Aatmanirbhar Bharat 3.0: Rozgar Yojana to vaccine grant - FM's 12-point economic stimulus

Finance Minister Nirmala Sitharaman on Thursday anunced 12 new measures in series of stimulus anuncements by Central government to boost ecomy. Speaking about ecomy, she said re is definitely a strong recovery and quite a few indicators show that. She also said that demand is rising as country is seeing a downfall in active COVID-19 cases.

Finance Minister said that RBI has predicted a strong likelihood of Indian ecomy "returning to positive growth" in Q3:2020-21, ahe by a quarter of earlier forecast. FM Sitharaman also stated that Moody's has reassessed India's 2020 GDP growth at -8.9% (as against -9.6% earlier). "For 2021, y have revised estimate to 8.6% (from 8.1% earlier). This shows that a positive correction is happening as regards our ecomic prospects," she said. 

'Various unrelenting systemic reforms have helped'

Finance Minister spoke about progress some key measures anunced during Atmanirbhar Bharat Abhiyan 2.0 which will show that new measures are "in continuity" with previous ones. "28 states have been brought under One Nation One Ration Card scheme, 68.6 crore beneficiaries can hence lift food grains from any of se 28 states/UTs. Around 14 lakh loans have been sanctioned under PM SVANidhi scheme for street vendors," she said.  Labour Ministry with Finance Ministry and or concerned ministries are working toger closely with States, and work has commenced on creating a portal for migrant workers, FM Sitharaman said. 

Credit boost to 2.5 crore farmers

Centre has given credit boost to 2.5 crore farmers through Kisan Credit Cards, Rs 1.4 lakh crore has been distributed to farmers and Rs 25,000 crores has been disbursed to farmers from ditional Emergency Working Capital Funding through NABARD, Nirmala Sitharaman said. 

Aatmanirbhar Bharat 2.0 - Progress

To show progress of Aatmanirbhar Bharat 2.0 which was anunced on October 12, Finance Minister shared a slide stating that SBI Utsav cards are being distributed, under festival vance scheme anunced. 11 states have been sanctioned Rs 3,621 crores as an interest-free loan towards capital expenditure, she stated.

Atmanirbhar Bharat 3.0: 12 point plan 

As part of Atmanibharat Bharat 3.0, Finance Minister said that re are 12 anuncements.

1. Atmanirbhar Bharat Rozgaar Yojana

New scheme Aatmanirbhar Bharat Rozgar Yojana is being launched to incentivize job creation during COVID-19 recovery, FM Sitharaman said. 

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2. Emergency Credit Line Guarantee Scheme

existing Emergency Credit Line Guarantee Scheme has extended till 31st March 2021. 

Centre is launching credit guarantee support scheme for health care sector and 26 sectors stressed due to COVID19, FM Sitharaman said.

3. Production Linked Incentive

Production Linked Incentive worth ₹ 1.46 lakh crore is being offered to 10 champion sectors, this will help boost competitiveness of domestic manufacturing. This will give a big boost to ecomy, investment, exports and job creation, FM Sitharaman said.

4. Rs 18,000 crore for PM Awaas Yojana

Finance Minister anunced an ditional outlay of Rs 18,000 crore for PM Awaas Yojana - Urban which will help ground 12 lakh houses and complete 18 lakh houses.

5. Support for Construction and Infrastructure

6. Demand booster for Residential Real Estate 

7. Rs 1.1 lakh crore Platform for Infra Debt Financing 

government will make Rs 6,000 crore equity investment in debt platform of National Investment and Infrastructure Fund, which will help NIIF raise Rs 1.1 lakh crore by 2025 for financing infrastructure projects, Nirmala Sitharaman said.

8. Support for Agriculture

9. Boost for Rural Development

10. Boost for Project Exports 

11. Capital and Industrial Stimulus

12. R&D grant for COVID vaccine development

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