For the next 4 years starting from 2020-2021 Startup India Seed Fund Scheme (SISFS) has been approved.
Numerous proposals made under Atmanirbhar Bharat Package are supportive for many Startups.Those proposals are:
The lending institutions may recalculate the ‘drawing power’ by reducing the margins and/or by reassessing the working capital cycle in concern of the borrowers facing stress on account of the economic fallout of the pandemic,for their sanctioned working capital facilities.With respect to the economic fallout from COVID-19 further accounts will be provided relief under these instructions with subject to authorised analysis.
Also for any section of MSME units whether micro, small or medium the turnover with respect to exports will not be counted in the limits of turnover.
To enhance exports & manufacturing capabilities Atmanirbhar Bharat,has initiated 10 key sections in the PLI scheme.These sections welcome global trade & exciting investment opportunities, thus enlarging the business scope of India & with the increase in employment also.
The payment of 12% of employer and 12% employee contributions was made into EPF accounts of eligible establishments under Pradhan MantriGaribKalyan Package (PMGKP).Earlier it was included in the salary of months March, April and May 2020.Now its extended to another 3 months to salary months of June, July and August 2020.Now the support will be enlarged to Rs 4,860 crore to 3.67 lakh establishments, for 72.22 lakh employees.
The statutory rate of the EPF contribution of both employer and employee has been reduced to 10% of basic wages and dearness allowances from the existing rate of 12% for all class of establishments covered under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952. These updates for months of May 2020, June 2020 and July 2020 were announced May 18, 2020.These recommendations are for workers who were not eligible for 24% EPF support under PM Garib Kalyan Package and its extension. Under this scheme Reduction in rate of EPF contributions from 12% to 10% of basic wages and Dearness allowances was provisioned to benefit both 4.3 crore employees/members and employers of 6.5 lakhs establishments to tide over the immediate liquidity crisis during Pandemic situation.
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