Nirmala Sitharaman announces the “AatmaNirbhar 3.0” package

Nirmala Sitharaman announces the “AatmaNirbhar 3.0” package
Union Finance Minister NIRMALA SITHARAMAN (Image Credits - Shiv Kumar Pushpakar)
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Key Points:

  • Finance Minister Nirmala Sitharaman on Thursday announced more stimulus measures to boost growth.
  • The latest measures included additional funding for real estate developers and contractors, fertilizer subsidies, a new employment scheme and additional spending on the rural jobs scheme among other initiatives.
  • Under the Aatmanirbhar Bharat Rozgar Yojana, every Employees’ Provident Fund Organisation (EPFO)-registered establishment taking new employees would get this subsidy.

On Thursday, 12th of November, the Union Finance Minister Nirmala Sitharaman said the Indian economy is witnessing a strong recovery after a long and strict lockdown. The Union Finance Minister addressed in a press conference announcing more stimulus measures to enhance growth.

Nirmala Sitharaman listed new measures on November 12 as a part of the stimulus package during the COVID-19 outbreak.

https://pib.gov.in/PressReleasePage.aspx?PRID=1672321

Highlights from the Press Conference.

1) Covid Suraksha Mission for Research and Development of Indian Covid-19 Vaccine to the Department of Biotechnology – ₹900 crore.

2) EXIM Bank to promote Export projects through Lines of Credit under IDEAS Scheme – ₹3,000 crore.

3) PM Garib Kalyan Rozgar Yojana to boost Rural Employment – ₹10,000 crores.

4) Subsidized Fertilizers will be provided with ₹65,000 crore that will benefit 140 million farmers.

5) Under Pradhan Mantri Awaas Yojana, addition of ₹18,000 crore will be provided over and above the estimated budget.

6) Aatmanirbhar Manufacturing Production – ₹1.46 lakh crore.

7) For primary residential real estate sales, relief on the difference between circle rate & agreement value up to 20% vs 10% earlier.

8) Developers and Home Buyers – Income Tax relief.

9) Support for Construction & Infrastructure-Performance security on contract to be reduced to 3% instead of 5%. Earnest Money Deposit will not be required for tenders and will be replaced by Bid Security Declaration. Relaxations will be given till 31st December 2021.

10) Extra budgetary resource being provided will help 12 Lakh houses to be grounded & 18 Lakh houses will get completed as a result.

11) The existing Emergency Credit Line Guarantee Scheme extended till 31st March 2021.

12) If new employees of requisite number are recruited from October 1, 2020 to June 30, 2021, the establishments will be covered for the next two years

13) Every EPFO registered organisations – if they take in new employees or those who had lost jobs b/1 March 1 & Sept 30 – these employees will get benefits.

Image Source – TWITTER / PIB

14) ₹1,32,800 crores have gone as income tax refunds to 39.7 lakh taxpayers.

15) ₹7,227 crores disbursed under the Special Liquidity Scheme for NBFCs/HFC.

16) Micro-, small- and medium-sized businesses across 26 sectors will be eligible for a credit-guarantee program, and will get a one-year moratorium on loans and four more years to repay the amount, Ms Sitharaman said.

Nirmala Sitharaman also announced a new job scheme named ATMA NIRBHAR ROZGAR YOJANA. The new scheme will benefit any new employee joining employment in EPFO-registered establishments on monthly wages less than Rs 15,000. It will also benefit those who left their job between March 1 to September 30 and are employed on or after October 1, said Sitharaman.