In the review it was decided that no Global Tender Enquiry (GTE) shall be invited for tenders upto 200 crore rupees, unless prior approval is obtained from Cabinet Secretariat. Giving relief to contractors, it was announced that all central agencies like Railways, Ministry of Road Transport and Highways and CPWD will give extension of up to 6 months for completion of contractual obligations, including in respect of EPC and concession agreements.
In its efforts to support state governments, the Finance Minister announced that the Centre has decided to accede to the request and increase borrowing limits of States from 3 per cent to 5 per cent for 2020-21 only in view of the unprecedented situation. This will give States extra resources of four lakh 28 thousand crore rupees . Government has also announced three lakh crore rupees Collateral-free Automatic Loans for Businesses, including MSMEs.
Out of 30 thousand crore Additional Emergency Working Capital Funding for farmers through NABARD, 24 thousand 877 crore rupees has already been disbursed. Between 8th April and 30th June, the Central Board of Direct taxes has issued refunds in more than 20.44 lakh cases amounting to more than 62 thousand 361 crore rupees.
The Ministry of Corporate Affairs is finalising a special insolvency resolution to provide relief to the MSMEs and the same would be notified soon. Cabinet has also recently approved 30 thousand crore rupees Special Liquidity Scheme for NBFCs. All these are part of Prime Minister Narendra Modi’s May 12th announcement about the Special economic and comprehensive package of 20 lakh crores for Atma Nirbhar Bharat.