New Delhi | Jagran Business Desk: Union Finance Minister Nirmala Sitharaman will address a press conference in New Delhi at 4 pm on Thursday for the second tranche of Rs 20 lakh crore economic stimulus package.

As per reports, the Finance Minister will announce measures to help the agriculture sector and allied activities. Sitharaman will also measures to help the supply chain disruption. 

This comes a day after Sitharaman announced a host of measures to address issues faced by financing companies such as NBFCs, HFCs, MFIs and MSMEs companies. 

Sitharaman also revealed the six measures for supporting the country's MSME sector under the Centre's massive stimulus programme, saying that the Centre has decided not to go in for global bidding for government procurement for tenders up to Rs 200 crore.

The Finance Minister also announced that the extension of ITR filing deadline would ease the compliance burden for taxpayers.

"From tomorrow till March 31, 2021, the TDS/TCS rates have been reduced by 25 per cent of the existing rate... This shall also apply to all payments for contracts, interest, rent, dividend, commission or brokerage.. all of these will be eligible for 25 per cent rate reduction," Sitharaman said.

"This reduction would release nearly Rs 50,000 crore in the hands of the people who would have otherwise paid it as TDS," she added.

Hailing the announcements made by Sitharaman, Prime Minister Narendra Modi said that the measures will go a long way in addressing issues faced by businesses, especially 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.

PM Modi on Tuesday had announced USD 265 billion fiscal stimulus to deal with COVID-19 situation in the country. The package is the second largest in Asia after Japan.

He had said that the economic package is for "the country's workers, farmers, who are working hard day and night for the countrymen in every season. This economic package is for the middle class of our country, who pays tax honestly and contributes to the development of the country."

"I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan.' The announcements made by the government over COVID, decisions of RBI and today's package totals to Rs 20 lakh crore (USD 265 billion). This is 10 per cent of India's GDP," the Prime Minister said in his address to the nation on Tuesday.

Posted By: Aalok Sensharma