So Finally, India has planned a bigger rescue for economy slowdown...
Following are the highlights of the mega Stimulus Plan announced by the government to boost the economy:
- Additional plan expenditure of up to Rs 20,000 crore (Rs 200 billion)
- Excise duty reduced across the board by 4 per cent.
- IIFCL authorised to raise Rs 10,000 crore (Rs 100 billion) via tax-free bonds.
- PSU banks to announce package for borrowers of home loans.
- Rs 350 crore (Rs 3.50 billion) additional funds for export incentives.
- Back-up guarantee to ECGC for up to Rs 350 crore.
- 2 per cent interest subvention for labour-intensive exports.
- Rs 1,100 crore (Rs 11 billion) to ensure full refund of Terminal Excise duty.
- Additional Rs 1,400 crore (Rs 14 billion) for textile sector under TUF Scheme.
- The guarantee cover for loans to MSME doubled to Rs 1 crore (Rs 10 million).
- The lock-in period for such collateral-free loans reduced.
- Government departments allowed to take up replacement of vehicles.
- Import duty on naphtha for power sector eliminated.
- Export duty on iron ore fines eliminated.
- The economy will continue to need stimulus in next fiscal.