PM Modi hails relief measures by FM Sitharaman, says it will help businesses, especially MSMEs

New Delhi, May 13: Prime Minister Narendra Modi on Wednesday, 13 May hailed the announcements made by Finance Minister Nirmala Sitharaman for the Atmanirbhar Bharat Abhiyan economic package worth Rs 20 lakh crore and said that the measures will go a long way for businesses and MSMEs.

"Today's announcements by Finance Minister Nirmala Sitharaman will go a long way in addressing issues faced by businesses, especially MSMEs. The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit," he tweeted.

Seeking to boost the COVID-hit economy, Finance Minister Nirmala Sitharaman on Wednesday 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.

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.