Finance Minister Nirmala Sitharaman Announces Atmanirbhar Bharat 3.0 Measures for Speedy Economy Recovery

Finance Minister Nirmala Sithraman on Thursday announced stimulus measures to boost the real estate ,Infra structure sectors and also to aid job creation under Atmanirbhar Bharat 3.0 Package aimed at improving the Indian Economy. Central Government is bringing reforms in a systematic way to recover the economy. The Latest set of measures will take over all monetary and fiscal support for the Indian Economy to 29.88 Lakh crore Rupees which is equivalent to 15% of GDP.

AtmaNirbhar Bharat 3.0

The Key highlights of  Finance Minister  are

• Central Government would like to give the clear picture of Indian Economic situation and impact on Atmanirbhar  Bharat Package announcements.
• Number of Covid-19 Cases are declining.
• There is a clear indications showing that the Economy is Recovering  gradually due to various reforms and precautionary measures taken by Government in a systematic manner.
  
• GST collections were at Rs 1.05 Lakh Crore in the month of October,up 10% year-on-year.
• FDI Inflows stood at $35.37 billion during April-August months,up 13%
• Bank Credit growth has also improved compared to last year,up 5.1% year-on-year.
• Markets with Market Capitalization's  at record high levels
• RBI Forex reserves have reached $560 billion
• RBI predicts the stronger economic growth in Q3
• India's GDP projection was revised to -8.9% (2020-21) from -9.6% by Moody's

PROGRESS ON ATMANIRBHAR BHARAT 1.0 MEASURES

• Under One Nation One Card Scheme Interstate portability with 1.5 crore transactions per month was achieved in 28 States/Union Territories Covering 6.8 crore beneficiaries.
• Under Prime Minister Street Vendor's Atmanirbhar Nidhi (PM Svanidhi) Scheme More than 26.32 Lakh applications received and 13.70 lakh loans sanctioned in 30 states nad 6 UTs.
• Kisan Credit card boost was achieved for 2.5 crore farmers.
• Under ECLG 1.0 Rs 2.05 lakh crore sanctioned to 61 lakh borrowers and 1.52 lakh disbursed.
• Under partial credit guarantee scheme,PSU banks approved Rs26,889 crore Purchase of Portfolios.
• Under Special liquidity scheme for non-banking/housing  financial companies Rs 7,227 crore disbursed.
• Towards liquidity injection for Power Distribution Companies Rs 1,18,273 Crore loans sanctioned to 17 States/UTs and Rs 31,136 crore already disbursed to 11 States/UTs
  

PROGRESS ON ATMANIRBHAR BHARAT 2.0 MEASURES

• Festival Advance Launched for Government Staff,SBI Utsav Cards being dispersed .
• Leave Travel Concession (LTC) schemes Launched.
• Additional Capital Expenditure (Capex) of Rs 25,000 crore was provided to road and defence ministries
• Interest Free Loans of Rs 3,621 crore was sanctioned to 11 states towards capex
• PMRPY implemented upto March 31 for Jobs creation and incentivize formalization.
• Rs 8,300 crore benefit was given to 1,52,899 Companies covering 1,21,69,960 beneficiaries.
  

ATMANIRBHAR BHARAT 3.0 ANNOUNCEMENTS

• Aimed at creation of employment opportunities during Covid-19 Recovery phase
• Beneficiaries for new employees joining employment in EPFO registered establishments on monthly wages less than Rs15,000 and EPF Members drawing wages less than Rs 15,000 and exited employment during March-September and employed on or after October 1
• Central Government will give subsidy on New employment
• Employee and Employer contribution of 12% each to be borne by the Government for next two years. Almost 95% of all establishments will be covered under this scheme who has employees up to 1000
• Emergency Credit Line Guarantee Scheme (ECLGS)(Collateral free and Free guaranteed loan) supporting stressed sectors extended till March 31,2001
• MSMEs, Business Enterprises, Individual Loans for Business Purposes, MUDRA borrowers are elogible under this scheme
• Rs 2.05 Lakh crore already sanctioned to 61 Lakh borrowers
• Production Linked Incentives for manufacturers are expected to give boost to Indian economy and domestic employment
• Under PMAY (PM Awaas Yojana) Rs 18,000 crore additional outlay was allocated  for urban leg
• More measures are needed to aid employment in Housing and real-estate sectors. This will help in completing 18 Lakh houses. Over 78 Lakh additional jobs are expected.
  
• Income Tax relief for Developers and home buyers to boost demand. Differential hiked to 20% from 10% till June 30 for primary residential units worth up to Rs 2 Crore.
• Rs 65,000 crore Subsidized fertilizers support for agriculture. Increase supply of fertilizers will benefit 140 million farmers.
• Rs 1.1 Lakh crore platform for intra debt finance and Rs 6,000 crore equity infusion in NIIF Debt Platform
  
• Assistance of Rs 3,000 crore to be given to EXIM Bank for lines of credit for exports.
• Supported Project cover areas such as Railways,Power,Transmission,Road Transport, Auto, Components and Sugar
• Rs 10,200 crore additional budget outlay towards capital and Industrial expenditure for Domestic Defence equipment,Green Energy,Industrial infra and incentives areas.
  
• Rs 900 Crore grant for Research and Development  of Covid-19 Vaccine