Economic Package For COVID-19 - Tranch I

Introduction

On May 13, 2020, the Finance Minister, Nirmala Sitharaman ("FM") outlined the first tranche of the stimulus package of Rs. 20 lac crores (Indian Rupees twenty lac crores) ("Package"). The Package will be announced under various tranches and in Tranche I 15 (fifteen) measures were announced by the FM out of which 6 (six) measures are for micro, small and medium enterprises ("MSMEs"), 2 (two) measures relate to employee provident fund ("EPF"), 2 (two) measures relate to non-banking financial companies ("NBFC"), housing finance companies ("HFC") and micro finance institutions ("MFI"), 1 (one) measure each for power distribution companies ("Discoms"), contractors and real estate sector and 3 (three) measures for tax.