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Thursday, November 12, 2020

Self-reliant India 3.0: What big announcements did the government make in the Rs 2.65 lakh crore package?

 Self-reliant India 3.0: What big announcements did the government make in the Rs 2.65 lakh crore package?

The Modi government has made 12 major announcements in the self-reliant India 3.0 relief package

New Delhi: The Modi government has announced one more relief package to revive the derailed economy in the Koro crisis. Finance Minister Nirmala Sitharaman has announced AatmaNirbhar Bharat 3.0, which has 12 announcements. In which Atmabharat Bharat has launched employment scheme which will be applicable from 1st October for a period of two years. A self-reliant India scheme has been launched which can generate employment. "There are signs of recovery in the economy," the finance minister told a press conference.

After presenting the details of 12 schemes under Atmanirbhar Bharat 3.0, the Finance Minister said that a total of Rs 2.65 lakh crore has been provided under Atmanirbhar Bharat 3.0. This amount is about 15% of India's GDP.

Atmanirbhar Bharat Rozgar Yojana The aim of this scheme is to get maximum number of employees to join EPFO ​​and take advantage of PF. Such employees who were not previously registered for PF and whose income is less than Rs 15,000 will get the benefit of this scheme. Those who were not in the job from August to September, but then joined the PF will also benefit. The scheme will be in force till June 30, 2021.

The government will provide a full 24 per cent share of the PF in the form of subsidy to newly recruited employees in organizations with 1000 employees for two years. It will be effective from October 1, 2020. The government will provide a two-year subsidy for 12 per cent PF contribution of new employees in an organization with more than 1000 employees. It will cover about 95 per cent of the organization and benefit millions of employees.

Credit guarantee support for 26 sectors

In today's relief package, the government has announced a credit guarantee support scheme for the 26 sectors most affected by the Kovid-19 epidemic.

ECLGS scheme extended

The government has extended the date of the Rs 3 lakh crore emergency credit line guarantee scheme to March 31, 2021. He said 61 lakh people would benefit under the ECLGS scheme under Self-Reliant India.

Announcement of Rs 18,000 crore for PM Awas Yojana (Urban)

A provision of Rs 18,000 crore has been made for the PM Urban Housing Scheme. It will benefit a total of 30 lakh houses. This will be in addition to the Rs 8 crore announced in the budget. It will create more than 78 lakh jobs.

Relief to the construction and infrastructure sector

Companies in the construction and infrastructure sector will now have to keep only 3 per cent instead of 5 to 10 per cent in the form of performance security for the contract. This relief will be available till next year i.e. 31st December 2021.

900 crore for research in Corona virus sector

Rs 900 crore has been announced to promote research companies in the Corona virus sector. This amount will not be used to make vaccines but will be given to companies that are doing research. It will benefit biotechnology companies.

Announcement of Fertilizer Subsidy, Provision of Rs. 65,000 crore

The Finance Minister has announced a fertilizer subsidy to provide relief to the agricultural sector. The government has said it will provide Rs 65,000 crore as fertilizer subsidy. This will make fertilizers available to farmers at cheaper rates.

An announcement of Rs 10,000 crore for Pradhan Mantri Garib Kalyan Yojana

The government had earlier announced employment of migrant workers from 116 districts in the state under the Pradhan Mantri Garib Kalyan Yojana. The government spent Rs 37,543 crore on it. The scheme was till 31st October 2020. Now the government has announced to give Rs 10,000 crore in it.

The other main provisions are as follows ...

- Additional arrangement of Rs 10,000 crore for PM Garib Kalyan Yojana. It can be used for MGNREGA or village road scheme.

- Rs 65,000 crore has been provided to provide fertilizer subsidy to farmers.

Earlier, Finance Minister of India Nirmala Sitharaman told a press conference on Thursday that the government's move has paid off. Positive growth can be seen in the third quarter. "The Indian economy is recovering strongly," he said. Many saints are showing this.

Rating agency Moody's has raised its own forecast of India's GDP growth for the calendar year 2020, the finance minister said. At the same time, the rating agency has raised its GDP growth forecast for the calendar year 2021. Moody's has raised its GDP growth forecast for 2020 to -8.9 per cent. This was -9.6 per cent earlier.

"GST collection has increased," Nirmala Sitharaman told a press conference. October is up 10 per cent year-on-year. Bank credit has rallied until October 23.

Speaking on Self-Reliant India 1.0, he said that 28 states and Union Territories have come up with a ration card Yoni. 26.2 lakh loans have been allotted under PM Swanidhi Yojana.

The finance minister said there has been a 20 per cent increase in freight traffic on the railways, a 5 per cent increase in bank loan disbursements. The stock market is at a record high. FPI's net investment has also been positive. Foreign exchange reserves have also reached a record 560 billion.

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