Finance Minister Nirmala Sitharaman on Wednesday announced the first tranche of the Rs 20 lakh crore economic stimulus package that was announced by Prime Minister Narendra Modi on Tuesday. In the measures detailed in the announcement, MSMEs, NBFCs, the real estate industry, and the EPF benefitted from the announcement.
The Prime Minister's Office has also announced that Rs 3,100 crore will be allocated from the PM-CARES Fund to fight COVID-19. Around Rs 2,000 crore is earmarked for the purchase of ventilators, Rs 1,000 crore will be used to take care of migrant labourers, and the rest will be invested in vaccine development.
The announcements come as the number of COVID-19 cases in India crossed 77,000, with more than 2,500 deaths reported, according to Worldometer. Meanwhile, in Madhya Pradesh's Sagar district, social distancing norms were flouted when a crowd gathered to welcome a monk and his group when they arrived. The video went viral on social media.
Across the world, the number of COVID-19 cases neared 4.4 million, and the number of deaths reached just shy of 300,000. Only a few places in the world remain free of coronavirus as Lesotho becomes the last nation in Africa to report cases. Meanwhile, economies all over the world are opening up. Mexico announced that it will reopen car plants, Germany is set to relax controls on all its borders, and Iceland is easing immigration restrictions.
Coronavirus: FM announces Rs 3 lakh crore collateral-free loans for MSMEs, other measures to bring relief
Here's a roundup of YourStory's coverage today of how India and the world are dealing with the coronavirus pandemic.
The government has announced the reduction of tax deducted at source (TDS) by 25 percent with immediate effect and will be applicable till March 2021.
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Nirmala Sitharaman announced a slew of measures for SMEs, including revising definition and other measures to tackle liquidity and NPA concerns, all of which are aimed at making India 'aatmanirbhar' (self-reliant).
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UPES researchers, who developed the fabric helmet, say the primary beneficiaries will be students in schools and colleges where maintaining social distancing can be difficult.
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India Inc on Tuesday said PM Modi's Rs 20 lakh crore stimulus package was the "need of the hour" as it will pave the way for post-pandemic recovery and unleash the next wave of economic growth.
"There is a lot of big money involved. Also, if you release on OTT you cannot release it in theatres. If you release a film in theatre it will come on satellite as well as digital later," said trade analyst Taran Adarsh.
The current health crisis is a time to "not dismiss something as being too far out but being something we should look at", said Ratan Tata.
Seeking to boost the COVID-19-hit economy, Sitharaman announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs.
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