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Siddaramaiah Eyes Next Tranche Of Economic Package; Dons Economist Hat And Rubbishes First

Former Karnataka Chief Minister and senior Congress leader Siddaramaiah on Wednesday slammed the Centre's relief measures announced by FM Nirmala Sitharaman.

stimulus package

Former Karnataka Chief Minister and senior Congress leader Siddaramaiah on Wednesday slammed the Centre's relief measures announced by Finance Minister Nirmala Sitharaman. Taking to Twitter, Siddaramaiah called the measures 'disastrous' and said that it does not work in favour of poor migrants, farmers, contract employees and labourers. He further alleged that most of the intended benefits may not even reach the recipient. 

Read: FM Nirmala unveils India's Rs 20 lakh crore package: FULL list of first 15 measures here

After FM Sitharaman announced a slew of measures of various sectors including the MSMEs, the Congress leader stated the Centre should have taken measures to pay a part of the salaries in MSMEs, which it has done, though not in as direct terms as Siddaramaiah desires. He further accused the government of being ignorant of the actual spending that is needed to boost consumption in the country. He added that he will be looking forward to the next set of measures. 

Read: Amit Shah thanks PM Modi & FM for economic package; exudes confidence in economic revival

Read: Economic package for MSMEs to energise local industry: Union Minister Nitin Gadkari

FM announces relief measures 

Union Finance Minister Nirmala Sitharaman on Wednesday unveiled the first set of 15 relief measures for various sectors amid the COVID-19 lockdown. The measures to revitalise the MSME sector include Rs.3 lakh crore collateral-free automatic loans for businesses, including MSMEs, Rs. 20,000 crore subordinate debt for MSMEs, Rs. 50,000 crore equity infusion through MSME Fund of Funds, revising the definition of MSMEs and the prohibition of global tenders in government procurement tenders up to Rs.200 crore.

Other measures such as Rs.2500 crore EPF support for business and workers for 3 more months, reduction of EPF contribution for business and workers for 3 months, Rs.30,000 crore liquidity facility for NBFCs/HFCs/MFIs, Rs.45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs and Rs.90,000 crore liquidity injection for DISCOMs were also announced. Furthermore, the registration and completion date of all registered projects expiring on or after March 25, 2020, shall be extended suo-moto by 6 months. The due date of income tax return, tax audit, assessments, and the 'Vivad se Vishwas' scheme has also been extended. Additionally, all Central agencies shall provide an extension to construction work, service contracts, etc. by 6 months. 

Read: 'Economic package for those who have already looted country, nothing for poor': AAP MP

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