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Govt To Invest In MSMEs, No Global Tenders for Govt Contracts Up to Rs 200 Crore: FM

BP World Bureau | May 13 2020 06:51:41 PM
Image credits: BP creatives

NEW DELHI: Union finance minister Nirmala Sitharaman addressed the press conference to talk about the government's strategy to tackle economic crises related to COVID outbreak and lockdown. 

She said that the Rs 20 lakh crore economic package will spur growth and build a "self-reliant India" by pushing local brands to be competitive at the global level. 

Apart from tackling economic issues, this is also to avoid making India an isolationist economy, stressing on 'atmanirbhar', she said.  

She announced the government's decision to disallow global tenders up to Rs 200 crore to avoid unfair competition, faced by Indian MSMEs and other companies, from foreign companies.

For stressed MSMEs, govt will facilitate the provision of Rs 20,000 crore as subordinated debt to help 2 lakh MSMEs. 

Statutory PF contribution of both employee and employer will be reduced from 12% to 10% to increase their take-home salary. 

She said that the due date of all income tax returns for the assessment year 2020-21 will be extended to November 30th this year.