Job creation, income tax relief in housing as Centre announces 'Atmanirbhar' package 3.0; FM says 'economy witnessing strong recovery'
New Delhi | Jagran Business Desk: With a focus on job creation and hosuing sector, Finance Minister Nirmala Sitharaman on Thursday announced "Aatmanirbhar Bharat package 3.0" to pull the sagging economy out of the unprecedented contraction due to coronavirus crisis.
Making a total of 12 annoucements, Sitharaman said that the Indian economy "is witnessing a strong recovery after a long and strict lockdown" and noted that active coronavirus cases in the country have declined from over 10 lakh to 4.89 lakh.
"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 per cent of national GDP as stimulus takeaway," news agency ANI quoted Sitharaman as saying.
Sitharaman announces 'Atmanirbhar Bharat Rozgar Yojana'
To boost employment opportunities across the country, Sitharaman said that the government has decided to launch the 'Atmanirbhar Bharat Rozgar Yojana'. Under the new scheme, Sitharaman said that new employees joining EPFO-registered organisation would be covered.
"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," she said, noting that this scheme would be operational till June 30, 2021.
Centre provides income tax relief to home-buyers and developers
The central government also provided income tax relief to home-buyers and developers, saying the move would boost the real estate sector in India and will create more jobs in this sector. She further informed that Rs 18,000 crore would be provided as an "additional outlay" and performance security on contracts will be reduced to 3 per cent.
"For primary residential real estate sales, relief on the difference between circle rate and agreement value up to 20 per cent vs 10 per cent earlier. We expect clearance of inventories through this step," she said.
Centre to provide Rs 900 crore for COVID-19 vaccine research
Noting that active coronavirus cases have reduced in the country, Sitharaman said that the central government will provide Rs 900 crore to the Department of Biotechnology for COVID-19 vaccine research. She, however, said the grant does not cover the actual cost of vaccine and distribution expenses, which will be made separately as and when the vaccine is available.
"Rs 900 crores provided for COVID Suraksha Mission for research and development of the Indian COVID vaccine to the Department of Biotechnology," she said.
Sitharaman announces Rs 65,000 crore fertilizer subsidy for farmers
Providing a huge relief to the farmers, the Finance Minister said that the government will provide a Rs 65,000-crore subsidy to them for fertilizer. She also said that Rs 10,000 crore outlay will be provided to farmers as a part of PM Garib Kalyan Rozgar Yojana in the current financial year.
'Rs 29.88 lakh crore provided in stimulus to revive economy'
Talking about the measures taken by the Centre, Sitharaman said that the Modi and the Reserve Bank of India (RBI) have announced a stimulus measures worth Rs 29,87,641 crore or 15 per cent or the country's Gross Domestic Product.
She informed that Rs 1,92,800 crore relief was provided for Pradhan Mantri Garib Kalyan Package, Rs 82,911 crore was provided under Pradhan Mantri Garib Kalyan Package and Rs 11,02,650 crore was provided under Atmanirbhar Bharat Abhiyaan 1.0.
She further noted that the RBI had earlier announced a stimulus package of Rs 12,71,200 crore and informed that Centre provided Rs 73,000 crore under Atmanirbhar Bharat Abhiyaan 2.0 and Rs 2,65,080 crore under Atmanirbhar Bharat Abhiyaan 3.0.
(With agency inputs)
Posted By: Aalok Sensharma