FM Sitharaman announces 'Atmanirbhar Bharat 3.0', launches new job scheme

Nirmala Sitharaman press conference: Union Finance Minister Nirmala Sitharaman on Thursday announced a few new measures in the series of stimulus announcements that the Centre has been doing including Aatmanirbhar Bharat Rozgar Yojana. "Quite a few indicators showing a distinct recovery in the Indian economy," she said. The RBI predicted a strong likelihood of the Indian economy returning to positive growth in Q3 of 2020-21, ahead by a quarter of the earlier forecast, she said. "There has been very good progress on 'One Nation-One Ration Card' in 28 states covering 68.8 crore beneficiaries," Nirmala Sitharaman said. Here are the key points from the Nirmala Sitharaman press conference.

• 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, she said.
• Rs 25,000 crores has been disbursed to farmers from Additional Emergency Working Capital Funding through NABARD, she added.

• A credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, Rs 1.4 lakh crores have been distributed to farmers, she said further.
• Rs 7,227 crores disbursed under the Special Liquidity Scheme for NBFCs/HFC, the FM said.

• Under the Emergency Credit Liquidity Guarantee Scheme, a total amount of Rs 2.05 lakh crores has been sanctioned to 61 lakh borrowers, out of which Rs 1.52 lakh crores has been disbursed, the Finance Minister said.
• SBI Utsav cards being distributed, under the festival advance scheme announced on October 12. 11 states sanctioned Rs 3,621 crores as an interest-free loan towards capital expenditure," Sitharaman stated.
• Rs 1,32,800 crores have gone as income-tax refunds to 39.7 lakh taxpayers, she said.
• Pradhan Mantri Rozgar Protsahan Yojana was implemented up to March 31, 2019. It had covered all sectors and is expected to run for 3 years. So even if someone joined the scheme on 31.03.2019, they would be covered under that existing scheme from then three years," she added.

• Establishments registering with EPFO after the commencement of Scheme to get subsidy for all new employees. Scheme to be operation till June 30, 2021," she announced.
• Up till today about Rs 8300 Crores have been disbursed to the beneficiaries. There are about 1,52,899 establishments which are covering 1,21,069 odd beneficiaries under PM Rozgar Protsahan Yojana.

• Aatmanirbhar Bharat Rozgar Yojana being launched to incentivize the creation of new employment opportunities during COVID-19 recovery. Every EPFO registered organisations - if they take in new employees or those who had lost jobs between March 1 and September 30 - these employees will get benefits under Aatmanirbhar Bharat Rozgar Yojana.
• The existing Emergency Credit Line Guarantee Scheme extended till 31st March 2021, Nirmala Sitharaman announced.
• If new employees of a requisite number are recruited from October 1, 2020, to June 30, 2021, the establishments will be covered for the next two years, the Finance Minister said.
• Guaranteed credit support for 26 stressed sectors identified by the Kamath Committee. Original ECLGS had one year of moratorium and 4 years of repayment, the new scheme will have a 1-year moratorium and 5 years of repayment, FM said.
• The Finance Minister also said that "We are launching a credit guarantee support scheme for the healthcare sector and 26 sectors stressed due to COVID-19. Entities will get additional credit up to 20 percent of outstanding credit, repayment can be done in five years' time (1-year moratorium + 4 years repayment)."
• 10 new Champion sectors will now be covered under the Production Linked Incentives Scheme to boost the competitiveness of domestic manufacturing. It is expected to give a significant boost to economic growth and domestic employment: FM Sitharaman
• Rs 18,000 Crores will be provided over and above the budget estimate which was mentioned in the Budget 2020-21 under Pradhan Mantri Awas Yojana particularly for the urban areas, she added.
• This extra budgetary resource being provided will help 12 Lakh houses to be grounded & 18 Lakh houses will get completed as a result, she said further.
• "Support for Construction and Infrastructure-Performance security on contract to be reduced to 3 percent instead of 5 percent, she said, adding, "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, she also said.
• For primary residential real estate sales, relief on the difference between circle rate and agreement value up to 20 percent vs 10 percent earlier. We expect clearance of inventories through this step. FM said.
• "We are now giving Rs 6000 Crores of Equity to Debt Platform of NIIF (National Infrastructure & Investment Fund) where private equity participation will also come in. NIIF itself has invested Rs 2000 Crores," she concluded.

• "Rs 900 crores provided for COVID Suraksha Mission for research and development of the Indian COVID vaccine to the Department of Biotechnology," Finance Minister said.
• She further said "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," she said, adding that 15 percent of national GDP as stimulus takeaway.

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