{"id":1059,"date":"2020-05-14T00:58:44","date_gmt":"2020-05-13T19:28:44","guid":{"rendered":"https:\/\/paperdigit.com\/?p=1059"},"modified":"2020-05-14T00:58:44","modified_gmt":"2020-05-13T19:28:44","slug":"atmanirbhar-bharat-prime-ministers-vision","status":"publish","type":"post","link":"https:\/\/paperdigit.com\/?p=1059","title":{"rendered":"Atmanirbhar Bharat-Prime Minister\u2019s Vision"},"content":{"rendered":"\n
\"Atmanirbhar
Atmanirbhar Bharat<\/figcaption><\/figure>\n\n\n\n

Five pillars of Atmanirbhar Bharat<\/h2>\n\n\n\n

Prime Minister\u2019s Vision<\/strong><\/p>\n\n\n\n

Call for \u0906\u0924\u094d\u092e\u0928\u093f\u0930\u094d\u092d\u0930 \u0930\u094d\u093e\u0930\u0924 \u0905\u0928\u0930\u094d\u092f\u093e\u093f or Self-Reliant India Movement
\u2022 Five pillars of Atmanirbhar Bharat \u2013 Economy, Infrastructure, System, Vibrant Demography and Demand
\u2022 Special economic and comprehensive package of Rs 20 lakh crores – equivalent to 10% of India\u2019s GDP
\u2022 Package to cater to various sections including cottage industry, MSMEs, labourers, middle class, industries, among others.
\u2022 Bold reforms across sectors will drive the country’s push towards self-reliance
\u2022 It is time to become vocal for our local products and make them
global.
<\/p>\n\n\n\n

Pradhan Mantri Garib Kalyan Package (1)<\/h2>\n\n\n\n

Rs. 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan
Yojana for the poor to help them fight the battle against Corona Virus:<\/strong>
\u2022 Insurance cover of Rs 50 Lakh per health worker
\u2022 80 crore poor people given benefit of 5 kg wheat or rice per person
for next 3 months
\u2022 1 kg pulses for each household for free every month for the next 3
months
\u2022 20 crore women Jan Dhan account holders get Rs 500 per month
for next 3 months
\u2022 Gas cylinders, free of cost, provided to 8 crore poor families for the
next 3 months
\u2022 Increase in MNREGA wage to Rs 202 a day from Rs 182 to benefit
13.62 crore families
\u2022 Ex-gratia of Rs 1,000 to 3 crore poor senior citizen, poor widows
and poor Divyang
<\/p>\n\n\n\n

<\/p>\n\n\n\n

Pradhan Mantri Garib Kalyan Package (2)<\/h2>\n\n\n\n

Front-loaded Rs 2,000 paid to farmers under existing PM-KISAN to
benefit 8.7 crore farmers
\u2022 Building and Construction Workers Welfare Fund allowed to be
used to provide relief to workers
\u2022 24% of monthly wages to be credited into their PF accounts for
next three months for wage-earners below Rs 15,000 p.m. in
businesses having less than 100 workers
\u2022 Five crore workers registered under Employee Provident Fund EPF
to get non-refundable advance of 75% of the amount or three
months of the wages, whichever is lower, from their accounts
\u2022 Limit of collateral free lending to be increased from Rs 10 to Rs 20
lakhs for Women Self Help Groups supporting 6.85 crore households.
\u2022 District Mineral Fund (DMF) to be used for supplementing and
augmenting facilities of medical testing, screening etc..<\/p>\n\n\n\n

Other Measures – 1<\/h2>\n\n\n\n

\u2022 On the request of the Government of India, RBI raised
the Ways and Means advance limits of States by 60%
and enhanced the Overdraft duration limits.
\u2022 Issued all the pending income-tax refunds up to \u20b95
lakh, immediately benefiting around 14 lakh taxpayers
\u2022 Implemented \u201cSpecial Refund and Drawback Disposal
Drive\u201d for all pending refund and drawback claims
\u2022 Both the above measures amount to \u20b918,000 crore of
refund.
\u2022 Sanctioned Rs 15,000 crores for Emergency Health
Response Package<\/p>\n\n\n\n

