Atmanirbhar Bharat 3.0: FM Nirmala Sitharaman's big Diwali bonanza; announces fresh stimulus of Rs 2.65 lakh crore

Atmanirbhar Bharat 3.0: FM Nirmala Sitharaman’s big Diwali bonanza; announces fresh stimulus of Rs 2.65 lakh crore

New Delhi: Finance Minister Nirmala Sitharaman on Thursday introduced recent stimulus of Rs 2,65,080 crore to spice up the coronavirus-hit economic system forward of Diwali.

Adressing the press convention, the FM introduced 12 new measures that may be referred to as the subsequent step within the sequence of stimulus bulletins — announcing it as Atmanirbhar Bharat 3.0. FM added that the general value of the packages introduced until date is estimated at Rs 29,87,641, which is 15 p.c of the nation’s GDP.

“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’s 12 stimulus bulletins gave main thrust to housing sector, Credit Line Guarantee Scheme, R&D grant for COVID Vaccine Development scheme, Capital and Industrial Stimulus, Support for Agriculture.

FM introduced Atmanirbhar Bharat Rozgar Yojana operational throughout interval from October 1, 2020 to June 2021 to incentivise creation of latest employment alternatives throughout COVID restoration section. The employment scheme efficient from October 1 will probably be relevant to eligible new staff becoming a member of the EPFO-registered institutions and for individuals who exited these issues through the COVID pandemic (March 1-September 30, 2020) and drawing month-to-month wages of lower than Rs 15,000. Ccentral authorities will subsidise the Employees` Provident Fund (EPF) contributions for 2 years.

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Centre will present 12 p.c of the contributions of each employers and the worker for institutions with as much as 1,000 staff. For institutions with over 1,000 staff, the Centre will solely subsidise 12 p.c of the workers` EPF contributions. Establishments eligible for the scheme embody those who added a specified variety of staff in contrast with the bottom month of September 2020.

She additionally introduced the launch of Emergency credit score line assure scheme 2.Zero for assured credit score to 26 burdened sectors. Tenor of extra credit score below ECLGS 2.Zero to be 5 years, together with 1 yr of moratorium on principal compensation.

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 susceptible 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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