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Updated May 13th, 2020 at 21:25 IST

Piyush Goyal hails 1st tranche of economic stimulus for 'job-creating sectors' like MSMEs

Piyush Goyal lauded Wednesday's economic package announced by Nirmala Sitharaman saying it will benefit mega job-creating sectors like MSMEs, NBFCs, real estate

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Union Commerce and Railway Minister Piyush Goyal lauded Wednesday's economic package announced by Finance Minister Nirmala Sitharaman saying it will benefit mega job-creating sectors like MSMEs, NBFCs, power and real estate sectors. In a tweet soon after the FM's press briefing, Goyal said the measures under 'Aatmanirbhar Bharat Abhiyan' "will propel India’s growth" and position India as a global leader in the post-COVID-19 world.

READ | FM Nirmala Unveils India's Rs 20 Lakh Crore Package: FULL List Of First 15 Measures Here

Confidence building measures

Speaking to ANI, Piyush Goyal said the measures introduced to help micro, small and medium enterprises (MSMEs) and non-banking financial companies (NBFCs) to tide over the devastating impacts of the Coronavirus pandemic will create confidence in the market. 

"Announcements of Rs 30,000 crore special liquidity scheme for NBFCs etc, collateral-free loans and provision of Rs 20,000 crore as subordinate debt for MSMEs, etc; all measures to create confidence in the market. PM Modi has set the foundation for rapid recovery of the Indian economy," said Goyal.

He further said, "All stakeholders will work collectively to fulfill the vision of PM to expand the economy, to bring in more demand in the business cycle, to ensure infrastructure projects get a boost, systems on which country is running made more liberal and easy to operate in and to leverage our demography," the Commerce Minister said.

READ | PM Modi Issues First Statement On FM's 15 Announcements; Cites Benefit To Entrepreneurs

MSME focused first tranche

Unveiling the first tranche of a massive stimulus package pledged by the Modi government to rescue the Indian economy from the devastating fallout of the Coronavirus pandemic, Finance Minister Nirmala Sitharaman on Wednesday announced a Rs 3 lakh crore collateral-free automatic loan schemes for Micro, Small and Medium Enterprises along with five other major boosters aimed to revive the sector most hit with economic woes.

READ | FM Unveils Stimulus Package For MSMEs; Includes Collateral-free Loan, Equity Support

READ | FM Extends I-T Return Filing Deadline Till Nov 30; TDS, TCS Slashed By 25% Till March '21

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Published May 13th, 2020 at 21:25 IST

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