Atmanirbhar India doesn't mean India will be an isolationist country: FM

New Delhi: A day after PM Modi announced an economic package of Rs 20 Lakh Crore, Union Finance Minister Nirmala Sitharaman on said that the move from the central government is to spur growth and to build a self-reliant India and that is why this whole initiative is called Atmanirbhar Bharat Abhiyan.

“PM Modi laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society,” Sitharaman said.

She said that the five pillars of ‘Atmanirbhar Bharat’ is economy, infrastructure, system, demography and demand.

However, she said Atmanirbhar (self-reliant) India does not mean the country will be an isolationist country.

During the press conference, Sitharaman announced Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs. Borrowers with up Rs 25 crore outstanding and Rs100 crore turnover are eligible to get the loans.

“We shall not forget that we do have a responsibility towards the poor, needy, the migrant workers, divyang and the aged of the country,” Sitharaman said.

Sitharaman said that Rs 18,000 crore refunds were given to taxpayers and 14 lakh taxpayers benefitted from the clearing of refund dues.

The Finance Minister said that Rs 50,000 crore equity infusion will be given to MSMEs through Fund of Funds and it will be operated through a Mother Fund and few daughter funds. She said it will help to expand MSME size as well as capacity.

She said that the definition of MSMEs has been revised, and the investment limit will be revised upwards. She also said that the additional criteria of turnover is also being introduced.

Sitharaman added that the Central government will provide stressed MSMEs with equity support and the government will also facilitate the provision of Rs 20,000 Crores as subordinate debt.

In another development, she said that the global tenders will be disallowed in government procurement up to Rs 200 crores. “This will make self-reliant India, will also then be able to serve ‘Make in India’,” she added.