Finance Minister Nirmala Sitharaman has announced the Atmanirbhar Bharat 3.0 package on Thursday. 12 new relief measures have been announced under this package. The Finance Minister made this announcement by holding a press conference. At the same time, the Finance Minister said that the Indian economy is recovering very fast. Let us know what the Finance Minister said in the press conference.
Nirmala Sitharaman PC Highlights :
The Finance Minister said, '12 relief measures worth Rs 2,65,080 crore have been announced today under Atmanirbhar Bharat Campaign 3.0. In this way, a total of Rs 29.87 lakh crore incentive has been announced by the government and RBI so far. This is 15 percent of GDP.
The Finance Minister said, 'A provision of Rs 900 crore is made for the research and development of the corona vaccine. This amount will be provided to the Department of Biotechnology under the Kovid Security Mission.
1️⃣0️⃣— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020
₹ 3,000 crore boost to be given for project exports through assistance given by India to developing countries under IDEAS Scheme
This will help EXIM Bank facilitate these Line of Credit development assistance activities and promote exports from India
- FM @nsitharaman pic.twitter.com/0yia1LoQMD
The Finance Minister said, 'An additional Rs 10,200 crore will be given for capital and industrial expenditures and green energy on defense equipment. This will benefit domestic companies making defense equipment and green energy companies.
The Finance Minister said, "To increase the project exports, Exim Bank will be given Rs 3000 crore for line of credit."
The Finance Minister said, 'To increase rural employment, an additional provision of Rs 10,000 crore has been made for the PM Garib Kalyan Rozgar Yojana. This fund can be used for Rural Roads Scheme or MNREGA.
The Finance Minister said, “Home buyers and developers are given relief in income tax. This will boost residential real estate and the middle class will feel relieved. It has also been decided to increase the difference in circle rate and agreement value from 10 percent to 20 percent.
The finance minister said, “Companies in construction and infrastructure sector are provided relief in capital and bank guarantee. Performance security has been reduced to 3 percent. This will provide relief to the contractors.
The Finance Minister said, 'A subsidy of Rs 65000 crore will be given for fertilizer. 14 crore farmers will benefit from this subsidy. Fertilizer consumption in India has increased by 17.8% compared to the previous financial year.
The Finance Minister said, "The government will invest Rs 6000 crore as equity in the debt platform of NIIF."
The Finance Minister said, 'The Emergency Credit Line Guarantee Scheme has been extended till 31 March 2021. Under this, there is a provision to provide 20 percent working capital. Collateral free loan is given in it.
The Finance Minister said, '12 relief measures will be announced under Atmanirbhar Bharat 3.0. Under this, Atmanirbhar Bharat Rojgar Yojana is being announced to increase employment. This scheme will boost employment in the organized sector. The employee joining the registered EPFO institute will get the benefit. This will benefit those people whose salary is less than Rs 15,000 or who have not been associated with EPFO before or whose job was left between March 1 and September 30. The scheme will come into effect from 1 October 2020 and will remain in force till 30 June 2021.
The Finance Minister said, 'LTC voucher scheme for Central Government employees was announced under the Atmanirbhar Bharat 2.0 campaign. It is developing well. The government has given an income tax refund of over Rs 1,32,800 crore to taxpayers.
The Finance Minister said, 'Under the Emergency Credit Line Scheme, 61 lakh borrowers have been sanctioned Rs 2.05 lakh crore. So far, Rs 1.52 lakh crore has been disbursed. This gave the industries additional working capital. '
The Finance Minister said, 'Banks have issued Kisan Credit Cards to 157.44 lakh farmers. He has been allocated Rs 143262 crore in two phases. 1681 crore has been allocated under Prime Minister Matsya Sampada. A working capital of Rs 25 thousand crore has been allocated through NABARD.
The Finance Minister said, 'The first phase of the Atmanirbhar Bharat campaign has performed well. 28 States and Union Territory ration cards are subject to national portability. 68.6 crore people have benefited from this. 13.78 loans worth Rs 1373.33 crore have been allocated under PM Swanidhi scheme.
The Finance Minister said, 'I am going to announce some new measures. You can call these incentives packages. The economy is fast returning to track. There have been active cases of corona.
The Finance Minister said, 'One Nation One Ration Card was launched under the Atmanirbhar Bharat scheme. Since September 1, 28 states and union territories have implemented this. That is, now workers of any country can take ration from any place.
The Finance Minister said, "13.8 lakh loans have been sanctioned for street vendors so far. That is, so many people have got loan. A total loan of about Rs 13 crore has been distributed to them.
The Finance Minister said, 'GST collection has increased. In October, it has increased by 10 percent on an annual basis. Bank credit has increased by 5.1 percent till 23 October. Foreign exchange reserves are at record highs.
Addressing the media, the Finance Minister said, "There is a strong recovery in the economy. Corona infected cases have fallen from more than 10 lakhs to 4.89 lakhs. The death rate is also just 1.47 percent.
The Finance Minister said, "Rating agency Moody's has raised its estimate of India's GDP growth for the calendar year 2020. At the same time, the rating agency has also raised the country's GDP growth estimates for the calendar year 2021. Moody's has raised its estimate of India's GDP growth for the year 2020 to -8.9 percent. It was earlier -9.6 percent. '
The finance minister said, "In addition, Moody's has raised its estimate for India's GDP growth from 8.1 per cent to 8.6 per cent for the coming year 2021. This is a good sign for the economy. '
Significantly, on Wednesday, the cabinet announced a production-based incentive (PLI) of about two lakh crore rupees. The announcement is for five years for manufacturers in 10 sectors. These sectors include automobile and auto parts, telecommunications, pharmaceutical, specialty chemicals, capital goods, technology products, white goods, household electronic appliances, networking products, textiles, AC and LED and advanced battery cells.
Let us know here that in the first quarter of the current financial year, there was a tremendous contraction of 23.9 percent in the Indian economy. At the same time, several surveys have predicted a contraction of more than 10 percent in the country's economy in the current financial year.