Economic package will help businesses, especially MSMEs: PM Modi

The series of measures announced on Wednesday by the government to boost the economy hit by the coronavirus lockdown will enhance liquidity, empower entrepreneurs and strengthen their competitive spirit, Prime Minister Narendra Modi said

He also said the announcements made by Finance Minister Nirmala Sitharaman will go a long way in addressing issues faced by businesses, especially Micro, Small and Medium Enterprises (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, Sitharaman 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," 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.