Published 15:21 IST, November 12th 2020
Aatmanirbhar Bharat 3.0: Rozgar Yojana to vaccine grant - FM's 12-point economic stimulus
Finance Minister Nirmala Sitharaman has announced 12 new measures in the series of stimulus announcements by the Central government to boost the economy
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Finance Minister Nirmala Sitharaman on Thursday announced 12 new measures in the series of stimulus announcements by the Central government to boost the economy. Speaking about the economy, she said there is definitely a strong recovery and quite a few indicators show that. She also said that the demand is rising as the country is seeing a downfall in active COVID-19 cases.
The Finance Minister said that RBI has predicted a strong likelihood of the Indian economy "returning to positive growth" in Q3:2020-21, ahead by a quarter of the 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, they have revised estimate to 8.6% (from 8.1% earlier). This shows that a positive correction is happening as regards our economic prospects," she said.
'Various unrelenting systemic reforms have helped'
Improvements recorded in Composite PMI, energy consumption, bank credit, GST collections, market capitalization, FDI@RBI predicts a strong likelihood of return to positive growth in Q3 of 2020-'21
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
Various unrelenting systemic reforms have helped in this
- FM @nsitharaman pic.twitter.com/qk8cHHt6Ul
The Finance Minister spoke about the progress some key measures announced during Atmanirbhar Bharat Abhiyan 2.0 which will show that the new measures are "in continuity" with the 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 these 28 states/UTs. Around 14 lakh loans have been sanctioned under PM SVANidhi scheme for street vendors," she said. The Labour Ministry with the Finance Ministry and other concerned ministries are working together closely with the States, and the work has commenced on creating a portal for migrant workers, FM Sitharaman said.
Credit boost to 2.5 crore farmers
The 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 Additional Emergency Working Capital Funding through NABARD, Nirmala Sitharaman said.
Under Emergency Credit Liquidity Guarantee Scheme, a total amount of ₹ 2.05 lakh crore has been sanctioned to 61 lakh borrowers, out of which ₹ 1.52 lakh crore has been disbursed
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
- Finance Minister @nsitharaman pic.twitter.com/W9ZGGZWKtH
Aatmanirbhar Bharat 2.0 - Progress
To show the progress of Aatmanirbhar Bharat 2.0 which was announced on October 12, the Finance Minister shared a slide stating that SBI Utsav cards are being distributed, under the festival advance scheme announced. 11 states have been sanctioned Rs 3,621 crores as an interest-free loan towards capital expenditure, she stated.
11 states have been sanctioned interest-free loans worth ₹ 3,621 crore for capital expenditure
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
This amount is exclusive of what Bihar proposes to do
₹ 1.32 lakh crore has been given to nearly 39.7 lakh taxpayers as Income Tax refunds without any delay
- FM @nsitharaman pic.twitter.com/yJZybx2QLL
Atmanirbhar Bharat 3.0: The 12 point plan
As part of Atmanibharat Bharat 3.0, the Finance Minister said that there are 12 announcements.
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.
1️⃣ New scheme #AatmaNirbharBharatRozgarYojana being launched to incentivize job creation during #COVID19 recovery
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
EPFO registered establishments - if they take in new employees or those who lost jobs earlier - these employees will get some benefits
Effective from Oct 1, 2020 pic.twitter.com/NL6HzicZy0
1️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
Here are the criteria for EPFO registered establishments to be eligible for benefits under #AatmaNirbharBharatRozgarYojana
If new employees of requisite number are recruited from Oct 1, 2020 to June 30, 2021, the establishments will be covered for next two years pic.twitter.com/VpVpNnXizW
Under Emergency Credit Liquidity Guarantee Scheme, a total amount of ₹ 2.05 lakh crore has been sanctioned to 61 lakh borrowers, out of which ₹ 1.52 lakh crore has been disbursed
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
- Finance Minister @nsitharaman pic.twitter.com/W9ZGGZWKtH
2. Emergency Credit Line Guarantee Scheme
The existing Emergency Credit Line Guarantee Scheme has extended till 31st March 2021.
2️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till March 31, 2021
- announces Finance Minister @nsitharaman pic.twitter.com/tXnpxr0CbD
The Centre is launching credit guarantee support scheme for the health care sector and 26 sectors stressed due to COVID19, FM Sitharaman said.
