Sitharaman to announce second tranche of Rs 20 lakh crore stimulus package at 4 PM today

Union Finance Minister Nirmala Sitharaman will address a press conference at 4 pm on Thursday on the second tranche of measures related to Atmanirbhar Bharat.

It will be a follow up on the first tranch of the Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi to revive the economy hit by the coronavirus pandemic.

Sitharaman on Wednesday laid out a comprehensive plan focused on the revival of cash-strapped MSME sector.

In the first part of a series of announcements, Sitharaman said measures are focused on 'Getting back to work' which means enabling employees and employers, businesses, especially Micro Small and Medium Enterprises, to get back to production and workers back to gainful employment.

Sitharaman announced Rs 3 lakh crore emergency working capital facility for businesses, including MSMEs.

The government will also revise the definition of MSME which has been a long-pending demand of the industry, the minister said.

To promote Indian MSMEs, global tenders will be disallowed in government procurement up to Rs 200 crore.

Besides, e-market linkage for MSMEs will be promoted to act as a replacement for trade fairs and exhibitions. MSME receivables from Government and CPSEs will be released in 45 days, the government has said.