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Union Finance Minister Nirmala Sitharaman on Wednesday announced a 3 lakh crore collateral-free loan scheme for businesses, especially micro, small and medium enterprises (MSMEs), as part of a 20 lakh crore economic stimulus package to deal with the COVID19 pandemic. For salaried workers and taxpayers, some relief was provided in the form of an extended deadline for income tax returns for the financial year 2019-20, with the due date now pushed to November 30, 2020. The rates of tax deduction at source(TDS) and tax collection at source (TCS) have been cut by 25% for the next year, while statutory provident fund (PF) payments have been reduced from 12% to 10% for both employers and employees for the next three months.

Apart from MSMEs, other stressed business sectors which got attention were nonbanking finance companies(NBFCs), power distribution companies, contractors, and the real estate industry. This is the first tranche of the Atmanirbhar Bharat Abhiyan announced by Prime Minister Narendra Modi on Tuesday as a 20 lakh crore economic package. That package includes the ongoing Pradhan Mantri Garib Kalyan Yojana, meant to support the poorest and most vulnerable communities during the pandemic, as well as several measures taken by the Reserve Bank of India to improve liquidity. More tranches are expected in the next few days. Ms. Sitharaman sidestepped queries on the actual  cash outgo for the government, as well as how the Centre intends to raise the needed funds. Ernst and Young’s chief policy advisor D.K. Srivastava estimated that the measures announced on Wednesday amounted to 5.94 lakh crore, which include  both liquidity financing measures and credit guarantees, although the direct fiscal cost to the government in the current financial year may only be 16,500 crore.MSMEs will get the bulk of the funding. The 3 lakh crore emergency credit line will ensure that 45 lakh units will have access to working capital to resume business activity and safeguard jobs, Ms. Sitharaman said. For two lakh MSMEs which are stressed or considered nonperforming assets, the Centre will facilitate provision of 20,000 crore as subordinate debt. A 50,000 crore equity infusion is also planned, through an MSME fund of funds with a corpus of  10,000 crore.