Chennai: Union Finance Minister Nirmala Sitharaman today said self-reliant India does not mean cutting off from rest of the world. “Essentially, the goal is to build a self-reliant India, that is why the economic package is called Aatma Nirbhar Bharat Abhiyan,” she said.
Addressing the media to elaborate on the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi during his address to the nation last night, Nirmala said, ‘Given pillars based on which we seek to build Aatma Nirbhar Bharat, our focus would be on land, labour, liquidity and law. A global value chain integration is a part of this vision.’
“In a major initiative, we announce Rs three lakh crore collateral-free automatic loans for businesses, including MSMEs. Borrowers with up Rs 25 crore outstanding and Rs100 crore turnover are eligible,” she said.
She said these loans have four year tenure, and are valid up to 31 October, 2020. Interest is to be capped and 100 per cent credit guarantee cover will be given to banks and NBFCs on principal and interest. She also said there will be no guarantee fee and no fresh collateral.
According to Nirmala, 45 lakh units can resume business activity and safeguard jobs thanks to this decision.
Stating that the economic package is to spur growth, build a self-reliant India, she said the focus would be on economy, infrastructure, system, demography and demand.
She said that the Prime Minister has laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society. Nirmala explained the meaning of Aatma Nirbhar Bharat in Tamil (thanniraivu petra Bharatham) and other south Indian languages.
The Finance Minister said, ‘beginning today, over the next few days we will come before you (media) with team to put forth the Prime Minister’s vision.’ Stating that the intention is to turn local brands into global ones, Nirmala said triggering growth is priority of the government.
“We shall not forget that we do have a responsibility towards the poor, needy, the migrants workers, divyang (differently abled) and the aged of the country,” she said.