Nirmala Sitharaman PC news highlights: PM Modi hails FM's economic package; Mamata calls it 'a big zero', P Chidambaram says nothing for the poor, migrants

That's all folks and our coverage of Finance Minister Nirmala Sitharaman's press conference ends.

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Uttar Pradesh chief minister Yogi Adityanath: I thank Finance Minister Nirmala Sitharaman for announcing Rs 3 lakh crore loans to MSME sector. Uttar Pradesh has the largest number of units linked to MSME sector. I also welcome the Finance Minister's announcement on EPF contribution.

From tomorrow, we are going to start an online loan fair for MSME sector. Around 36000 business persons will get loan worth Rs 1600 - Rs 2000 crore tomorrow.

Government announces Rs 50,000 crore fund of funds to boost MSMEs

Finance Minister Nirmala Sitharaman in a press conference said that a step taken for micro, small and medium enterprises (MSMEs) is a creation of fund of funds to infuse Rs 50,000 crore equity to expand MSME size as well as capacity.

This fund is going to be operated through mother-fund and daughter-fund framework to help MSMEs expand capacity and eventually get listed. The Fund of Funds will be set up with a corpus of Rs 10,000 crore and will provide equity funding for MSMEs with growth potential and viability.

Senior Congress leader and former Finance Minister P Chidambaram on FM Nirmala Sitharaman's financial package today.

"There is nothing in what Finance Minister said today for the lakhs of poor, hungry & devastated migrant workers walked & many thousands are still walking back to their home states. It's a cruel blow to those who toil everyday."

COVID-19 package: Govt allows real estate project deadlines to be extended by 6 months

The government on Wednesday extended the registration and completion date suo-moto by 6 months for all RERA registered projects expiring on or after  March 25, 2020 without individual applications.

Announcing the economic package fo various sectors, Finance Minister Nirmala Sitharaman said that the regulatory authorities may extend this for another period of upto 3 months, if needed.

Further, the Ministry of Housing and Urban Affairs will advise States/UTs and their RegulatoryAuthorities to treat COVID-19 as an event of ‘Force Majeure’ under RERA.

Government reduces EPF contribution from 12% to 10% for the next 3 months

Finance Minister Nirmala Sitharaman announced details for the total Rs 20 lakh crore stimulus package in a press conference on Wednesday. In a bid to increase demand in the country which will help revive the economy, the government has decided that EPF contribution for business entity and workers for the next three months will be reduced to 10 percent from the current 12 percent. This move will help increase the take-home pay of employees. It is noteworthy that this is not applicable for CPSEs and government offices.

Among other measures, Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020.  

Government reduces EPF contribution from 12% to 10% for next 3 months

In a major relief to contractors, all Central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts, says FM Sitharaman

FM Sitharaman: To give a fillip to DISCOMs with plummeting revenue and facing an unprecedented cash flow problem, Government announces Rs. 90,000 crore Liquidity Injection for DISCOMs.