Sunday, November 29, 2020
Home News Reports Here are the 12 measures announced by Finance Minister Nirmala Sitharaman under Atmanirbhar Bharat...

Here are the 12 measures announced by Finance Minister Nirmala Sitharaman under Atmanirbhar Bharat 3.0 stimulus package

The five stimulus packages announced by the Modi government have together provided a total fiscal stimulus of Rs 17.16 lakh crore since the COVID-19 pandemic began. In addition to this, the RBI has announced various measures worth Rs 12.71 lakh crore taking the total stimulus package close to Rs 30 lakh crore.

The Modi government on Thursday announced another financial stimulus package, as a part of Atmanirbhar Bharat 3.0.

Finance Minister Nirmala Sitharamana announced 12 new measures under the new Atmanirbhar Bharat 3.0 stimulus package to boost the Indian economy amid the ongoing coronavirus pandemic. The measures announced by the centre are expected to be aimed at sectors worst hit by the pandemic and lockdown.

Before announcing the package, the Finance Minister spoke about the current state of the economy, in which she highlighted the growth in energy consumption in October and added that bank credit growth is up 5.1 per cent and stock markets are at a record high.

“RBI is predicting a strong likelihood of economy returning to positive growth in Q3”, the Finance Minister said. She also added that global rating agency Moody’s has reassessed the country’s growth numbers.

Speaking about Aatmanirbhar Bharat 1.0, the Finance Minister also said that 28 states/union territories (UTs) have been brought under the national portability of ration cards with effect from September 1. The minister added that at least 26.2 lakh loan applications were received under the PM SVANidhi scheme for street vendors.

The minister said that credit boost has been given to 2.5 crore farmers through Kisan Credit Cards and Rs 1.4 lakh crore has been distributed to farmers. She also pointed out hat proposals from 21 states for Pradhan Mantri Matsya Sampada Yojana worth Rs 1,700 crore has been sanctioned.

The announcement comes shortly after the Union Cabinet approved the Production-Linked Incentive (PLI) scheme for 10 sectors on November 11.

Here are the 12 measures announced by Finance Minister Nirmala Sitharaman on Thursday under Atmanirbhar Bharat package 3.0:

1. Atmanirbhar Bharat Rozgar Yojana

Finance minister Nirmala Sitharaman on Thursday announced the Atmanirbhar Bharat Rozgar Yojana to incentivise the creation of new employment opportunities. The new scheme will be in addition to Prime Minister Rozgar Protsahan Yojana.

The beneficiaries will include any new employee joining the EPFO registered establishment, who draws a monthly wage of less than Rs 15,000 who lost jobs during the pandemic and regained employment after October 1.

The scheme is being launched to incentivise the creation of new employment opportunities during the Covid-19 recovery phase. This will be effective from October 1, 2020, for the next two years.

2. Existing Credit Guarantee Scheme extended till March 2021

Finance Minister Nirmala Sitharaman also announced that Rs 3 lakh crore existing emergency credit line guarantee scheme is extended till March 31, 2021. The guaranteed credit for supporting stressed sectors to be utilised for 100 per cent guaranteed collateral-free additional credit at capped interest rates.

The Finance Minister said that the tenure of additional credit to be 5 years, including one year moratorium on principal repayment.

3. More sectors to be covered under Manufacturing PLI Scheme

Finance Minister Nirmala Sitharaman also announced a Rs 1.46 lakh crore boost for Atmanirbhar Manufacturing Production-linked incentive for 10 champion sectors. A total amount of nearly 1.5 lakh crore has been earmarked across sectors, for the next five years, she added.

The government has already approved a PLI scheme for 3 sectors at a cost of Rs 51,355 crore. The scheme is expected to give significant boost to economic growth and employment.

4. Additional spending on PM Awas Yojana (Urban)

The Modi government announced an additional outlay of Rs 18,000 crore for Pradhan Mantri Awas Yojana (Urban), which will be provided over and above the budget estimate which was mentioned in the Budget 2020-21.

The decision will help ground 12 lakh houses and complete 18 lakh houses, said the Finance Minister announcing new measures under stimulus package.

“A number of measures have been taken in the past several months for the revival of the Housing and Real Estate Sector. These measures have contributed to the fair recovery in this sector,” said Sitharaman.

5. Support for construction and infrastructure

To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts will be reduced to 3%, the Modi government announced.

The Finance Minister said that the EMD for tenders will be replaced by bid security self-declaration for which the relaxations will be applicable till December 31, 2021.

