Union Finance Minister Nirmala Sitharaman will address a press conference to share the details of Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi on Tuesday.

The presser comes a day after PM announced $265 billion fiscal stimulus to deal with COVID-19 situation in India. The package is the second largest in Asia after Japan.

“I announce a special economic package today. This will play an important role in the ‘Atmanirbhar Bharat Abhiyan.’ The announcements made by the government over COVID, decisions of RBI and today’s package totals to Rs 20 lakh crore (USD 265 billion). This is 10 per cent of India’s GDP,” the Prime Minister said in his address to the nation.

Here are all the live updates:

5:17PM: All pending refunds to charitable trusts and non-corporate business & professions shall be issued immediately, says FM. 

5:15PM: TDS and TCS rates will be deducted by 25% for payment on all contracts for FY2020-21 , says FM. 

5:12PM: Ministry of Housing and Urban Development to issue directions to regulatory authorities for treating “COVID-19” period as “Force Majuere” for real estate projects: FM Nirmala Sitharaman. 

5:08PM: All govt agencies such as Railways, Highways, CPWD, etc will give up to 6 months extension to contractors to comply with contract conditions. Govt agencies will partially release bank guarantees to the extent of completion of contracts, says FM. 

5:01PM: Emergency liquidity injection to the extent of Rs 90,000 crores to all power discoms against all receivables, says FM. 

5:00PM: Government has launched a Rs 30,000 crore Special Liquidity Scheme for NBFCs/housing finance corporations/micro-finance institutions, says FM. 

4:56PM: To increase take-home salary, the government cuts EPF contribution from the employer and employee from 12 per cent to 10 per cent. The government will however continue to pay 12 per cent as its contribution towards EPF.

4:54PM: To ease financial stress as businesses get back to work, Government decides to continue EPF support for business & workers for 3 more months providing a liquidity relief of Rs 2,500 crores: FM Nirmala Sitharaman. 

4:48PM: GoI and CPSEs will honour every MSME receivable within next 45 days, says FM. 

4:43PM: For govt procurement, tenders upto Rs 200 cr will no longer be on global tender route, says FM. 

4:39PM: Additional criteria to define an MSME is being brought in and is based on turnover size. Differentiation between manufacturing and service MSMEs are being removed, says FM. 

4:38PM: Investment limit which defined MSMEs is being revised upwards, says FM. 

4:37PM: Fund of funds with a corpus of Rs 10,000 cr for MSMEs that are viable but need hand holding, says FM.

4:31PM: Rs 20,000 cr subordinate debt provision will be provided for stressed MSMEs, says FM Nirmala Sitharaman. 

4:29PM: In a major initiative, we announce Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs. Borrowers with up Rs 25Cr outstanding and Rs100 Cr turnover are eligible for this scheme, says Finance Minister Nirmala Sitharaman. 

4:26PM: Rs 52,606 crore have been transferred to 41 crore JanDhan account holders since previous set of announcements in late March, says FM Nirmala Sitharaman. 

4:22PM: Beginning today, for the next few days, I shall be coming with the entire team before you to put out the details of PM’s vision, says Finance Minister. 

4:13PM: Aatmanirbhar Bharat is not about an isolated India, but a confident India which can rest on its strengths and also can contribute to the world, says Nirmala Sitharaman. 

4:11PM: You’ve been seeing that the govt being led by PM Modi, even during the 2014-19 regime was a sensitive, listening and responding govt, says FM Nirmala Sitharaman.  

4:08PM: Essentially this package is to spur growth and to build a self-reliant India, says FM Nirmala Sitharaman before translating ‘Atmanirbhar Bharat’ in four Southern-India languages.  

4:06PM: PM laid out a vision after wide and deep consultations with several sections of our society and these discussions were held at various levels, with various ministries: Nirmala Sitharaman. 

4:04PM: Finance Minister Nirmala Sitharaman has arrived for her press conference where she will provide details of the economic package announced by Prime Minister Narendra Modi yesterday.   

3:52 PM: Sitharaman’s press conference comes a day after Prime Minister Narendra Modi announced USD 265 billion fiscal stimulus to deal with COVID-19 situation in the country. The package is the second largest in Asia after Japan.

3:50 PM: Union Finance Minister Nirmala Sitharaman will address the press conference shortly to share the details of the economic package

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