top of page
  • Max

Implementation of Aatma Nirbhar Package pertaining to Ministries of Finance & Corporate Affairs

Hon’ble Prime Minister Shri Narendra Modi on May 12th, 2020, announced a special economic and comprehensive package of Rs 20 lakh crore – equivalent to 10% of India’s GDP – to fight the COVID-19 pandemic in India. He gave a clarion call for Aatma Nirbhar Bharat or a Self-Reliant India Movement. He also outlined five pillars of Aatma Nirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand.

Implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs -Progress So Far

Sep 13, Delhi: Following the call of the Hon'ble Prime Minister, Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman laid down the details of the Aatma Nirbhar Bharat Package in a string of press conferences from 13th May 2020 to 17th May 2020.


The Ministries of Finance & Corporate Affairs have immediately started implementing the announcements related to the economic package under Aatma Nirbhar Bharat Abhiyaan. The seriousness of the Government can be gauged from the regular reviews and monitoring of the implementation of the economic package on an almost day to day basis.


The progress made so far in the implementation of the ongoing Schemes of Aatma Nirbhar Bharat Package by Ministries of Finance and Corporate Affairs is as under:

  1. Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD - As on 28.08.2020, Rs. 25,000 crore has been disbursed. Balance amount of Rs. 5000 crore under Special Liquidity Facility (SLF) allocated to NABARD by RBI for smaller NBFCs and NBFC-MFIs. NABARD is finalising operational guidelines to roll it out soon. Besides, NABARD has also launched a Structured Finance & Partial Guarantee scheme in collaboration with two agencies & banks to help unrated NBFCs/MFIs to get credit from lenders. This mechanism worked out with two such agencies and banks will enhance eligibility of credit by 5-6 times to those small MFIs who do not have any rating.  Once all the earmarked Rs.500 crore for this scheme is deployed, the credit availed by those small NBFCs/MFIs to an extent of Rs. 2500 to Rs. 3000 crore is envisaged. This will be a game-changer in reaching out to the people especially women in the remote & unreached areas.

  2. Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs, HFCs and MFIs to do fresh lending to MSMEs and individuals - As on 28.08.2020, Banks have approved the purchase of a portfolio of Rs. 25,055.5 crore and are currently in the process of approval/negotiations for additional Rs. 4,367 crore.

  3. Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs has also progressed well. SBICAP was assigned to set up an SPV to implement the Scheme. The Scheme was launched through a Press Release dated July 1, 2020. On the same day, the regulator RBI also issued a circular to NBFCs and HFCs on the Scheme. As on 11th September 2020, thirty-seven (37) proposals involving an amount of Rs. 10590 crore has been approved.   Six (06) applications seeking financing of Rs. 783.5 crore are under process.

  4. Rs 3 lakh crore Collateral-Free Automatic Loans for Businesses, including MSMEs - To provide relief to the business, additional working capital finance of 20% of the outstanding credit as on 29th February 2020, in the form of a Term Loan at a concessional rate of interest will be provided. This will be available to units with upto Rs 25 crore outstanding and turnover of up to Rs 100 crore whose accounts are standard. The units will not have to provide any guarantee or collateral of their own. The amount will be 100% guaranteed by the Government of India providing total liquidity of Rs. 3 lakh crore to more than 45 lakh MSMEs. After taking Cabinet approval on 20.05.2020, Department of Financial Services issued Operational Guidelines for the Scheme on 23.05.2020 and Emergency Credit Line Guarantee Scheme (ECLGS) Fund was registered on 26.05.2020.  Guidelines amended on 4.8.2020 to include Individual loans for business, enhance loan outstanding ceiling to Rs 50 crore and annual turnover ceiling to Rs 250 crore. As on 10.09.2020, as reported by Public Sector Banks and top 23 Private Sector Banks, additional credit amounting to Rs. 1,63,226.49 crore has been sanctioned to 42,01,576 borrowers. Amount of Rs. 1,18,138.64 crore has been disbursed to 25,01,999 borrowers as on 10.09.2020.

  5. Income Tax Refunds - Refunds of over Rs. 1,01,308 crore have been issued to more than 27.55 lakh taxpayers between 1st April 2020 to 8 September 2020. Income tax refunds of Rs. 30,768 crore have been issued in 25,83,507 cases & corporate tax refunds of Rs.70,540 crore have been issued in 1,71,155 cases. In fact, all corporate tax refunds up to Rs. 50 crore have been issued in all cases, wherever due.  Other Refunds are under process.

