Shubham Jaiswal ([email protected])
Finance minister Nirmala Sitharaman will announce details of the second tranche of the ₹20 lakh crore economic package today in a press conference at 4 pm.
As declared by PM Modi in his address to the nation, Sitharaman will release details of the economic package, themed on making India self-reliant (Aatma Nirbhar Abhiyaan), over the next few days.
The first tranche of the economic package, announced yesterday, had 15 fiscal and regulatory measures for MSMEs, real estate, NBFCs, power distribution companies, contractors and general businesses.
Sitharaman has also given relief on EPF contribution as well as relaxation in TDS, TCS rates for non-salary payments. Income tax return (ITR) filing deadline has also been extended till November 30 for categories of taxpayers.
The industry is now awaiting details about economic reforms, which PM Modi had hinted in his speech earlier.
I think these include supply chain reforms for agriculture, rational tax system, simple and clear laws, capable human resource and a strong financial system so as to promote business, attract investment, and further strengthen ‘Make in India’.