Other Measures \u2013 2<\/h2>\n\n\n\n

Provided Relaxation in Statutory and Compliance matters, such as <\/strong>\u2013
\u2022 Extending last date for Income Tax Returns to June 30, 2020
\u2022 Extending filing GST returns to end of June 2020
\u2022 24*7 custom clearance till 30th June, 2020
\u2022 Relaxation for 3 months for debit cardholders to withdraw cash free from any ATMs, etc
\u2022 Allowing payment before 15 May, 2020 for Motor Vehicle and Health Insurance Policies
\u2022 Mandatory Board meetings extended by 60 days till 30 September
\u2022 Allowing Extraordinary General Meetings through Video Conference with e-voting\/simplified voting facility<\/p>\n\n\n\n

<\/p>\n\n\n\n

Measures taken by Reserve Bank of India<\/h2>\n\n\n\n

Reduction of Cash Reserve Ratio (CRR) has resulted in
liquidity enhancement of \u20b91,37,000 crores<\/strong>
\u2022 Targeted Long Term Repo Operations (TLTROs) of
\u20b91,00,050 crore for fresh deployment in investment grade
corporate bonds, commercial paper, and non-convertible debentures.
\u2022 TLTRO of Rs.50,000 crore for investing them in investment grade bonds, commercial paper, and non-convertible debentures of NBFCs, and MFIs.
\u2022 Increased the banks\u2019 limit for borrowing overnight under the marginal standing facility (MSF), allowing the banking system to avail an additional \u20b91,37,000 crore of liquidity at the reduced MSF rate.<\/p>\n\n\n\n

\u2022 Announced special refinance facilities to NABARD, SIDBI and the NHB for a total amount of \u20b950,000 crore at the policy repo rate
\u2022 Announced the opening of a special liquidity facility (SLF) of \u20b950,000 crore for mutual funds to alleviate intensified liquidity pressures.
\u2022 Moratorium of three months on payment of instalments and payment of Interest on Working Capital Facilities in respect of all Term Loans
\u2022 Easing of Working Capital Financing by reducing margins
\u2022 For loans by NBFCs to commercial real estate sector, additional time of one year has been given for extension of the date for commencement for commercial operations (DCCO)<\/p>\n\n\n\n

Businesses including MSMEs<\/h2>\n\n\n\n
\n
\n
  1. Rs 3 lakh crores Collateral free Automatic Loans for Business, incl MSME<\/li>
  2. Rs 20,000 crore Subordinate Debt for MSMEs<\/li>
  3. Rs 50,000 cr equity infusion through MSME Fund of Funds<\/li>
  4. New definition of MSMEs<\/li>
  5. Global tender to be disallowed upto Rs 200 crores<\/li>
  6. Other interventions for MSMEs<\/li>
  7. Rs 2500 crores EPF support for Businesses and Workers for 3 more months<\/li>
  8. EPF contribution reduced for Business & Workers for 3 months- Rs 6750 crores<\/li><\/ol>\n<\/div>\n\n\n\n
    \n
    1. Rs 30,000 crores Liquidity Facility for
      NBFC\/HCs\/MFIs<\/li>
    2. Rs 45,000 cr Partial Credit Guarantee Scheme 2.0
      for NBFC<\/li>
    3. Rs 90,000 cr Liquidity Injection for DISCOMs<\/li>
    4. Relief to contractors<\/li>
    5. Extension of Registration and Completion Date of
      Real Estate Projects under RERA<\/li>
    6. Rs 50,000 cr liquidity through TDS\/TCS reductions<\/li>
    7. Other Direct tax Measures<\/li>
    8. Other Direct Tax Measures<\/li><\/ol>\n<\/div>\n<\/div>\n\n\n\n

