New Delhi: A day after announcing Rs 6 lakh crore package out of the total Rs 20 lakh crore economic stimulus package, media reports on Thursday suggested that Union Finance Minister Nirmala Sitharaman’s second-day press conference will focus on migrant workers and rural economy. Also Read - Rs 3 Lakh Crore Collateral-free Loans Will Boost Liquidity, Empower MSMEs, Says PM Modi
The second-day press conference of the FM carries significance in the backdrop of the massive exodus of migrant workers on foot from different states to their native places. At this critical time, the Central government has also arranged special Shramik trains for their transport to their native places. Also Read - From MSMEs to Income Tax Returns: Nirmala Sitharaman's Briefing on Rs 20 Lakh cr Package | Highlights
After offering Rs 3 lakh crore collateral-free loans to small businesses, focus on rural economy is a must. At this time of corona crisis, reviving rural economy also needs to be the priority of the Central government. Also Read - Great News For MSMEs as FM Announces Rs 3 Lakh Crore Collateral-free Automatic Loan For Businesses
On the first day of the press conference, FM Sitharaman announced Rs 3 lakh crore of collateral-free loans for small businesses, reduced the tax rate for non-salary payments and provided liquidity to non-banking companies to help them overcome the disruptions caused by the lockdown.
Announcing the first set of components of the Rs 20 lakh crore COVID-19 economic stimulus package, the FM said Rs 90,000 crore liquidity infusion will be made in electricity distribution companies to help them fight the current financial stress.
She also extended the dates for filing income tax returns and other assessments to November 30. She said the rate of tax deducted at source (TDS) and tax collected at source (TCS) for non-salaried payments up to March 31, 2021, will be cut by 25 per cent. The move will release Rs 50,000 crore in the system, she said.