6. Income Tax relief for developers and home buyers

The Union government has announced tax relief for developers and home buyers for houses up to Rs 2 crore.

Under this, the Income-tax relief will be provided to 20% of the differential between circle rate and agreement value increased from the existing 10%. FM Sitharaman said that this would be applicable on primary sale of residential units of value up to Rs 2 crore.

7. Infusion of equity in National Investment and Infrastructure Fund

Finance Minister Nirmala Sitharaman said the government would make a Rs 6,000 crore equity infusion into the debt platform of the National Investment and Infrastructure Fund (NIIF), which will help the NIIF in raising Rs 1.1 lakh crore by 2025 for infrastructure projects financing.

She also announced that private equity participation to also come in the NIIF. NIIF has itself invested Rs 2,000 crore debt platform has a loan book of Rs 8,000 crore and deal pipeline of Rs 10,000 crore, the Finance Minister said in the press conference.

8. Support of Rs 65,000 crore for subsidised fertilisers

The Modi government also announced that Rs 65,000 crore fertiliser subsidy will be provided to farmers. This will help 140 million farmers, said Finance Minister Nirmala Sitharaman.

Fertiliser consumption is going up significantly and increased supply of fertilisers at subsidised rates will ensure that forthcoming crop seasons will not be affected, the Finance Minister said.

9. Additional outlay on PM Garib Kalyan Rozgar Yojana

An additional outlay of Rs 10,000 crore is being provided for PM Garib Kalyan Rozgar Yojana, announced Finance Minister Nirmala Sithataman.

The Modi government has allowed these funds to be used for MGNREGA or for Gram Sadak Yojana aiming at helping accelerate rural economy.

10. Boost for project exports

Finance Minister Nirmala Sitharaman also announced an additional Rs 3,000 crore that will be released to EXIM Bank for the project exports through IDEAS scheme.

About 811 export contracts amounting to $10.50 billion being financed under LoCs, the Finance Minister added.

11. Capital and Industrial stimulus

The Modi government has also allocated Rs 10,200 crore additionally to give impetus to capital and industrial expenditure.

The Finance Minister said that the amount will be spent towards domestic defence equipment, industrial incentives, industrial infrastructure, and green energy.

12. R&D grant for Covid vaccine development

Finally, to fight the coronavirus pandemic, the centre has announced Rs 900 crore fund for Covid Suraksha Mission for Research and Development to the Department of Biotechnology.

The provision being made only towards research activity said FM Sitharaman. The actual cost of vaccine and logistics required for distributing the vaccine is different and will be provided., she clarified.

The five stimulus package announced by the Modi government have together provided a total fiscal stimulus of Rs 17.16 lakh crore since the COVID-19 pandemic began. In addition to this, the RBI has announced various measures worth Rs 12.71 lakh crore taking the total stimulus package close to Rs 30 lakh crore, amounting to 15 per cent of India’s gross domestic product (GDP). 

Under Atmanirbhar Bharat 3.0, the fiscal stimulus is Rs 2.65 lakh crore, which includes the PLI scheme announced on November 11. 

Image Source: News18

Atmanirbhar Package – the economic stimulus announced by Modi government

Earlier in May, in a series of announcements, the Modi government had announced economic stimulus to battle the economic downturn induced by the coronavirus outbreak.

The relief package announced by the government includes a host of measures such as free food grains for distraught migrant workers, hike in foreign direct investment in defence, liquidity measures for the MSMEs, changes in Essential Commodities Act, increase in public expenditure in health, among others.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

SFJ ads appear on YouTube offering $10m support for farmers, in return, wants Sikhs to join ‘Khalistan movement’: Details

Amid ongoing farmers’ protests in Punjab, Haryana, and Delhi, it is evident that Khalistani supporters have hijacked the protests and now, they are running ads on YouTube

A year after quitting Congress over ‘petty politics’, Urmila set to join Shiv Sena, to be nominated as MLC

Urmila Matondkar is expected to be nominated as MLC by the Shiv Sena led Maharashtra government

Indian man proposes to his Australian girlfriend during Ind vs Aus cricket match, here is what happened next

While India's performance has been below par, netizens found happiness in the unusual proposal that became the highlight of the match.

NIA refutes claims about ‘activist’ Stan Swamy’s straw and sipper seized by agency. Read details

NIA stated that when Stan Swamy's personal search was undertaken in presence of two independent witnesses no such straw or sipper was found on him as claimed by him.