      Rs 3 lakh crores Collateral-free Automatic
      Loans for Businesses, including MSMEs<\/h2>\n\n\n\n

      \u2022 Businesses\/MSMEs have been badly hit due to COVID19 need additional
      funding to meet operational liabilities built up, buy raw material and restart
      business
      \u2022 Decision: Emergency Credit Line to Businesses\/MSMEs from Banks
      and NBFCs up to 20% of entire outstanding credit as on 29.2.2020
      \u2022 Borrowers with up to Rs. 25 crore outstanding and Rs. 100 crore turnover eligible
      \u2022 Loans to have 4 year tenor with moratorium of 12 months on Principal repayment
      \u2022 Interest to be capped
      \u2022 100% credit guarantee cover to Banks and NBFCs on principal and interest
      \u2022 Scheme can be availed till 31st Oct 2020
      \u2022 No guarantee fee, no fresh collateral
      \u2022 45 lakh units can resume business activity and safeguard jobs.<\/p>\n\n\n\n

      Rs 20,000 crores Subordinate Debt
      for Stressed MSMEs<\/h2>\n\n\n\n

      \u2022 Stressed MSMEs need equity support
      \u2022 GoI will facilitate provision of Rs. 20,000 cr as subordinate debt
      \u2022 Two lakh MSMEs are likely to benefit
      \u2022 Functioning MSMEs which are NPA or are stressed will be eligible
      \u2022 Govt. will provide a support of Rs. 4,000 Cr. to CGTMSE
      \u2022 CGTMSE will provide partial Credit Guarantee support to Banks
      \u2022 Promoters of the MSME will be given debt by banks, which will
      then be infused by promoter as equity in the Unit<\/p>\n\n\n\n

      <\/p>\n\n\n\n

      Rs 50,000 cr. Equity infusion for
      MSMEs through Fund of Fund<\/h2>\n\n\n\n

      \u2022 MSMEs face severe shortage of Equity.
      \u2022 Fund of Funds with Corpus of Rs 10,000 crores will be set up.
      \u2022 Will provide equity funding for MSMEs with growth potential and viability.
      \u2022 FoF will be operated through a Mother Fund and few daughter funds
      \u2022 Fund structure will help leverage Rs 50,000 cr of funds at daughter funds level
      \u2022 Will help to expand MSME size as well as capacity.
      \u2022 Will encourage MSMEs to get listed on main board of Stock Exchanges<\/p>\n\n\n\n

      New Definition of MSMEs<\/h2>\n\n\n\n

      \u2022 Low threshold in MSME definition have created a fear
      among MSMEs of graduating out of the benefits and hence killing the urge to grow.
      \u2022 There has been a long-pending demand for revisions.
      Announcement:<\/strong>
      \u2022 Definition of MSMEs will be revised
      \u2022 Investment limit will be revised upwards
      \u2022 Additional criteria of turnover also being introduced.
      \u2022 Distinction between manufacturing and service sector to be eliminated.
      \u2022 Necessary amendments to law will be brought about.<\/p>\n\n\n\n


      Existing and Revised Definition of MSMEs<\/h2>\n\n\n\n
      \"\"
      MSMEs<\/figcaption><\/figure>\n\n\n\n

      Global tenders to be disallowed upto Rs 200 crores<\/h2>\n\n\n\n

      \u2022 Indian MSMEs and other companies have often faced unfair competition from foreign companies.
      \u2022 Therefore, Global tenders will be disallowed in Government procurement tenders upto Rs 200 crores
      \u2022 Necessary amendments of General Financial Rules will be effected.
      \u2022 This will be a step towards Self-Reliant India (\u0906\u0924\u094d\u092e\u0928\u093f\u0930\u094d\u092d\u0930\u0930\u094d\u093e\u0930\u0924) and support Make in India
      \u2022 This will also help MSMEs to increase their business.<\/p>\n\n\n\n

