Finance Minister Nirmala Sitharaman finally reviews implementation of Aatma Nirbhar Bharat package

The Ministries and Departments concerned immediately started implementing the announcements under the 3 Aatma Nirbhar Bharat Packages and is being monitored regularly

The Finance Minister concluded a comprehensive review of ANBP with the Secretaries of various Ministries/Departments concerned over three days. On 12th May 2020, Prime Minister, Narendra Modi announced a special comprehensive economic package to fight the COVID-19 pandemic in India. He gave a clarion call for AatmaNirbhar Bharat Abhiyanor a Self-Reliant India Movement. The Prime Minister also outlined five pillars of AatmaNirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand.

Following the call of the Prime Minister, Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman presented the details of the Aatma Nirbhar Bharat Package 1.0 in a series of press conferences from 13th May 2020 to 17th May 2020. Subsequently, the Finance Minister announced AatmaNirbhar Bharat Package 2.0 on 12th October and AatmaNirbhar Bharat Package 3.0 on 12th November 2020.

The Ministries and Departments concerned immediately started implementing the announcements under the 3 Aatma Nirbhar Bharat Packages (ANBP). The progress of implementation is being reviewed and monitored regularly, almost on a daily basis.

Key elements of the progress made so far in implementing the ongoing Schemes of the AatmaNirbhar Bharat Packages are as under:

Rs 3 lakh crore Collateral-free Automatic Loans for Businesses, including MSMEs

pib.gov.in

Under an Emergency Credit Line Guarantee Scheme (ECLGS), as on 04.12.2020, as reported by Public Sector Banks, top 23 Private Sector Banks and 31 NBFCs, additional credit amounting to Rs. 2,05,563 crore has been sanctioned to 80,93,491 borrowers, while an amount of Rs. 1,58,626 crore has been disbursed to 40,49,489 borrowers. The Scheme was further amended on 26.11.2020 and the duration of the Scheme has been extended till 31.03.2021; also, the turnover limit prescribed therein has been removed. Operational guidelines of ECLGS 2.0 were issued on 26.11.2020. It is expected that 45 lakh units can resume business activity and safeguard jobs through this scheme.

Income Tax Refunds

Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,45,619 crore to more than 89.29 lakh taxpayers between 1st April 2020 and 8th December 2020. Income Tax refunds of Rs. 43,274 crore have been issued in 87,29,626 cases & corporate tax refunds of Rs. 1,02,345 crore have been issued in 1,99,554 cases.

Rs 50,000 crore Equity infusion for MSMEs through Fund of Funds

The Ministry of MSME had approved and issued the Guidelines on Self-reliant India (SRI) Fund on 5th August, 2020. The NSIC Venture Capital Fund Ltd., the subsidiary company of National Small Industry Corporation Ltd. (NSIC) has been incorporated under Companies Act 2013. This Special Purpose Vehicle (SPV) will anchor the Mother Fund.

Following due process, SBI Cap Ventures Ltd. has been selected as Fund Manager/Asset Management Committee.

SBI Cap has already started working towards preparation of Private Placement Memorandum (PPM).  The Ministry of MSME is taking further steps for operationalisation of the fund.

Government’s persistent efforts for payment to MSMEs

With the concerted efforts by the Ministry of MSME since May 2020, over Rs 21,000 crore of MSME dues have been paid in past 7 Months since May 2020 by the Central Government Agencies and Central Public Sector Enterprises (CPSEs). The highest level of Procurement was achieved in October of over Rs 5,100 crore and payment of over Rs 4,100 crore. Going by the reports received in first 10 days for November 2020, this level of performance is expected to be surpassed as Procurement of about Rs 4,700 crore and payment of about Rs 4,000 crore have already been reported.

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