SunstarTV Bureau: Union Finance Minister, Nirmala Sitharaman announces new Aatmanirbhar Bharat Rozgar Yojana (ABRY) to aid the creation of employments during COVID-19 recovery phase, in a press meet today.
FM announces new job scheme, Emergency Credit Line Guarantee Scheme extended to 31st March 202.
During the press briefing FM said that the Indian economy is witnessing a strong recovery after a long and strict lockdown. She also said macro-economic indicators are pointing towards recovery. Covid-19 active cases have declined from over 10 lakh to 4.89 lakh, she added.
The size of the stimulus being provided by the government, as part of the 12 announcements made today under Aatmanirbhar Bharat 3.0, amounts to Rs 2.65 lakh crores. 15% of national GDP as stimulus takeaway: FM Nirmala Sitharaman pic.twitter.com/yFkq8YfYPG
— ANI (@ANI) November 12, 2020
Her address streams a day after the Union Cabinet approved a sum of two lakh crore production-linked incentive (PLI) package to boost demand in the country.
Here are the highlights of the Atmanirbhar Bharat 3.0 fresh stimulus:
- FM announces Atmanirbhar Bharat Rozgar Yojana
-Aatmanirbhar Bharat Rozgar Yojana, has been in an operational state from October 1, 2020 to June 2021 to incentivise creation of new employment opportunities during COVID recovery phase.
-Emergency credit line guarantee scheme extended till March 31 2021.
- Emergency credit line guarantee scheme 2.0
-Launch of Emergency credit line guarantee scheme 2.0 for guaranteed credit to 26 stressed sectors. Tenor for additional credit under ECLGS 2.0 to be 5 years, including 1 year of moratorium on principal repayment.
- 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.
- PM Awaas Yojana (PMAY) – Urban
-Rs 18,000 crores will be provided over the Budged Estimates for 2020-21 for PM Awaas Yojana (PMAY) – Urban through additional allocation and Extra Budgetary Resources.
This is over and above Rs 8,000 crore already this year.
- Support for Construction and Infrastructure – Relaxation of Earnest Money Deposit (EMD) and Performance Security on Government Tenders
-Performance security on contracts to be reduced to 3 percent instead of 5 to 10 percent
-EMD will not be required for tenders and will be replaced by Bid Security Declaration.
– Relaxations will be given December 31, 2021.
- Demand booster for Residential Real Estate Income Tax relief for Developers and Home buyers
-Decided to increase the differential from 10 percent to 20 percent for the period from the date of the announcements to June 20, 2021 for only primary sale of residential units of value up to Rs 2 crore.
– Consequential relief up to 20 percent shall be allowed to buyers of these units under section 56(2) of the IT Act for the period.
- Rs 1.1 lakh crore for platform for Infra Debt Financing
– Rs 6,000 crore equity infusion in NIIF Debt platform
– Government will by 2025 provide infra project financing of Rs 110,000 crore.
- Support for Agriculture – Rs 65,000 crore for subsidised fertilisers
- Boost for the rural employment -Enhanced outlays under PM Garib Kalyan Rozgar Yojana
-Rs 40,000 crore was additionally provided in AtmaNirbhar Bharat 1.0.
-Further outlay of Rs 10,000 crore to be provided for PM Garib Kalyan Rozgar Yojana in the current financial year.
- Boost for projects exports – Rs 3,000 crore to EXIM bank for lines of credit
-Rs 3,000 crore will be released to EXIM bank for promotion of project exports through lines of credit under IDEAS Scheme
- Capital and Industrial Stimulus
-Rs 10,200 crore additional budget outlay will be provided towards capital and industrial expenditure
- R&D grant for COVID Vaccine Development
-Rs 900 crore provided for Covid Suraksha Mission for research and development of Indian Covid Vaccine to department of Bio-technology
