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Wednesday, May 13, 2020

Announcement related to MSME, know the big things of relief package for micro, small and medium enterprises industry in today's speech of Finance Minister.

MSME_SECTOR
Big Announcement for MSME by Finance Minister of India

 The Finance Minister has announced 6 steps for Micro, Small and Medium Enterprises, ie MSME.

 New Delhi: Finance Minister Nirmala Sitharaman gave detailed information about the Prime Minister's economic package of 20 lakh crore rupees in a press conference today. Minister of State for Finance Anurag Thakur was also present at the press conference with him. The Finance Minister said that to fulfill the vision that Prime Minister Narendra Modi has said for the economy yesterday, under the economic package, opinions have been taken from people and experts from different sectors of the society. 

Finance Minister Nirmala Sitharaman said that the economy of the country has changed a lot due to the corona virus and after the lockdown, under the Pradhan Mantri Garib Kalyan Yojana, we announced an economic package of Rs 1.7 lakh crore, which will greatly benefit the poor sections of the country, the elderly, Women, differently able, laborers. Our government is sensitive and we have taken immediate steps under the changed situation. 

The highlights of the speech of the Finance Minister are as follows: 

The Finance Minister has announced 6 steps for Micro, Small and Medium Enterprises, ie MSME. 

1. Collateral Free loan: 3 lakh crore collateral free loans will be given to MSME and it will be given for 4 years. No guarantee will be required for this. Through this, 45 lakh units of cottage and small scale industries will benefit. They will not have to repay the principal for the first 12 months, ie one year. Under this, loans up to Rs 25 crore will be given and industries with turnover of Rs 100 crore will be benefited. 

2. Stressed or NPA MSME: Funds worth 20 thousand crores are being announced for the trapped MSME. Through this, 2 lakh MSME units will benefit. Under this, MSMEs with stress or NPA will benefit.

3. Fund of Funds: A fund of fund of Rs 10 thousand crores is being made for MSME. Those MSMEs doing well, who want to expand, will be able to take a profit of 50 thousand crores through Funds of Fund. 

4. Defination of MSME: The definition of MSME has been changed and the investment limit is being increased. Now the unit with an investment of 1 crore rupees will also be considered as micro. Similarly, a production based industry with an investment of 10 crores and a turnover of 50 crores will be considered as small scale industry. 

5. Global Tender: Tenders up to 200 crores will not be global tender in government procurement. This will help MSME to do business with enthusiasm. Also, it will help them to increase Make in India. 

6. 45 Days: E-market links will be made available to MEME and all outstanding bills of MSME government undertakings and government will be cleared in the next 45 days. 


Help to NBFC, Discoms and Contractors too : 

 1. NBFC / HFC / MFI: Non-Banking Finance Company, Housing Finance Company and Microfinance Institution, especially the Central Government have tried to give cash through which it can further provide loans to its customers. 30,000 crores will be given for this under a special liquidity scheme. The central government will take its full guarantee. 

Apart from this, another liquidity scheme worth Rs 45000 crore has been given for these companies. Under this scheme, the central government will take partial guarantee. Government of India will take only 20% guarantee of total loss through this partial guarantee fund. 

2. Discoms: Have tried to give liquidity of 90000 crore rupees to the distribution companies i.e. power distribution companies. Under this scheme, Rural Electrification Corporation and Power Finance Corporation will provide liquidity of Rs 90000 crore from the power distribution companies against their receivables. However, for this the power distribution companies will have to give guarantee to the state governments.  

3. Contractors: All contractors or contracting companies of railways or highways or public sector undertakings can be given up to an additional 6 months to complete the contract and that too without any additional cost. Usually it is that according to the contract rules, if the work is not completed within the stipulated time, then for the extra time more amount is taken as penalty on the contract.

 Main Point:

 A provision of Rs 20 thousand crore will be given to the stressed MSMEs. This will benefit 2 lakh cottage industries. In this, the NPA and the stressed MSME will be benefited. MMSME with NPA will also get loan. 

50 thousand crore rupees will be given to the expanding MSMEs. Those MSMEs doing well, who want to expand, will be able to take a profit of 50 thousand crores through Funds of Fund. 

The definition of MSME has been decided on the basis of investment and turnover. The Finance Minister said that those with a turnover of up to five crore will be considered as micro units. Investment limit is being increased, now the unit with investment of Rs 1 crore will also be considered as micro, similarly the production based industry with investment of 10 crore and turnover of 50 crore will be considered as small scale industry. 

Work for domestic companies instead of abroad. 

Those whose salary is less than 15 thousand and their help. By August, the government will share the EPF. Now ten percent EPF will be cut instead of 12. The government will give part of the EPF for six months. Earlier it was given for March, April and May. Now it will be given for the next three months i.e. June, July and August. For the next three months, all employees will be able to contribute 10% of their contribution to the employer. This will help in increasing the liquidity in their hands. This will help 2500 crores. 

90 thousand crore rupees were announced for power distribution companies. 

30 thousand crore rupees scheme was announced for NBFC.

This package for the development of the country - Finance Minister Sitamaran said that this package is for the development of the country. With the help of this package, the country will become self-sufficient. Sitaraman said that PM Modi has given his vision in this. Local brand has to be made global. Emphasis has been laid on land, labor and liquidity.


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