1 view0 comments

Comments


Planner 5D- Interior design app

Planner 5D- Interior design app

Flipkart Online Shopping App

Flipkart Online Shopping App

World population to reach 8 billion this year, as the growth rate slows

July 12, 2022 at 6:57:56 AM

15 November 2022 is predicted to be the day that the global population reaches eight billion. The projection is revealed in the UN’s World Population Prospects 2022 report, which also shows that India is on course to surpass China as the world’s most populous country in 2023.

World population to reach 8 billion this year, as the growth rate slows

WHO: Nearly one billion people have a mental disorder

June 22, 2022 at 7:20:50 AM

Nearly one billion people worldwide suffer from some form of mental disorder, according to the latest UN data – a staggering figure that is even more worrying if you consider that it includes around one in seven teenagers.

WHO: Nearly one billion people have a mental disorder

What can the UN do? Check the top 5 questions answered

April 6, 2022 at 10:51:48 AM

The current war in Ukraine, following the Russian invasion, has sparked all sorts of questions about the United Nations, particularly the role of the Security Council, the General Assembly and the Secretary-General.

What can the UN do? Check the top 5 questions answered

Ukraine: UN’s Guterres joins call for Bucha war crimes probe

April 6, 2022 at 8:22:29 AM

UN chief António Guterres on Tuesday added his voice to the growing international calls for a war crimes investigation into the killing of civilians in the Ukrainian town of Bucha.

Ukraine: UN’s Guterres joins call for Bucha war crimes probe

Recent terrorist attacks in Israel undermine ‘prospects for peace’: Guterres

March 31, 2022 at 8:29:57 AM

Secretary-General António Guterres on Tuesday night condemned recent terrorist attacks in Israel that have claimed the lives of at least 11 Israeli citizens.

Recent terrorist attacks in Israel undermine ‘prospects for peace’: Guterres

China's BYD ceases to produce gasoline-powered vehicles

4/4/22, 7:00 AM

Chinese auto manufacturer BYD announced Sunday that it has already ceased the production of traditional gasoline-powered vehicles starting from March.

China's BYD ceases to produce gasoline-powered vehicles

Performance-oriented all-new ŠKODA SLAVIA 1.5 TSI Launched creates a segment of its own

3/27/22, 10:42 AM

All new ŠKODA SLAVIA 1.5 TSI starts at ₹ 16.19 lacs

Performance-oriented all-new ŠKODA SLAVIA 1.5 TSI Launched creates a segment of its own

CARS24 Raises $450 Million, Nearly Doubles Its Valuation To $1.84 Billion

9/25/21, 6:16 AM

CARS24, India’s leading e-commerce platform for pre-owned vehicles, announced today the closing of a $450M round of funding including a $340M Series F equity round alongside $110M debt from diversified financial institutions.

CARS24 Raises $450 Million, Nearly Doubles Its Valuation To $1.84 Billion

Tata Motors launches the ‘XPRES’ brand for fleet customers

7/18/21, 6:13 PM

Tata Motors, one of India’s leading automobile manufacturers, today announced the launch of a new brand ‘XPRES,’ exclusively for fleet customers.

Tata Motors launches the ‘XPRES’ brand for fleet customers

Audi India announces curated ownership plans for Audi e-tron and Audi e-tron Sportback customers

7/18/21, 5:56 PM

Special Service Plans, Extended Warranty and Buyback for a hassle-free ownership experience

Audi India announces curated ownership plans for Audi e-tron and Audi e-tron Sportback customers

TikTok hits 1 billion global active users

9/28/21, 8:56 AM

TikTok mission is to inspire creativity and bring joy.

TikTok hits 1 billion global active users

FACT CHECK: Crypto is increasingly being used for criminal activity and is a haven for illicit finance

6/23/21, 6:11 AM

Because cryptocurrency is still new, we are often asked about the biggest myths surrounding it. It’s common for a new market or product to confuse people until they get familiar with it. Think about Airbnb: the idea of staying in a stranger’s home seemed crazy until it didn’t.

FACT CHECK: Crypto is increasingly being used for criminal activity and is a haven for illicit finance

PUBG: NEW STATE surpasses 17 Million Google play store PRE-REGISTRATIONS following its recent ALPHA TEST

6/19/21, 4:40 AM

KRAFTON, Inc. to open pre-registration for the game on Apple’s App Store in Q3 2021

PUBG: NEW STATE surpasses 17 Million Google play store PRE-REGISTRATIONS following its recent ALPHA TEST
bottom of page