Finance Minister Nirmala Sitharaman announced a 15-point agenda to provide help to the struggling Medium Small and Micro Enterprises (MSMEs). The Atmanirbhar Bharat Abhiyan economic package reduces the monetary burden on employers and employees on account of the outgo for Employees’ Provident Fund Organisation (two measures), non-banking financial institutions and housing finance corporations (two measures), three measures of relief in terms of tax compliance, and one measure each for power distribution companies (discoms) and contractors of roads, railways and other services.
Empty wallets? Finance Minister Nirmala Sitharaman announced reduction of the tax deducted at source for non-salaried income by 25 per cent of the existing rates along with tax collected at source. This reduced rate of TDS (Tax deducted at source) and TCS (Tax collected at source) will be available for payment for contract, professional fees, interest, rent, dividend, commission and brokerage income.
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PM Cares: The PM CARES Fund Trust decided to allocate Rs 3,100 crore for the fight against COVID-19. Of which, nearly Rs 2,000 crore will be earmarked for the purchase of ventilators and Rs 1,000 crore for care of migrant labourers and Rs 100 crore will be given to support coronavirus vaccine development.
Global front: More than 4.31 million people have been reported to be infected by the novel coronavirus globally and 291,820 have died so far. As many as 1,493,414 people have been cured across the world. The United States has recorded the maximum number of deaths and cases at 82,376 and 1,369,574 respectively. Russia reported more than 10,000 new coronavirus cases, continuing a grim trend.
Highest Spike: Maharashtra reported the single-day highest 1,495 new COVID-19 cases and 54 deaths, 40 of them in Mumbai alone, taking the overall case count to 25,922 and the number of fatalities to 975. A total of 422 patients were discharged from hospitals, taking the total number of the recovered patients to 5,547.
Downfall predicted: The UN slashed India's projected growth rate to 1.2 per cent in 2020 and forecast that the global economy will contract sharply by 3.2 per cent as the pandemic paralyses the world, sharply restricting economic activities. The ‘World Economic Situation and Prospects as of mid-2020’ was released by the United Nations.
Railways revival: The Indian Railways may soon restart Shatabdi, mail and express trains on select routes as India enters phase 4 of COVID-19 lockdown with more relaxationas. The circular states that booking tickets in the waiting list will also be allowed but only in limited reservations. The services may be resumed on destinations like Delhi, Howrah, Bhubaneshwar, Dibrugarh, Bilaspur, Mumbai, Ahmedabad, Patna, Bengaluru and Chennai.
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Lasting legacy: If history is any indication, there is nothing like a good crisis to get economic activity going. Economic reforms as Narendra Modi says were last heard in 1991, under then Prime Minister P.V. Narasimha Rao, and executed by then Finance Minister Manmohan Singh. If the 1991 financial crisis delivered first generation reforms, the hope is that Modi, with Finance Minister Nirmala Sitharaman will initiate second generation reforms, Gautam Chickermane reports.
Swadeshi? Hours after Union Home Minister Amit Shah announced that all canteens of the Central Armed Police Forces (CAPFs) will sell only indigenous products, a wave of confusion spread through the ranks. Referring to PM Modi's appeal to make the country self-reliant and use products made in India, Shah said that the CAPFs — CRPF, BSF, CISF, ITBP, SSB, NSG and Assam Rifles — will sell only indigenous products from June 1 to 50 lakh family members of about 10 lakh personnel. Arunima reports.
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