{"id":328573,"date":"2020-11-12T14:10:33","date_gmt":"2020-11-12T14:10:33","guid":{"rendered":"http:\/\/tehelka.com\/?p=328573"},"modified":"2020-11-12T14:10:38","modified_gmt":"2020-11-12T14:10:38","slug":"nirmala-sitharaman-announces-measures-on-aatmanirbhar-bharat-3-0","status":"publish","type":"post","link":"https:\/\/tehelka.com\/nirmala-sitharaman-announces-measures-on-aatmanirbhar-bharat-3-0\/","title":{"rendered":"Nirmala Sitharaman announces measures on AatmaNirbhar Bharat 3.0"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><a href=\"http:\/\/tehelka.com\/nirmala-sitharaman-announces-measures-on-aatmanirbhar-bharat-3-0\/screenshot_2020_1112_185756\/\" rel=\"attachment wp-att-328574\"><img decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-328574 alignleft\" src=\"http:\/\/tehelka.com\/wp-content\/uploads\/2020\/11\/Screenshot_2020_1112_185756-300x184.jpg\" alt=\"\" width=\"300\" height=\"184\" srcset=\"https:\/\/tehelka.com\/media\/2020\/11\/Screenshot_2020_1112_185756-300x184.jpg 300w, https:\/\/tehelka.com\/media\/2020\/11\/Screenshot_2020_1112_185756-768x471.jpg 768w, https:\/\/tehelka.com\/media\/2020\/11\/Screenshot_2020_1112_185756-356x220.jpg 356w, https:\/\/tehelka.com\/media\/2020\/11\/Screenshot_2020_1112_185756-696x427.jpg 696w, https:\/\/tehelka.com\/media\/2020\/11\/Screenshot_2020_1112_185756-685x420.jpg 685w, https:\/\/tehelka.com\/media\/2020\/11\/Screenshot_2020_1112_185756.jpg 770w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>Union Minister for Finance &amp; Corporate Affairs Nirmala Sitharaman has announced 12 key measures, as part of Government of India\u2019s stimulus to the economy, under AatmaNirbhar Bharat 3.0. The net stimulus announced today amounts to\u00a0\u20b9\u00a02.65 Lakh crore. While addressing the Press Conference here today , Sitharaman also informed that the total stimulus announced by the Government and Reserve Bank of India till date, to help the nation tide over the COVID-19 pandemic, works out to\u00a0\u20b9\u00a029.87 lakh crore, which is 15% of national GDP. Out of this, stimulus worth 9% of GDP has been provided by the government.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong>The following are the 12 keyannouncements\u00a0 under AatmaNirbhar Bharat 3.0-<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong><u>1) AatmaNirbhar Bharat Rozgar Yojana<\/u><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">A new scheme to incentivize job creation during COVID-19 recovery has been launched. If EPFO-registered establishments take in new employees without EPFO registration or those who lost jobs earlier, the Yojana will benefit these employees.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Beneficiaries \/ New Employees under the scheme would be:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">any new employee joining employment in EPFO registered establishments on monthly wages less than Rs.15,000<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">EPF members drawing monthly wage of less than Rs.15,000 who made exit from employment during COVID Pandemic from 01.03.2020 to 30.09.2020 and is employed on or after 01.10.2020.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Central Govt. will provide subsidy for two years in respect of new eligible employees engaged on or after 01.10.2020 at following scale:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong>Establishments employing up to 1000 employees<\/strong>: Employee\u2019s contributions (12% of Wages) &amp; Employer\u2019s contributions (12% of wages) totalling 24% of wages<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong>Establishments employing more than 1000 employees<\/strong>: Only Employee\u2019s EPF contributions (12% of EPF wages)<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">The scheme will be effective from October 1, 2020 and operational till 30<sup>th<\/sup>\u00a0June 2021. Certain other eligibility criteria would have to be met, and Central Government will provide subsidy for two years in respect of new eligible employees.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong>2)<\/strong><strong><u>Emergency Credit Line Guarantee Scheme<\/u><\/strong>for MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till March 31, 2021.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">A\u00a0Credit guarantee support scheme ECLGS 2.0 is being launched for Healthcare sector and 26 stressed sectors with credit outstanding of above Rs. 50 crore and up to\u00a0\u20b9\u00a0500 Croreas on 29.2.2020stressed due to COVID-19, among other criteria. Entities will get\u00a0<strong>additional credit up to 20% of outstanding credit<\/strong>\u00a0with a tenor of five years, including 1 year moratorium on principal repayment. This scheme will be available till 31.3.2021.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong>3)\u00a0<u>Production Linked Incentive worth\u00a0<\/u><\/strong><strong><u>\u20b9<\/u><\/strong><strong><u>\u00a01.46 Lakh Crore to 10 champion sectors.<\/u><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">10 more Champion Sectors will be covered under the Production Linked Incentives Scheme\u00a0to help boost competitiveness of domestic manufacturing. This will give a big boost to economy, investment, exports and job creation. A total amount of nearly 1.5 Lakh Crore has been earmarked across sectors, for next five years. The ten sectors are &#8211; Advance Cell Chemistry Battery, Electronic\/Technology Products, Automobiles &amp; Auto Components, Pharmaceuticals Drugs, Telecom &amp; Networking Products, Textile Products, Food Products, High Efficiency Solar PV Modules, White Goods (ACs &amp; LED), and Specialty Steel.