India is presently in Lockdown 3 where the Economy is seeing a downward trend but the Hon’ble Prime Minister of India, Shri Narendra Modi Ji, on 12th May, 2020 announced aSpecial economic and comprehensive package of Rs 20 lakh Crores – equivalent to 10% of India’s GDP. He gave a clarion call for Self-Reliant India Movement. He also outlined five pillars of Aatmanirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand.
Hon’ble Finance Minister of India, Smt. Nirmala Sitharaman Ji held a press conference on 13th May, 2020 and announced measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against Novel COVID-19. The relief measures ranges across Micro, Small and Medium Enterprises (MSMEs), Employees Provident Fund (EPF), Non- Banking Finance Companies (NBFCs), Housing Finance Companies (HFCs) and Micro Finance Institutions (MFIs), Distribution Companies (DISCOMs), Contractors, Real Estate Sector and several other reliefs in Income Tax Act ranging from Extension in due dates for the Financial Year 2019-20 along with Reduction in TDS and TCS Rates by 25%.