Will boost liquidity, empower entrepreneurs: Modi on Sitharaman's announcements
The series of measures announced on Wednesday by the government to boost the economy hit by the coronavirus lockdown will enhance liquidity, empower entrepreneurs and strengthen their competitive spirit, Prime Minister Narendra Modi said.
He also said the announcements made by Finance Minister Nirmala Sitharaman will go a long way in addressing issues faced by businesses, especially Micro, Small and Medium Enterprises (MSMEs).
"The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit," the prime minister wrote on Twitter.
Seeking to boost the COVID-19-hit economy, Nirmala announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs.
This will benefit 45 lakh small businesses, she said, detailing parts of the Rs 20 lakh crore economic stimulus.
"Today's announcements by FM @nsitharaman will go a long way in addressing issues faced by businesses, especially MSMEs," Modi said.
The announcements by the finance minister came a day after Prime Minister Modi introduced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore.
Uttar Pradesh Chief Minister Yogi Adityanath on Wednesday lauded the Centre for Rs 20 lakh crore COVID-19 economic stimulus package, saying it would benefit over three crore people in the state's MSME sector.
He also said that keeping in mind the MSME sector, the state is going to organise a loan fair from Thursday.
"Tomorrow, over 36,000 entrepreneurs will be given Rs 1,600 to Rs 2,000 crore in loans," said the chief minister, according to an official spokesman.
"I thank Prime Minister Narendra Modi and the finance minister for the package. Presently, UP is the state with maximum MSMEs. Over three crore people of state are related to the sector directly or indirectly. This will make them strong," Adityanath said.
"My government with the help of One District One Product (ODOP) scheme tried to give a new life to MSME sector but due to coronavirus pandemic some hurdles came up. Announcement of Rs 3 lakh crore loan for MSMEs and other initiatives are a welcome step," he said.