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong><u>4)\u00a0<\/u><\/strong><strong><u>\u20b9<\/u><\/strong><strong><u>\u00a018,000 Crore Additional outlay of for PM Awaas Yojana &#8211; Urban<\/u><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">A sum of Rs 18000 cr is being provided for PMAY- Urban over and above Rs. 8000 Crore already allocated this year. This will help ground 12 Lakh houses and complete 18 Lakh houses, create additional 78 Lakh jobs and improve production and sale of steel and cement, resulting in multiplier effect on economy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong><u>5) Support for Construction &amp; Infrastructure \u2013 Relaxation of Earnest Deposit Money &amp; Performance Security on Government Tenders<\/u><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts has been\u00a0<strong>reduced from 5-10% to 3%.<\/strong>It will also extend to ongoing contracts and Public Sector Enterprises. EMDfor tenders will be replaced by Bid Security Declaration. The relaxations in the General Financial Rules will be in force till December 31, 2021.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong><u>6) Income Tax relief for Developers &amp; Home Buyers<\/u><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Differential between circle rate and agreement value in real estate income tax under Section 43 CA of IT Act has been increased from 10% to 20%. This is for primary sale of residential units up to\u00a0\u20b9\u00a02 Crore (from date of announcement of this scheme, till June 30 2021).Consequential Relief up to 20% shall also be allowed to buyers of these units under section 56(2)(x) of IT Act for the said period.The Income Tax relief provides incentive to middle class to buy homes.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong><u>7) Platform for Infra Debt Financing<\/u><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Government will make\u00a0\u20b96,000 Crore equity investment in debt platform of National Investment and Infrastructure Fund (NIIF), which will help NIIF provide a debt of\u00a0\u20b9\u00a01.1 Lakh Crore for infrastructure projects by 2025.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong><u>8) Support for Agriculture:\u00a0<\/u><\/strong><strong><u>\u20b9<\/u><\/strong><strong><u>65,000 Crore for subsidized fertilizers<\/u><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">As fertilizer consumption is going up significantly,\u00a0\u20b965,000 Crore is being provided to ensure increased supply of fertilizers to farmers\u00a0to enable timely availability of fertilisers in the upcoming crop season.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong><u>9) Boost for Rural Employment:<\/u><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Additional outlay of\u00a0\u20b910,000 Crore is being provided for PM Garib Kalyan Rozgar Yojana to provide rural employment. This will help accelerate rural economy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong><u>10) Boost for Project Exports<\/u><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u20b93,000 Crore boost is being providedto EXIM Bank for promoting project exports under Indian Development and Economic Assistance Scheme (IDEAS Scheme). This will help EXIM Bank facilitate Lines of Credit development assistance activities and promote exports from India.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong><u>11) Capital and Industrial Stimulus<\/u><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u20b910,200 Crore additional budget stimulus is being provided for capital and industrial expenditure on domestic defence equipment, industrial infrastructure and green energy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong><u>12) R&amp;D grant for COVID Vaccine<\/u><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u20b9900 Crore is being provided to Department of Biotechnology for\u00a0Research and Development of Indian COVID Vaccine.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Union Minister for Finance &amp; Corporate Affairs Nirmala Sitharaman has announced 12 key measures, as part of Government of India\u2019s stimulus to the economy, under AatmaNirbhar Bharat 3.0. The net stimulus announced today amounts to\u00a0\u20b9\u00a02.65 Lakh crore. While addressing the Press Conference here today , Sitharaman also informed that the total stimulus announced by the [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":328574,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[167],"tags":[],"_links":{"self":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/328573"}],"collection":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/comments?post=328573"}],"version-history":[{"count":2,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/328573\/revisions"}],"predecessor-version":[{"id":328576,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/328573\/revisions\/328576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/media\/328574"}],"wp:attachment":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/media?parent=328573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/categories?post=328573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/tags?post=328573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}