2️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
We are launching credit guarantee support scheme for health care sector and 26 sectors stressed due to #COVID19, says FM
Entities will get additional credit up to 20% of outstanding credit, repayment can be done in five years' time (1 year moratorium + 4 years repayment) pic.twitter.com/ABhCCjecDU
3. Production Linked Incentive
Production Linked Incentive worth ₹ 1.46 lakh crore is being offered to 10 champion sectors, this will help boost the competitiveness of domestic manufacturing. This will give a big boost to the economy, investment, exports and job creation, FM Sitharaman said.
3️⃣ Production Linked Incentive worth ₹ 1.46 lakh crore is being offered to 10 champion sectors, this will help boost competitiveness of domestic manufacturing
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
Will give a big boost to economy, investment, exports and job creation
- Finance Minister @nsitharaman pic.twitter.com/pbpJ0fATr6
3️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
Here are the 10 champion sectors for which the government is launching Production Linked Incentive Scheme
A total amount of nearly 1.5 lakh crore has been earmarked across sectors, for next five yearshttps://t.co/9LpWkVzzaY pic.twitter.com/yR0iCZn8wM
4. Rs 18,000 crore for PM Awaas Yojana
Finance Minister announced an additional outlay of Rs 18,000 crore for PM Awaas Yojana - Urban which will help ground 12 lakh houses and complete 18 lakh houses.
4️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
Finance Minister announces additional outlay of ₹ 18,000 crore for @PMAYUrban
Will help ground 12 lakh houses and complete 18 lakh houses
Will create additional 78 lakh jobs and improve production and sale of steel and cement, resulting in multiplier effect on economy pic.twitter.com/ghfyljMGDP
5. Support for Construction and Infrastructure
5️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
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%
EMD for tenders will be replaced by bid security self-declaration
Relaxations till December 31, 2021
- @nsitharaman pic.twitter.com/RvlwmioovP
6. Demand booster for Residential Real Estate
6️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
Differential between circle rate and agreement value in real estate income tax is being increased from 10% to 20%
From today till June 30, 2021, for primary sale of residential units up to ₹ 2 crore
The income tax relief provides incentive to middle class to buy homes: FM pic.twitter.com/qJtNEsIFGl
7. Rs 1.1 lakh crore Platform for Infra Debt Financing
The 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.
7️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
Govt. will make ₹ 6,000 crore equity investment in debt platform of National Investment and Infrastructure Fund, which will help NIIF raise ₹ 1.1 lakh crore by 2025 for financing infrastructure projects
- Finance Minister @nsitharaman pic.twitter.com/836Rwvllo1
8. Support for Agriculture
8️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
₹ 65,000 crore fertilizer subsidy will be provided to farmers
Fertilizer consumption is going up significantly, increased supply of fertilizers will ensure that forthcoming crop seasons will not be affected for want of adequate fertilizers
- Finance Minister @nsitharaman pic.twitter.com/mU6HTU8Q4r
9. Boost for Rural Development
9️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
Additional outlay of ₹ 10,000 crore is being provided for #PMGaribKalyanRozgarYojana, announces Finance Minister @nsitharaman
Funds can be used for MGNREGA or for Gram Sadak Yojana, will help accelerate rural economy pic.twitter.com/l0kJXnKOMy
10. Boost for Project Exports
1️⃣0️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
₹ 3,000 crore boost to be given for project exports through assistance given by India to developing countries under IDEAS Scheme
This will help EXIM Bank facilitate these Line of Credit development assistance activities and promote exports from India
- FM @nsitharaman pic.twitter.com/0yia1LoQMD
11. Capital and Industrial Stimulus
1️⃣1️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
₹ 10,200 crore additional budget stimulus will be provided for capital and industrial expenditure on defence equipment, industrial infrastructure and green energy#AatmaNirbharBharat 3.0 pic.twitter.com/VIXJK2eQ20
12. R&D grant for COVID vaccine development
1️⃣2️⃣
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
₹ 900 crore is being provided to @DBTIndia for research activities related to #COVID19 vaccine development
This does not include cost of vaccine or logistics for vaccine distribution (whatever is required for that will be provided)
- @nsitharaman#AatmaNirbharBharat 3.0 pic.twitter.com/tKuD4h6VIq
15:21 IST, November 12th 2020