Now, Finance minister give relief for MSME

When and why has the economy package announced by the government?

PM Narendra Modi on Tuesday on 12th May,2020 has announced an economic package of 20 lakh crore rupees to take out the country from the economic crisis arising out of the Coronavirus. It was named the Self-Reliant India Campaign. Today on Wednesday, 13th May, 2020 the Union Finance Minister Nirmala Sitharaman discussed it in detail. It focuses on micro, small, and medium scale industries.

What is the Self-reliant India campaign?

Prime Minister Narendra Modi in his address to the nation on Tuesday, 12 May 2020, while referring to self-reliant India, said, 'Even after the Corona crisis, the situation in the world is also being seen. When we look at these two periods from India's perspective, then it seems that it is not only our dream to be of 21st century India, we are responsible for lessons. But what will be its route? Today's state of the world teaches us that its path is a single, self-reliant India.

What is the new definition of MSMEs?

The Finance Minister “Nirmala Sitharaman” said that we have changed the MSME definition. It was being demanded for a long time. Under the new definition, it is a relief for MSMEs industries with a turnover of up to 100 crores will be placed in the category of small scale industries.

What is the new increased investment and turnover limit of Shukshm udyog?

Sukshum Udyog: FM minister said that the first investment limit for the manufacturing enterprise under the Sukshum Udyog was 25 lakh rupees and one million rupees for the service enterprise, which has been increased to one crore. Also, up to a turnover of five crore rupees will be placed under its micro. They will get all the facilities as before.

What is the new investment and turnover limit of small scale industries?

Small Scale Industries: Under this, the investment limits for the first manufacturing enterprise and service enterprise having MSME registration were five crores and two crore rupees respectively. Under the new definition, the government has increased it to ten crores. Also, on turnover of up to 50 crores, they will get every government exemption in the category of small scale industry.

What is the new investment or turnover limit for Medium industries?

Medium Industries: The Finance Minister stated that the investment limits for the first manufacturing enterprise and service enterprise under medium industry were ten crores and five crore rupees respectively. With this announcement of relief for MSMEs, Under the new definition, the government has increased it to 20 crores. Also, on turnover of up to 100 crores, they will get every government exemption in the category of small scale industry.

How much-unsecured loan announcement?

That the center has announced an unsecured loan of Rs 3 lakh crore for MSME today. She said that this would benefit 45 lakh MSMEs, in which more than 12 crore people are working. it is a big announcement of relief for MSME's. The Finance Minister said that it will be an automatic loan. Its time limit will be 4 years. She also said that the principal will not have to be repaid in the first year. 

What did PM say?

The Prime Minister said that in our scriptures it has been said that Ash: Panth means this is self-sufficient India. As a nation today we stand at a turning point. Such a big disaster has brought a signal to India, has brought a message, has brought an opportunity.