Nirmala Sitharaman announces Atmanirbhar Bharat 3.0 package, says 'Indian economy witnessing strong recovery' | Highlights
New Delhi | Jagran Business Desk: In order to pull the sagging economy out of the unprecedented contraction due to coronavirus crisis, Finance Minister Nirmala Sitharaman on Thursday announced "Aatmanirbhar Bharat package 3.0", saying macro-economic indicators are pointing towards recovery and informed that the Indian economy is witnessing a strong recovery after a long and strict lockdown.
Here are the highlights from the big story:
14.48 pm: 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. 15% of national GDP as stimulus takeaway: FM Nirmala Sitharaman
14.38 pm: Rs 900 crores provided for COVID Suraksha Mission for research and development of the Indian COVID vaccine to the Department of Biotechnology: Finance Minister Nirmala Sitharaman
14.36 pm: Rs 10,200 crore additional budget outlay will be provided towards Capital and industrial expenditure: MoS Finance Anurag Thakur
14.35 pm: 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: FM Nirmala Sitharaman
14.25 pm: Finance Minister has announced the doubling of differential between circle rate and agreement value for primary sale of residential units of up to Rs 2 crore.
14.22 pm: An additional outlay of Rs 10,000 crores will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year, to boost rural employment: FM Sitharaman
14.21 pm: So, by 2025 they will have to fund projects to the extent of Rs 1,10,000 Crores. We are creating this avenue for them to do it even through Debt Market: Finance Minister Nirmala Sitharaman
14.18 pm: 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: Finance Minister Nirmala Sitharaman
14.17 pm: Rs 65,000 crores being given to ensure adequate availability of fertilisers to farmers to enable timely availability of fertilisers in the upcoming crop season: MoS Finance Anurag Thakur
14.15 pm: For primary residential real estate sales, relief on the difference between circle rate & agreement value up to 20% vs 10% earlier. We expect clearance of inventories through this step: FM Nirmala Sitharaman
14:10 pm: Performance Security on Contracts will now be reduced to 3% instead of 5-10%. This will be extended to all ongoing contracts which are free of disputes. This will also be extended to public sector enterprises. States also will be encouraged to come into this scheme: FM Sitharaman
14.10 pm: Support for Construction and 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: FM Sitharaman
14.04 pm: This extra budgetary resource being provided will help 12 Lakh houses to be grounded & 18 Lakh houses will get completed as a result: Finance Minister Nirmala Sitharaman
14.04 pm: 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: Finance Minister Nirmala Sitharaman
14.03 pm: 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
14.01 pm: We are launching credit guarantee support scheme for healthcare sector and 26 sectors stressed due to COVID19. Entities will get additional credit up to 20% of outstanding credit, repayment can be done in five years' time (1 year moratorium + 4 years repayment): FM Sitharaman
14.00 pm: 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 1-year moratorium and 5 years of repayment: FM Sitharaman
13.55 pm: 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 1-year moratorium and 5 years of repayment: Sitharaman
13.53 pm: 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: Finance Minister Nirmala Sitharaman
13.51 pm: The existing Emergency Credit Line Guarantee Scheme extended till 31st March 2021: FM Nirmala Sitharaman
13.50 pm: Aatmanirbhar Bharat Rozgar Yojana being launched to incentivise creation of new employment opportunities during #COVID19 recovery. Every EPFO registered orgs - if they take in new employees or those who had lost jobs b/1 March 1 & Sept 30 - these employees will get benefits: FM
13.45 pm: 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, says Nirmala Sitharaman
13.42 pm: Establishments registering with EPFO after the commencement of Scheme to get subsidy for all new employees. Scheme to be operation till 30th June, 2021, says Sitharaman
13.41 pm: Pradhan Mantri Rozgar Protsahan Yojana was implemented up to 31.03.2019. 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, says Nirmala Sitharaman
13.32 pm: FM launches 'Atmanirbhar Bharat Rozgar Yojana' to create new employment opportunities during COVID recovery phase
13.31 pm: SBI Utsav cards being distributed, under the festival advance scheme announced on 12th Oct. 11 states sanctioned Rs 3,621 crores as an interest-free loan towards capital expenditure, says Sitharaman
13.27 pm: 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, says Nirmala Sitharaman
13.27 pm: Rs 7,227 crores disbursed under the Special Liquidity Scheme for NBFCs/HFC, says Finance Minister Nirmala Sitharaman
13.26 pm: Markets are on a record-high and India's foreign exchange reserves are at USD 560 billion. India has made a strong comeback economically. RBI has said that India will do better in Q4. So the mood in the country, as well as Moody's rating for India, has improved, says MoS Finance Anurag Thakur
13.23 pm: Nirmala Sitharaman says that the government disbursed Rs 25,000 crore to farmers from Additional Emergency Working Capital Funding through NABARD.
13.21 pm: The Finance Minister has also informed that thet Prime Minister Kisan Credit cards have so far received 183.14 lakh applications.
13.19 pm: 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, says Nirmala Sitharaman
13.15 pm: There has been very good progress on 'One Nation-One Ration Card' in 28 states covering 68.8 crore beneficiaries, says Nirmala Sitharaman
13.13 pm: GST collection rose 10 pc y-o-y in October, bank credit improved 5.1 per cent; energy consumption growth trend higher: Nirmala Sitharaman
13.10 pm: RBI predicts a strong likelihood of the Indian economy returning to positive growth in Q3:2020-21, ahead by a quarter of the earlier forecast, says Nirmala Sitharaman
13.06 pm: I would like to announce a few new measures in the series of stimulus announcements we have been doing...Quite a few indicators showing a distinct recovery in the economy: Finance Minister Nirmala Sitharaman
13.03 pm: Finance Minister Nirmala Sitharaman addresses media, says 'signs of strong recovery visible'
12.58 pm: A Reuters report has claimed that the government is planning to announce fresh stimulus package before Diwali.
12.43 pm: Media reports suggest that the new stimulus package will focus on MSMEs, aviation sector, hospitality sector, urban and rural middle-income groups.
12.27 pm: It is expected that the Finance Minister will likely speak about a fresh economic stimulus package.
12.25 pm: Finance Minister Nirmala Sitharaman will address the media shortly.
Earlier, Union Finance Secretary Ajay Bhushan Pandey had also hinted that the government is monitoring those sectors which have been hit hard by the pandemic, hinting that the Centre is working on a "sector-specific stimulus package".
"We keep taking suggestions from industry bodies, trade associations, various ministries and after going through their suggestions and requirements of the economy, we come out with timely measures," Pandey was quoted as saying by news agency ANI.
The Indian economy has been hit hard by the coronavirus pandemic and subsequent lockdown that was imposed to control the spread of the virus. In the April-June quarter, the Indian economy had contracted by 23.9 per cent because of the current situation.
Looking at the unprecedented situation, the Centre had announced a stimulus worth Rs 20 lakh crore to boost the economy. Before that, it had also announced a Rs 1.70 lakh crore Pradhan Mantri Garib Kalyan Yojana (PMGKP) to save the vulnerable sections of the society from the coronavirus crisis.
Posted By: Aalok Sensharma