25,922 & deaths to 975. 5,547 patients have been recovered/discharged in the state so far. 15747 cases and 596 deaths have been reported in Mumbai: Maharashtra Health Department
Six personnel of Border Security Force, who accompanied a central inter-ministerial team during its visit to West Bengal, had tested positive for COVID-19 in Kolkata. They have been discharged from hospital after recovering today: BSF Director General SS Deshwal.
There is nothing in, what FM said, for lakhs of poor, hungry migrant workers who have been walking to their homes. This is a cruel blow to those who toil every day. Except for modest MSME package, we are disappointed with announcements made by FM, says Congress leader P Chidambaram
Due date for Income Tax returns for the year 2019-2020 now being extended from 31st July and 31 Oct to 30 November 2020: FM Sitharaman
1) In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the existing rates.
2) Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.
3) This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from tomorrow to 31st March, 2021.
4) This measure will release Liquidity of Rs. 50,000 crore.
All pending refunds to charitable trusts, non-corporate business, LLPs and co-operatives will be processed immediately.
Extension of up to 6 months (without costs to contractor) to be provided by all Central Agencies (like Railways, Ministry of Road Transport & Highways, Central Public Works Dept, etc)
Covers construction/ works and goods and services contracts
Covers obligations like completion of work, intermediate milestones etc. and extension of Concession period in PPP contracts
Government agencies to partially release bank guarantees, to the extent contracts are partially completed, to ease cash flows
Revenues of Power Distribution Companies (DISCOMs) have plummeted. Unprecedented cash flow problem accentuated by demand reduction.
DISCOM payables to Power Generation and Transmission Companies is currently - Rs 94,000 crore
PFC/REC to infuse liquidity of Rs 90,000 crore to DISCOMs against receivables
Loans to be given against State guarantees for exclusive purpose of discharging liabilities of Discoms to Gencos.
Central Public Sector Generation Companies shall give rebate to Discoms which shall be passed on to the final consumers (industries)
Existing PCGS scheme to be extended to cover borrowings such as primary issuance of Bonds CPs (liability side of balance sheets) of such entities. First 20% of loss will be borne by the Guarantor i.e., Government of India.
AA paper and below including unrated paper eligible for investment (esp. relevant for many MFIs)
This scheme will result in liquidity of Rs 45,000 crores
Government of India and Central Public Sector Enterprises will honour every MSME receivable in the next 45 days: Finance Minister Nirmala Sitharaman
Six of them for MSMEs
Two for Employee provident funds
Two for NBFCs
Two for MFIs
One to discoms
One to real estate
Three tax related one contractors
We shall not forget that we do have a responsibility towards the poor, needy, the migrants workers, divyang and the aged of the country: FM
Direct Benefit Transfer given the Jan Dhan
Aadhaar
PM Awaaz
Ujjwala
Microfinance schemes
Swachh Bharat
Ayushman Bharat
All the successful measures taken by this government over the two tenures have been reform-driven, says Sitharaman.
Ease of doing business and compliance; global value chain integration is the cornerstone of 'atmanirbhar' vision, says FM
Economy
Infrastructure
Technology-driven systems
Demography
Demand
The package is to build a self-reliant India and that is why the mission is called 'Atmanirbhar Bharat Abhiyan,' says Sitharaman.
Senior Congress leader P Chidambaram on Wednesday mocked the prime minister's announcement of a Rs 20 lakh crore financial package as a "headline and blank page", and said he was looking forward to the finance minister filling the blank page. (READ MORE)