Atmanirbhar Bharat 3.0: FM Nirmala Sitharaman announces fresh stimulus to boost Covid-hit economy
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Atmanirbhar Bharat 3.0: FM Nirmala Sitharaman announces fresh stimulus to boost Covid-hit economy

New Delhi: Finance Minister Nirmala Sitharaman adressed a press convention on Thursday throughout which the FM introduced the following set of stimulus bundle to spice up the coronavirus-hit economic system.

Adressing the press convention, the FM introduced 12 new measures that may be known as the following step within the collection of stimulus bulletins –Atmanirbhar Bharat 3.0.

“I would like to announce a few new measures in the series of stimulus announcements we have been doing…Quite a few indicators showing a distinct recovery in the economy,” the FM mentioned.

Sitharaman, citing RBI mentioned that the central financial institution has predicted a robust chance of the Indian economic system returning to positive progress in Q3:2020-21, forward by 1 / 4 of the sooner forecast.

The finance minister final month had introduced a slew of measures to spur demand and ramp-up capital expenditure. This was the third stimulus bundle because the outbreak of the COVID-19 pandemic.

The authorities had introduced a Rs 1.70 lakh crore Pradhan Mantri Garib Kalyan Yojana (PMGKP) in March to guard the poor and weak sections from the influence of COVID-19 disaster. It was adopted by the Aatmanirbhar Bharat Abhiyan bundle of Rs 20.97 lakh crore in May, largely focussed on supply-side measures and long-term reforms.

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FM made 12 bulletins concerning the recent stimulus. Here are the highlights of the Atmanirbhar Bharat 3.Zero recent stimulus

 

1. FM pronounces Atmanirbhar Bharat Rozgar Yojana

– Aatmanirbhar Bharat Rozgar Yojana, operational throughout interval from October 1, 2020 to June 2021 to incentivise creation of latest employment alternatives throughout COVID restoration section.

Emergency credit score line assure scheme prolonged until March 31 2021.

2.  Emergency credit score line assure scheme 2.0

Launch of Emergency credit score line assure scheme 2.Zero for assured credit score to 26 burdened sectors. Tenor of further credit score below ECLGS 2.Zero to be 5 years, together with 1 yr of moratorium on principal reimbursement.

3.  Production linked incentive scheme

approval to introduce the Production-Linked Incentive (PLI) Scheme in 10 key sectors for Enhancing India’s Manufacturing Capabilities and Enhancing Exports.

4. PM Awaas Yojana (PMAY) – Urban

Rs 18,000 crores will probably be supplied over the Budged Estimates for 2020-21 for PM Awaas Yojana (PMAY) – Urban by means of further allocation and Extra Budgetary Resources.

This is over and above Rs 8,000 crores already this yr.

5. Support for Construction and Infrastructure – Relaxation of Earnest Money Deposit (EMD) and Performance Security on Government Tenders

-Performance safety on contracts to be lowered to three p.c as an alternative of 5 to 10 p.c

-EMD won’t be required for tenders and will probably be changed by Bid Security Declatation

– Relaxations will probably be given December 31, 2021.

6. Demand booster for Residential Real Estate Income Tax aid for Developers and Home consumers

-Decided to extend the differential from 10 p.c to 20 p.c for the interval from the date of the bulletins to June 20, 2021 for under main sale of residential items of worth upto Rs 2 crore.

– Consequential aid upto 20 p.c shall be allowed to consumers of those items below part 56(2)x of the IT Act for the mentioned interval.

7. Rs 1.1 lakh crore for platform for Infra Debt Financing – Rs 6,000 crores fairness infusion in NIIF Debt platform

– Government will make investments Rs 6000 as fairness

– Government will by 2025 present infra undertaking financing of Rs 110,000 crores

8. Support for Agriculture – Rs 65,000 crore for subsidised fertilisers

9. Boost for the agricultural employment -Enhanced outlays below PM Garib Kalyan Rozgar Yojana

– Rs 40,000 crore was moreover supplied in AtmaNirbhar Bharat 1.0

– Further outlay of Rs 10,000 crore to be supplied for PM Garib Kalyan Rozgar Yojana within the present monetary yr

10. Boost for tasks exports – Rs 3,000 crore to EXIM financial institution for traces of credit score

– Rs 3,000 crore will probably be launched to EXIM financial institution for promotion of undertaking exports by means of traces of credit score below IDEAS Scheme

11. Capital and Industrial Stimulus

Rs 10,200 crore further funds outlay will probably be supplied in direction of capital and industrial expenditure

12. R&D grant for COVID Vaccine Development

-Rs 900 crore supplied for Covid Suraksha Mission for analysis and improvement of Indian Covid Vaccine to division of Bio-technology

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