Economic Relief Package And Credit Support For Businesses

The Indian economy is currently reeling under a huge setback during the ongoing nationwide lockdown necessitated by the spread of COVID-19 pandemic. To uplift the economic gloom, the Government has laid out a road map towards building a self-reliant India (,b>Aatma Nirbhar Baharat Abhiyan), with five key pillars identified as Economy, Infrastructure, System, Vibrant Demography and Demand. To stimulate the country towards self-reliance, the government has announced a special economic and comprehensive package of INR 20 Lakh Crores which is equivalent to 10% of Indian's GDP.

As part of the package, the Finance Minister of India unveiled the first tranche of the economic relief package on May 13, 2020 which focused on Micro, Small and Medium Enterprises ("MSME"), Non-Banking Financial Companies ("NBFC"), Housing Finance Companies ("HFC") and Micro Finance Institutions ("MFI'), DISCOM's and Real Estate (collectively referred to as "Key Sectors").