Prime Minister Narendra Modi said the announcements made by the government on Wednesday to boost the economy will go a long way in addressing issues faced by businesses, especially MSMEs.
“The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit,” the Prime Minister wrote on Twitter.
Seeking to boost the COVID-hit economy, Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3-lakh crore collateral-free automatic loan for businesses, including MSMEs.
This will benefit 45 lakh small businesses, she said, detailing parts of the Rs 20-lakh crore economic stimulus.
“Today’s announcements by FM @nsitharaman will go a long way in addressing issues faced by businesses, especially MSMEs,” PM Modi said.
The announcements by the finance minister came a day after Prime Minister Modi introduced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore.