Finance Minister Nirmala Sitharaman on Wednesday announced 15 measures to revive and support business under the mega stimulus package -- Self-Reliant India Movement -- which was announced by Prime Minister Narendra Modi last evening.
Giving detail about the measures, the minister said that six measures are exclusively meant for the MSME sector, while the others pertain to real estate, NBFCs and general businesses.
Sitharaman came to the aid of Non-Banking Financial Companies (NBFCs), which are struggling to raise funds in debt markets, as she declared liquidity infusion of Rs 45 thousand crore for them. Housing Finance Companies (HFCs) and Micro Finance Institutions (MFIs) are bound to help as well.
This can be considered as Partial Credit Guarantee Scheme 2.0 (PCGS) as a PCGS is in place already.
Sitharaman also said that to address difficulties faced by NBFCs, MFIs, and HFCs the government will launch another Rs 30,000 Special Liquidity Scheme.
The combined total of Rs 30,000 crore support to NBFCs and PCGS of Rs 45,000 crore amounts to total Rs 75,000 crore support for the NBFCs out of the fresh economic package laid out by the Finance Minister towards making India self-reliant.
Attempts have also been made via these measures to decrease the regulatory burden on companies, while increasing the take-home pay of employees.
(With agency inputs)
