FM Nirmala Sitharaman Press Conference LIVE updates: After Finance Minister Nirmala Sitharaman announced major developments for MSME sectors such as collateral-free loans, more measures to give a further push to the economy are expected today at 4 PM. Reforms are especially expected in the agriculture sector which employs nearly 60% of the country’s population. In her Wednesday’s press conference, FM Sitharaman announced measures to boost liquidity for MSMEs via easier loans, credit guarantees and capital infusion for stressed small businesses. Further, Sitharaman also revised the definition of MSMEs, allowing for small businesses to grow bigger and still qualify for benefits intended for them. The measures are intended towards helping 2 lakh MSMEs. Now companies with investment of up to Rs 1 crore fall under Micro enterprises. It has also made provisions that the government procurement tenders up to Rs 200 crores will not go to global tenders. The Finance Minister’s announcements followed Prime Minister Narendra Modi’s speech in which he said that the government is rolling out a Rs 20 lakh crore economic package to help thwart the fallout of coronavirus and lockdown, and also to help make India a self-reliant economy.
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