Economic Package of 20 Lakh Crore on Covid-19 Crisis declared by PM Modi,
Today Special Economic Package of 20 Lakh Crore on Coronavirus Crisis declared by PM Modi,
www.carajput.com; PM MODI Speech
Bringing up the country to the coronavirus crisis, pm Narendra Modi unveiled an economic package of Rs 20 Lakh Crore. He said it was 10% of India’s GDP, adding that it was for the MSMEs and the “honest taxpayers.” “Starting tomorrow, the finance minister will tell you in-depth about the plan that was supposed to move towards ‘Atma-nirbhar Bharat Abhiyaan.’ The Prime Minister has said that the lockout will be continued for the fourth time. He said that the decision had been taken after speaking to the different chief ministers. The specifics of Lockdown 4 will be published before 18 May, the PM added.
It was also described by Modi as an indescribable crisis. The Prime minister says that self-reliance is really the only way forward, and thus does not mean a self-centered strategy. “We’ve got to be stronger. We have to save ourselves and continue to push forward at the same time, “he adds, adding,” We’ve learned that the 21st century is going to belong to India, but it’s not just a fantasy, it’s also our duty. Just how to do it. The current world condition shows that there is only one way: a self-reliant India.
PM said that the twenty-first century belonging to India and it’s appropriate for us to become self-reliant and concentrate on five pillars. Economics, Technology System, Demography Demand
The below mention point are the aspirations of companies, small and medium-sized businesses, and individuals
The decrease in the maximum marginal rate for real taxpayers;
Land reforms – Simple creation of new industrial units, large support for the deployment of equipment, purchasing of property and building
Labor initiatives – Liberalization of Employment Law Rules. Provide for relief from the rules of the EPF and ECSI and other legislation to allow more work time at the same time to provide for mandatory health and medical care.
A credit guarantee program for cooperatives and agricultural sectors
Fiscal deficit target to rise to 10% with big liquidity for Bank to Lend to MSME at concessional rate and interest rate subsidies up to 3% to 5% and simple loan approvals
Begin of Train, Rail and Road and Travel & Tourism to provide them with proper SOPs and subsidies for the procurement of protective equipment
Export benefits to selected sectors that build opportunities for jobs
International Industry Special Concession Tax Rate to encourage investment in India and Make in India, to exploit a rare opportunity to attract foreign firms to shift production base in India and out of China. Open foreign direct investment and stimulate development in India
Education, Engineering, with an improvement in policy spending on certain sectors
Drop-in GST rates with a one-time waiver of interest and fine on all taxpayers who have failed to file returns
PM Mode pitches for local products: “Every Indian must be a local voice”
The special economic package is for our workers, farmers, fair citizens, small and medium-sized enterprises, and the cottage industry, says PM.
Finance Minister will reveal specifics of the Special Economic Plan beginning Wednesday.
The special economic package would depend on land, labor, liquidity, and regulations, says Modi.
Today, I declare a special economic package. The special economic recovery program for the country will amount to 20 lakh crore, which is almost 10% of GDP. The declarations issued by the Government over Covid-19, the RBI decisions, and today’s bundle totals 20 lakh crore. This is going to play an important role in the ‘Atmanirbhar Bharat Abhiyan,’ said PM”
“India’s self-reliance should be based on five pillars — economy, infrastructure, technology-driven structures, vibrant demographics, and demand”
“India has wealth and expertise to produce the best goods, boost efficiency and supply chain”
“Medicine provided by India has reinforced new dreams in the nation that is battling the war between life and death. With these moves, when India is being celebrated all over the world, every Indian feels proud.
“If India talks about self-reliance, it does not promote a self-centered system. In India’s self-reliance, there is a concern for the health, harmony, and prosperity of the entire community.
“India did not manufacture any PPE before the crisis of COVID-19 and developed very few N-95 masks, now we are manufacturing two lakhs of each one,”
“Making India self-reliant is the only way to make the 21st century part of India,”
Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders.
Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields.
We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.
