Self - Reliant India Mission Swadeshi - 2020

" Self - Reliance is the only road to true freedom, and being one's own person is its the ultimate reward"    

                 - Patrica Sampson  

why in news?

- Honourable Prime Minister Shri Narendra Modi announced the Atma- Nirbhar Bharat Abhiyan and said that in the days to come his government would unveil the details of an economic package - worth Rs 20 lakh crore or 10%  of India's GDP in 2019-20 - aimed toward achieving this mission.

- This relief package will help to boost the economy as the 55-days COVID-19 lockdown nears to an end. This will benefit every personnel from small industries to workers to the middle class to the big corporate.

- This will include easy and transparent taxation, strengthening the financial system, to creating a better human resource. These reforms will excite businesses and take forward our commitment to "MAKE IN INDIA", "Land", "Labour", "Liquidity" and "Laws" - all factors have been given the importance, PM said in the speech.

These are the other top takeaways from PM Modi's speech:

1) Our lives cannot get limited by the coronavirus crisis. Lockdown 4.0 will have new colours, new characteristics, new rules, based on the suggestions from the state government, the guidelines for next lockdown will be shared with you before May 18.

2) Every Indian should become 'vocal' for 'local' products. We should use local products and promote them as well. Local manufacturing is what has saved us in this pandemic. Today, the global brands that you see, were local at one time, these brands went from 'local' to 'global' when people used their products.

3) Today we have the resources and the ability, the best talent, we will make the best products, improve the quality of manufacturing, modernism, the supply chains. "Before the coronavirus pandemic, "India didn't manufacture single protective equipment {PPE} and a negligible number of N-95 masks. Now, India manufactures 200,000 units of both PPE and N-95 masks each.

4) A self-reliant India will stand on five pillars: Economy, Infrastructures, A Tech-Driven system that look towards the future, Vibrant Demography, and Demand-Supply Chain. From today, every India should be more " vocal for the local"

- Today Finance Minister of India distributed relief fund in different sectors to boost the economy, for example, Manrega scheme, Pradhan Mantri Gareeb Kalyan package, Agriculture, MSME etc.. but we will talk about MSME sector where government distributed loan of 3 lakh crore rupees.

New Definition of MSME

Key Announcement:

• Definition of MSMEs will be revised

• Investment limit will be revised upwards 

• Additional criteria for turnover also being introduced. 

• Distinction between manufacturing and service sector to be eliminated

• Necessary amendments to the law will be brought about.

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

- Businesses/MSMEs have been badly hit due to COVID19 need additional funding to meet operational liabilities built up, buy raw material and restart business

Borrowers with up to Rs. 25 crore outstanding and Rs. 100 crore turnover eligible 

• Loans to have 4-year tenor with a moratorium of 12 months on Principal repayment

• Interest to be capped

• 100% credit guarantee cover to Banks and NBFCs on principal and interest

• Scheme can be availed till 31st Oct 2020

• No guarantee fee, no fresh collateral 

• 45 lakh units can resume business activity and safeguard jobs. 

Rs. 2500 crore EPF Support for Business & Workers for 3 more months

• Businesses continue to face financial stress as they get back to work. 

• Under Pradhan Mantri Garib Kalyan Package (PMGKP), payment of 12% of employer and 12% employee contributions were made into EPF accounts of eligible establishments. 

• This was provided earlier for salary months of March, April and May 2020

-> This is the total summary of Prime Minister speech and relief fund distribution in different sectors. 

Let's be a Self Reliant. 

Also watch this links for how we can be a self reliant.