Finance Minister Nirmala Sitharaman has said that global tenders are unlikely for purchases under Rs 200 crore projects. Any collection up to Rs 200 crore would be through domestic companies said the FM while speaking about the Atma Nirbhar Bharat package. Also said that 52,606 crores have been transferred to 41 crores Jan Dhan accounts under Prime Minister Garib Kalyan’s scheme.
Speaking about the stimulus package announced by Modi, she revealed the details.
Non-Banking Financial Companies, Housing Financial Companies, and Microfinance Companies Rs. 30 thousand crores of funds will be released. For Power Distribution Companies Rs. 90,000 crore will be provided. Central government contractors and builders got an increase in the deadline for completing the projects. she said the bank guarantees may be partially released depending on the level of work completed. Meanwhile, this would help the contractors to some extent for some period, she said.
The existing TDS rate is being reduced by 25% from tomorrow till 31st March 2021. Also, she said there will change in the definition of MSMEs. Companies having Rs. 1 crore investment, and turnover of Rs 5 crore will be identified as micro-companies. Rs. 10 crore investment and with a turnover of Rs 50 crore are considered small-scale companies. Also, said Rs. 20 crores investment with a turnover of over 100 crores are considered middle-class companies.
No Global Tenders Upto 200 Crores Says Nirmala Sitharaman.