      Other interventions for MSMEs<\/h2>\n\n\n\n

      \u2022 MSMEs currently face problems of marketing and liquidity due to COVID.
      \u2022 e-market linkage for MSMEs to be promoted to act as a replacement for trade fairs and exhibitions.
      \u2022 Fintech will be used to enhance transaction based lending using the data generated by the e-marketplace.
      \u2022 Government has been continuously monitoring settlement of dues to
      MSME vendors from Government and Central Public Sector Undertakings.
      \u2022 MSME receivables from Gov and CPSEs to be released in 45 days<\/p>\n\n\n\n

      Rs. 2500 crore EPF Support for Business &
      Workers for 3 more months<\/h2>\n\n\n\n

      \u2022 Businesses continue to face financial stress as they get back to work.
      \u2022 Under Pradhan Mantri Garib Kalyan Package (PMGKP), payment of
      12% of employer and 12% employee contributions was made into EPF accounts of eligible establishments.
      \u2022 This was provided earlier for salary months of March, April and May 2020
      \u2022 This support will be extended by another 3 months to salary months of June, July and August 2020
      \u2022 This will provide liquidity relief of Rs 2500 cr to 3.67 lakh establishments and for 72.22 lakh employees.<\/p>\n\n\n\n

      EPF contribution reduced for Business & Workers for 3 months- Rs 6750 crores
      Liquidity Support<\/h2>\n\n\n\n

      Businesses need support to ramp up production over the next quarter.
      \u2022 It is necessary to provide more take home salary to employees and also to give relief to employers in payment of Provident Fund dues,
      \u2022 Therefore, statutory PF contribution of both employer and employee will be reduced
      to 10% each from existing 12% each for all establishments covered by EPFO for
      next 3 months.
      \u2022 CPSEs and State PSUs will however continue to contribute 12% as employer contribution.
      \u2022 This scheme will be applicable for workers who are not eligible for 24% EPF
      support under PM Garib Kalyan Package and its extension.
      \u2022 This will provide relief to about 6.5 lakh establishments covered under EPFO and about 4.3 crore such employees.
      \u2022 This will provide liquidity of Rs 6750 Crore to employers and employees over 3
      months.<\/p>\n\n\n\n

      Rs 30,000 crore Special Liquidity Scheme for NBFCs\/HFCs\/MFIs<\/h2>\n\n\n\n

      \u2022 NBFCs\/HFCs\/MFIs are finding it difficult to raise money in debt markets.
      \u2022 Government will launch a Rs 30,000 crore Special Liquidity Scheme
      \u2022 Under this scheme investment will be made in both primary
      and secondary market transactions in investment grade debt paper of NBFCs\/HFCs\/MFIs
      \u2022 Will supplement RBI\/Government measures to augment liquidity
      \u2022 Securities will be fully guaranteed by GoI
      \u2022 This will provide liquidity support for NBFCs\/HFC\/MFIs and mutual funds and create confidence in the market.<\/p>\n\n\n\n

      Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs<\/h2>\n\n\n\n

      \u2022 NBFCs, HFCs and MFIs with low credit rating require liquidity to do fresh lending to MSMEs and individuals
      \u2022 Existing PCGS scheme to be extended to cover borrowings such as primary issuance of Bonds\/ CPs (liability side of balance sheets) of such entities
      \u2022 First 20% of loss will be borne by the Guarantor ie., Government of India.
      \u2022 AA paper and below including unrated paper eligible for investment (esp. relevant for many MFIs)
      \u2022 This scheme will result in liquidity of Rs 45,000 crores<\/p>\n\n\n\n

