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May 12, 2020

20 Lakh Crore Stimulus Package by Narendra Modi. Know Top 10 expectation from FM

by facelesscompliance in Compliance Law, Corporate Law, GST, Income Tax

20 Lakh Crore Stimulus Package by Narendra Modi. Know Top 10 expectation from FM

Addressing the nation on the coronavirus situation, Prime Minister Narendra Modi announced an economic package of Rs 20 lakh crore. He said that it is 10% of India’s GDP. The PM added that it was for the MSMEs and the “honest taxpayers.” “Starting tomorrow, the finance minister will apprise you in detail about the package meant to drive towards ‘Atma-nirbhar Bharat Abhiyaan’. Also, the prime minister said that the lockdown would be extended for the fourth time. He said that the decision was taken after speaking to various chief ministers. The details of lockdown 4 will be released before May 18, the PM added.

Modi also described it as an unimaginable crisis. The PM says that self-reliance is the only way forward, but also does not mean a self-centrist approach. “We have to be stronger. We have to save ourselves and keep moving forward at the same time,” he says, adding, “We have been hearing that 21st century will belong to India, but this is not just a dream but our responsibility too. But how to achieve it. The current world situation shows, there is only one way: self-reliant India”.

PM said, 21st century belongs to India and it is the time for us to become self-reliant for which we have to focus on 5 pillars.

  • Economy – Moving away from incremental changes with quantum jumps in the economy
  • Infrastructure – Buidlng infrastructure which recognizes Modern India
  • System – Technologically Driven Systems & Processes
  • Demography – Building strength and capabilities on worlds youngest demography
  • Demand – Well functioning demand and supply chains to full capacity

The following are the expectation from Industries, MSMEs and Individuals

1) Reduction in the Maximum Marginal Rate for Individual Tax Payers

2) Land Reforms – Easy acquisition for set up new manufacturing units, giving huge subsidy for installation of machinery and buying land and building

3) Labour Reforms – Liberalize rules for Labour Laws. Providing exemption from EPF and ECSI and other laws to give more take away to labour at the same time provide compulsory health and Medical Insurance

4) Credit Guarantee Scheme for cooperatives and Farm Sectors

5) Fiscal Deficit target to increase to 10% with huge liquidity to Bank to Lend to MSME to concessional rate and interest subsidy up to 3 to 5% and easy loan approvals

6) Start of Flight, Rail and Road and Travel & Tourism giving them proper SOP and subsidy in buying protective equipment

7) Export Incentive to selective industries which create employment opportunities

8) Foreign Company Special Concession Tax Rate to attract investment in India and Make in India, to grab unique opportunity to attract foreign companies to shift production base in India and out of China. Open Foreign Direct Investment and encourage manufacturing set up in Inda

9) Infrastructure, Technology, push with increase in government expenditure increase in those sectors

10) Reducing in GST Rates with one time waiver of interest and penalty for all taxpayers who has failed to file returns

PM Modi pitches for local products: “Every Indian must be vocal for local”

-Special economic package is for our labourers, farmers, honest taxpayers, MSMEs and cottage industry, says PM

-Beginning Wednesday, finance minister will announce details of special economic package

-Special economic package will have emphasis on land, labour, liquidity and laws, says Modi

-I announce a special economic package today. Special economic relief package for the nation will amount to ₹20 lakh crore which is nearly 10% of GDP. The announcements made by the govt over Covid-19, decisions of RBI and today’s package totals to ₹20 lakh crore. This will play an important role in the ‘Atmanirbhar Bharat Abhiyan’, said PM

-“India’s self-reliance will be based on five pillars — economy, infrastructure, technology driven system, vibrant demography and demand”

-“India has resources and talent, it will make best products, improve quality and supply chain”

-“Medicines supplied by India have infused new hopes in the world which is fighting battle of life and death. With these steps, when India is being praised everywhere in the world, every Indian feels proud”

-“When India speaks of self-reliance, it does not advocate for a self-centered system. In India’s self-reliance there is a concern for the whole world’s happiness, cooperation and peace”

-India didn’t produce any PPE before COVID-19 crisis and manufactured very few N-95 masks, now we are producing 2 lakh of each of them, says Modi

-Making India self-reliant is only way to make 21st century belong to India, says PM Modi

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