France, Germany, UK and all other countries we should boycott for using water cannon and tear gas

As a newly woke nation, we also have a moral responsibility to oppose other countries that carry out atrocities such as using water cannons on protesters.

Farmers’ organisations blocking roads at outskirts of Delhi reject Home Minister Amit Shah’s goodwill gesture of talks

Earlier, the Home Minister in a goodwill gesture had said the government was willing to talk on "every problem and demand". He also urged the farmers to move their protest to a designated spot near Burari in the national capital.

Recently Popular

Wife of late Wajid Khan writes on her sufferings in an inter-faith marriage, says anti-conversion law should be nationalised

Wife of late music composer Wajid Khan wrote how her husband and his family had been forcing her to convert to Islam after their marriage

Who is the man in farmer protest video, lying about ‘govt snatching farmland’: Profile of an actor and Khalistan supporter

Khalistan supporter Punjabi actor Deep Sidhu has been seen spreading the lie that govt will snatch farmer's land using the new farm laws

Actor Deep Sandhu disappoints Barkha Dutt after she provides platform to ‘distance himself’ from OpIndia report that he supports Khalistan

Barkha Dutt lamented after actor Deep Sidhu refused to condemn Jarnail Singh Bhindranwale and to call him terrorist on her YouTube channel

The truth about the viral picture, shared by Rahul Gandhi, where police can be seen ‘beating up’ an old farmer

Congress leaders share cunningly edited version of a video to allege brute force is being used by security officials to quell the 'farmer' protest

Odisha: Largest ever vigilance raid in state unearths massive wealth gathered by IFS officer, fancy cars, ultra-luxurious lifestyle

Pathak's family reportedly owns a lavish apartment in Bhubaneswar with Italian marble flooring, ivory furnitures and other luxuries. The son is engaged to an MLA's daughter.

Netizens call to Boycott tax evasion accused Amrapali Jewels after it pitches Swara Bhasker as its brand ambassador, Amrapali deletes tweet

The official Twitter account of Amrapali Jewels had posted a tweet with a picture of actor Swara Bhasker endorsing its products

Rebellion inside Rahul’s Congress grows, Anand Sharma defies party line, hails PM Modi for visit to Coronavirus vaccine hubs

A day after Congress criticised PM Modi's visit to Coronavirus vaccine hubs, senior Congress leader Anand Sharma has defied the party line

From support for zamindars to ‘protest will help overthrow Modi govt’: A saga of clueless people at farmer protest

A series of interview of protestors by the team of Know the Nation reveals how many of these protestors are completely clueless about why they are there

SFJ ads appear on YouTube offering $10m support for farmers, in return, wants Sikhs to join ‘Khalistan movement’: Details

Amid ongoing farmers’ protests in Punjab, Haryana, and Delhi, it is evident that Khalistani supporters have hijacked the protests and now, they are running ads on YouTube

President of farmer organisation says they will block all five entry points to Delhi because Burari park is an ‘open jail’: Details

The farmers protesting against the Modi government over new farm laws have rejected Union Home Minister Amit Shah’s proposal for a discussion on their grievances.

A year after quitting Congress over ‘petty politics’, Urmila set to join Shiv Sena, to be nominated as MLC

Urmila Matondkar is expected to be nominated as MLC by the Shiv Sena led Maharashtra government

‘Haven’t you seen how they cry, do ‘haye tauba’: Here is what Amit Shah said, responding to Owaisi’s comment about illegal Rohingyas

Amit Shah said when he takes action against Rohingyas and Bangladeshis back, leaders like Owaisi stand against him in Lok Sabha.

Indian man proposes to his Australian girlfriend during Ind vs Aus cricket match, here is what happened next

While India's performance has been below par, netizens found happiness in the unusual proposal that became the highlight of the match.

NIA refutes claims about ‘activist’ Stan Swamy’s straw and sipper seized by agency. Read details

NIA stated that when Stan Swamy's personal search was undertaken in presence of two independent witnesses no such straw or sipper was found on him as claimed by him.

France, Germany, UK and all other countries we should boycott for using water cannon and tear gas

As a newly woke nation, we also have a moral responsibility to oppose other countries that carry out atrocities such as using water cannons on protesters.

Farmers’ organisations blocking roads at outskirts of Delhi reject Home Minister Amit Shah’s goodwill gesture of talks

Earlier, the Home Minister in a goodwill gesture had said the government was willing to talk on "every problem and demand". He also urged the farmers to move their protest to a designated spot near Burari in the national capital.

Connect with us

245,563FansLike
490,861FollowersFollow
20,200SubscribersSubscribe