'We Will Go Long Way': PM Modi After FM Sitharaman Unveils Round One Of Economic Package

Taking to his official Twitter account on Wednesday, Prime Minister said that the announcements made by the Finance Minister will help in averting economic beatings and boost liquidity.

While posting his views on Twitter, PM Modi used the hashtag 'Atma-nirbhar Bharat Abhiyan'. (File Photo/ AFP)

New Delhi: Prime Minister Narendra Modi, who has promised to make India 'self-reliant', hailed Finance Minister Nirmala Sitharaman as she announced several measures and initiatives to revive the slowed economy and help small business which were hit during Covid-19 induced lockdown. Taking to his official Twitter account on Wednesday, Prime Minister said that the announcements made by the Finance Minister will help in averting economic beatings and boost  liquidity, empower the entrepreneurs and strengthen their competitive spirit. "Today's announcements by FM @nsitharaman 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," PM Modi tweeted.

Today’s announcements by FM @nsitharaman 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. #AatmaNirbharBharatAbhiyan

— Narendra Modi (@narendramodi) May 13, 2020

While posting his statements to the micro-blogging site, Modi used the hashtag 'Atma-nirbhar Bharat Abhiyan', which is a reference to self-reliant India, something which he vowed to turn the country into during his televised address to the nation on Tuesday night. Addressing the media earlier in the day, Sitharaman announced 15 measures to push the economy towards the betterment of the poor. Among the several initiatives, she said that the government has decided to widen the definition of MSMEs and raise the investment limit. Another criteria, turnover of the company, has also been added to the required norms for classification of MSMEs. Among other liquidity measures, Sitharaman also announced Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs. Going by the details announced by the Minister, borrowers with up Rs 25 Crore outstanding and Rs 100 Crore turnover will be eligible. These have 4 year tenor, which will be valid up to October 31st, 2020. These were part of a multi-pronged approach of the government to spurt the economic growth which has been badly hit by the suspension of economic activities in the country in the wake of the nationwide lockdown.