MEASURES TO SUPPORT ECONOMIC GROWTH IN INDIA - COVID-19 PACKAGE OF EXTRAORDINARY MEASURES
The Indian government has recently announced an economic stimulus package with a focus on the Covid-19 situation.
It was tagged "Aatma-Nirbhar Bharat Movement" (Movement for Self Reliant India).
As part of this initiative, the Government announced an extraordinary economic action equivalent to 10% of India's GDP (about 250 billion euros)
Necessary reforms against the challenges and threats posed by the COVID-19 pandemic.
We present a summary of the important and relevant announcements made by Indian government last week regarding the economic stimulus package:
Changes to the definition of MSME (Micro, Small and Medium Enterprises) and its dedicated economic stimulus package.
You will find an in-depth summary of this in our previous news articles.
Simplification and facilitation of business processes
This part of the manoeuvre concerns the decriminalisation of defaults under the Indian Companies Act in case of inadequacies in the report of the Board of Directors or delay in carrying out the annual activity.
Taxes and announcements relating to the pension fund
The above mentioned measures announced by the Indian Government are rather far-reaching and may not be
applicable to each company.
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