FM Sitharaman’s 2nd phase of announcement on economic package today at 4pm

Updated on May 14, 2020 01:44 PM IST

On Wednesday, the finance minister said that, over the next few days her team will come before the media to put forth PM’s vision and share more details on the economic package.

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman during a press conference detailing the centre’s announcement of an economic stimulus package during lockdown at the National Media Centre in New Delhi on Wednesday.(Sonu Mehta/HT PHOTO)
Union Minister of Finance and Corporate Affairs Nirmala Sitharaman during a press conference detailing the centre’s announcement of an economic stimulus package during lockdown at the National Media Centre in New Delhi on Wednesday.(Sonu Mehta/HT PHOTO)
Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Sparshita Saxena

Union Finance Minister Nirmala Sitharaman will address the media again on Thursday at 4 pm in the second phase of announcements on government’s Rs 20 lakh crore package. This comes a day after she held a press conference and shared details of the stimulus package on Wednesday.

On Wednesday, the finance minister said that, over the next few days her team will come before the media to put forth PM’s vision and share more details on the economic package.

Sitharaman on Wednesday announced a slew of measures under the economic package that she said would infuse vigour in the economy and benefit various economic sectors.

Also read: Sitharaman announces boost to MSMEs; EPF support to workers, businesses

TDS, TCS rate for non-salaried payments for period up to March 31, 2021 has been cut by 25%. The move will release Rs 50,000 crore, she said. The finance minister announced that the due date for all income tax returns has been extended to November 30.

In order to provide more take home salary for employees and to give relief to employers in payment of Provident Fund, Employees’ Provident Fund Organisation (EPF) contribution is being reduced for businesses and workers for 3 months, amounting to liquidity support of Rs 6,750 crores, the finance minister announced.

Also read: Nirmala Sitharaman Press Conference: Rs 9250 crore relief for provident fund contributors

“Definition of MSMEs has been revised, investment limit to be revised upwards, additional criteria of turnover also being introduced,” the finance minister stated.

The finance minister reiterated the importance of “self-reliant India” (Atmanirbhar Bharat) in her address on Wednesday. She said the announcement of the Rs 20 lakh crore economic package for ‘Atmanirbhar Bharat’ is to spur growth in the country.

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