FM Nirmala Sitharaman’s announcement of 20 lakh crores

The Finance Minister, Nirmala Sitharaman says that the economic package will be released in tranches and today’s tranche will have 14 different measures. Six of these are for MSMEs, two are for EPFO, two for NBFCs and Mutual Funds and one each for discoms, contractors, real estate and tax measures. Yesterday Prime Minister had announced 20 lakh crores which is estimated as 10 % of GDP. In order to provide more funds at the disposal of the tax payers, the rates of TDS specified payments made to residents and rates of TCS for the specified recipients shall be reduced by 25%, Extension of Registration & Completion Date of Real Estate Projects Under RER, Relief to Contractors as the FM has annoiunced the extension of upto six months  by all central agencies like Ministry of Railways, Minstry of Road Transport & Highways, CPWD etc, Rs 45,000 Cr Partial Credit Guarantee Scheme 2.0 for NBFCs, Rs 30,000 Cr Special Liquidity Scheme for NBFCs/HFCs/MFIs, Rs 2500 Cr EPF Support | To ease financial stress as businesses get back to work, government decides to continue EPF support for business and workers for 3 more months providing a liquidity relief of Rs 2,500 crores, says finance minister.