      Rs. 90,000 Cr. Liquidity Injection for DISCOMs<\/h2>\n\n\n\n

      \u2022 Revenues of Power Distribution Companies (DISCOMs) have plummeted.
      \u2022 Unprecedented cash flow problem accentuated by demand reduction
      \u2022 DISCOM payables to Power Generation and Transmission Companies is
      currently ~ Rs 94,000 cr
      \u2022 PFC\/REC to infuse liquidity of Rs 90,000 cr to DISCOMs against receivables
      \u2022 Loans to be given against State guarantees for exclusive purpose of
      discharging liabilities of Discoms to Gencos.
      \u2022 Linkage to specific activities\/reforms: Digital payments facility by Discoms for consumers, liquidation of outstanding dues of State Governments, Plan to reduce financial and operational losses.
      \u2022 Central Public Sector Generation Companies shall give rebate to Discoms which shall be passed on to the final consumers (industries)<\/p>\n\n\n\n

      Relief to Contractors<\/h2>\n\n\n\n

      \u2022 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)
      \u2022 Covers construction\/ works and goods and services contracts
      \u2022 Covers obligations like completion of work, intermediate milestones etc. and extension of Concession period in PPP contracts
      \u2022 Government agencies to partially release bank guarantees, to the extent contracts are partially completed, to ease cash flows<\/p>\n\n\n\n

      Extension of Registration and Completion Date of Real Estate Projects under RERA<\/h2>\n\n\n\n

      \u2022 Adverse impact due to COVID and projects stand the risk of defaulting on RERA timelines. Time lines need to be extended.
      \u2022 Ministry of Housing and Urban Affairs will advise States\/UTs and their Regulatory Authorities to the following effect:
      \u2022 Treat COVID-19 as an event of \u2018Force Majeure\u2019 under RERA.
      \u2022 Extend the registration and completion date suo-moto by 6 months for
      all registered projects expiring on or after 25th March, 2020 without individual applications.
      \u2022 Regulatory Authorities may extend this for another period of upto 3 months, if needed
      \u2022 Issue fresh \u2018Project Registration Certificates\u2019 automatically with revised timelines.
      \u2022 Extend timelines for various statuary compliance under RERA concurrently.
      \u2022 These measures will de-stress real estate developers and ensure completion of projects so that home buyers are able to get delivery of their booked houses with new timelines<\/p>\n\n\n\n

      Rs 50,000 crores liquidity through TDS\/TCS
      rate reduction<\/h2>\n\n\n\n

      \u2022 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.
      \u2022 Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.
      \u2022 This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from tomorrow to 31st March, 2021.
      \u2022 This measure will release Liquidity of Rs. 50,000 crore.<\/p>\n\n\n\n

      Other Direct Tax Measures<\/h2>\n\n\n\n

      \u2022 All pending refunds to charitable trusts and noncorporate businesses & professions including proprietorship, partnership, LLP and Co-operatives
      shall be issued immediately.
      \u2022 Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020<\/p>\n\n\n\n

      \u2022 Date of assessments getting barred on 30th September,2020 extended to 31st
      December,2020 and those getting barred on 31st March,2021 will be extended to 30th September,2021.
      \u2022 Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Five pillars of Atmanirbhar Bharat Prime Minister\u2019s Vision Call for \u0906\u0924\u094d\u092e\u0928\u093f\u0930\u094d\u092d\u0930 \u0930\u094d\u093e\u0930\u0924 \u0905\u0928\u0930\u094d\u092f\u093e\u093f or Self-Reliant…<\/p>\n","protected":false},"author":1,"featured_media":1074,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[46,45],"tags":[47],"class_list":["post-1059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","category-recent-post","tag-current-affairs"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/paperdigit.com\/index.php?rest_route=\/wp\/v2\/posts\/1059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/paperdigit.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/paperdigit.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/paperdigit.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/paperdigit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1059"}],"version-history":[{"count":0,"href":"https:\/\/paperdigit.com\/index.php?rest_route=\/wp\/v2\/posts\/1059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/paperdigit.com\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/paperdigit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/paperdigit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/paperdigit.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}