Highlights: Nirmala Sitharaman announces measures under Atmanirbhar 3.0 to revive economy
Union finance minister Nirmala Sitharaman on Tuesday announced the third tranche of Atmanirbhar scheme with a view to revive the Indian economy which is affected by the coronavirus (Covid-19) pandemic.
During a press briefing this afternoon , she started by saying that the Indian economy has been witnessing a strong recovery adding that a stronger growth is expected in the third quarter.
She went on to expanded the scope of some of the existing schemes under Atmanirbhar 1.0 and Atmanirbhar 2.0.
Thereafter, a total of 12 announcements were made under Atmanirbhar 3.0 related to employment generation, manufacturing, housing, research and development for a Covid-19 vaccine and many others which amounted to 2.65 lakh crores.
Her address comes a day after the Centre approved a Rs 2 lakh crore production-linked incentive (PLI) package to boost demand in India. Union minister Prakash Javadekar had said that the purpose of the PLI scheme is to make the country a global manufacturing hub.
Follow highlights of the finance minister’s press briefing here:
- Size of stimulus provided by Centre as part of announcements under Aatmanirbhar Bharat 3.0 amounts to Rs 2.65 lakh crores: Sitharaman
With ending her briefing, Union finance minister Nirmala Sitharaman said the size of the stimulus being provided by the government, as part of the 12 announcements made under the Aatmanirbhar Bharat 3.0, amounts to Rs 2.65 lakh crores. She added 15% of national GDP as stimulus takeaway.
- Rs 900 crore given for Covid-19 vaccine research and development, says FM
While talking about the vaccine to combat the novel coronavirus (Covid-19), Union finance minister Nirmala Sithraman said that a total amount of 900 crores has been provided for COVID Suraksha Mission for research and development of the Indian COVID vaccine to the Department of Biotechnology.
-Rs 3,000 crores will be released to EXIM Bank for promotion of project exports: Sitharaman
“Rs 3,000 crores will be released to EXIM Bank for promotion of project exports through Lines of Credit under IDEAS Scheme. Supported projects cover Railways, power, transmission, road and transport, auto and auto components, sugar projects etc,” Nirmala Sitharaman said.
-Additional outlay of Rs 10,000 cr to be given under PM Garib Kalyan Rozgar Yojana to boost rural employment: FM
Apart from incentivising job creation during Covid-19 recovery phase through the ‘Atmanirbhar Bharat Rozgar Yojana’, the finance minister also said that an additional outlay of Rs 10,000 crore would be given under the PM Garib Kalyan Rozgar Yojana to boost rural employment.
-Providing Rs 6000 Crores of Equity to Debt Platform of NIIF: Sitharaman
The Union finance minister said Rs 6,000 of equity is being given to the debt platform of National Investment and Infrastructure Fund (NIIF) where private equity participation will also come in. NIIF itself has invested Rs 2,000 Crores, she added.
-Nirmala Sitharaman announces income tax relief for developers and home buyers
Sitharaman announced an income tax relief for developers and home buyers in order to reduce hardships faced by both home buyers and developers for clearing unsold inventory.
- Rs 18,000 cr to be provided over and above the budget estimate under Pradhan Mantri Awas Yojana for urban areas: Sitharaman
Finance minister Nirmala Sitharaman said a total amount of Rs 18,000 Crores will be provided over and above the budget estimate mentioned in the Budget 2020-21 under the Pradhan Mantri Awas Yojana. particularly for the urban areas.
-10 new champion sectors to be covered under Production Linked Incentives Scheme: FM
With a view to boost competitiveness of domestic manufacturing, 10 new Champion sectors will now be covered under the Production Linked Incentives Scheme, Sithraman said. A total amount of Rs 1.46 lakh crore would be given for the same, she added.
-FM launches credit guarantee support scheme for healthcare, 26 sectors
Sitharman launched a credit guarantee support scheme for healthcare and 26 sectors that are stressed due Covid-19 crisis . Entities will get an additional credit up to 20% of outstanding credit and repayment can be done in five years’ time (1 year moratorium + 4 years repayment), she added.
-Existing Emergency Credit Line Guarantee Scheme extended till 31st March 2021: Sitharaman
The Union finance minister said that existing Emergency Credit Line Guarantee Scheme which is a part of Atmanirbhar Bharat has been extended till 31st March, 2021 adding that the loan is fully guaranteed and collateral free.
-‘Scheme being launched to incentivise job creation during virus recovery phase’: Sitharman
Nirmala Sitharaman during her press briefing said that a new scheme named ‘Atmanirbhar Bharat Rozgar Yojana’ is being launched to incentivise creation of new employment opportunities during the coronavirus (Covid-19) recovery phase.
This scheme will be applicable for those joining employment in EPFO registered establishments on monthly wages less which than Rs 15,000 per month, she added.
- Rs 1.32 L-cr given to 39.7 lakh taxpayers as Income Tax refunds, says FM
Finance minister Nirmala Sitharman added that Rs 1,32,800 crores has gone as income-tax refunds to 39.7 lakh taxpayers.
-Sitharaman gives details about progress of key items under Atmanirbhar Abhiyaan 2.0
The finance minister started discussing the progress of key items under Atmanirbhar Abhiyaan 2.0. Sitharman said a festival advance has been launched under which SBI Utsav cards are being distributed.
A total amount of Rs 25,000 crores has been provided as additional capital expenditure to the ministry of road transport and the ministry of defence, she added
11 states have been sanctioned Rs 3,621 crores as an interest-free loan towards capital expenditure, Sitharaman said.
-‘Rs 7,227 crores disbursed to NBFCs/HFC’: Finance minister
Nirmala Sitharaman while giving details of the progress of key items under Rs 7,227 crores said a total amount of Rs 7,227 crores has been disbursed to Non-banking financial companies (NBFCs) and Housing finance companies (HFCs).
She added that 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.
- Credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, ₹ 1.4 lakh crore has been distributed to farmers: Sitharaman
While speaking about Kisan Credit Cards, the finance minister aid that a credit boost has been given to 2.5 crore farmers through these cards and Rs 1.4 lakh crores has been distributed to farmers.
- Work has commenced to start a portal for migrant workers, says Nirmala Sitharaman
Sitharaman said the labour ministry along 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.
- Sitharaman gives details about progress of key items under Atmanirbhar Abhiyaan 1.0
The finance minister through a presentation gave details of progress of some key items under the Atmanirbhar Abhiyaan 1.0. She said under One Nation-One Ration Card- a total of 68.6 crore beneficiaries are covered who have an option to lift their food grains from any FPS of any choice in the 28 states and union territories (UTs) brought under the national portability of ration cards from September 1, 2020.
While giving details about the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) , she said around 14 lakh loans have been sanctioned under the scheme for street vendors.
- Strong growth expected in third quarter: Sitharaman
The Union finance minister said that a stronger growth is expected in the third quarter.
- The economy is seeing a strong recovery, says Nirmala Sitharaman
Union finance minister Nirmala Sitharaman during her press briefing said that the Indian recovery is in a state of strong recovery. The energy consumption trended higher in October at 12 per cent YoY, she said. Sitharaman also added that the Goods and Services Tax (GST) collections for October grossed at 1.05 lakh crore- 10 per cent YoY.
-Union finance minister Nirmala Sitharaman begins addressing the press briefing
Union finance minister Niramala Sitharaman started addressing a press briefing this afternoon which comes a day after the Centre approved a Rs 2 lakh crore production-linked incentive (PLI) package to boost demand in India.
( With ANI inputs)