ANNOUNCEMENTS OF STIMULUS PACKAGE BY FINANCE MINISTER
On Thursday (12-11-2020), Finance Minister Nirmala Sitharaman addressed a press conference and announced Athmanirbhar 3.0 stimulus package worth Rs. 2.65 Lakh Crore to bring steam into corono-hit.
On this day 12 Announcements of Stimulus package by Finance Minister. These 12 Announcements are expected to lead to more creation of job and provides a budgetary push in the big-infrastructure spearding among others.
Finance Minister began with the summary of State Economy
She started with the strong recovery of the State Economy
1. Emergency Credit Scheme Extended till 31/3/2021.
This was announced as a part of Athmanirbhar Bharat Abhiyaan.
Scheme update as on 12.11.2020
a. Rs. 1.52 lakh Crore disbursal.
b. Rs.2.05 lakh crore sanctioned to 61 lakh borrowers.
2. New Scheme AtmanirbharBharatRozgarYojana being launched to incentive job creation during COVID-19 recovery.
Atmanirbhar Bharat Rozgar Yojana.
The Central Government to provide subsidy for 2 years in respect of new eligible employees engaged on after 1.10.2020 at a following scale
a. Establishments employing upto 1000 employees: Employee’s contibutions 12% wages & Employer’s Cotribution 12% wages totally 24% of wages.
b. Establishments employing more than 1000 employees: Only EPF (Employee Provident Fund) contributions (12% of EPF wages).
3.Rs.1.46 lakh Crore boost for Atmanirbhar Manufacturing Production – Linked incentives for 10 champion sectors.
a. Government has already approved PLI schemes for 3 sectors at a cost of Rs.51,355 crores as follows;
b.10 more Champion sectors will now be covered under the Production Linked Incentives Scheme to boost the competitiveness of domestic manufacturing.
c. This is expected to give a significant boost to Economic Growth and Domestic Employment.
Government will launch the Production Linked Incentive(PLI) Scheme in the following sectors:
|Advance Cell chemistry Battery||18,100|
|Telecom & networking products||12,195|
|High Efficiency solar PV models||4,500|
4. Rs. 18,000 crores Additional Outlay for PM Awaas Yojana- Urban:
A number of measures have been taken in the past several months for the revival of the Housing and Real estate sector. These measures have been contributed to a fair recovery in this sector.
There is a need for further measures to enable the sector to generate more employment.
5. Support provided for Construction & Infrastructure Relaxation of Earnest Money Deposit (EMD) & Performance Security on Government Tenders.
a. this will be extended to ongoing contracts which are free of disputes.
b. Will also be extended to Public Sector Enterprises.
c. State will be encourage to do the same
6. Demand Booster for Residential Real Estate Income Tax relief for Developers & Home Buyers.
Copyright © 2019 - All Right Reserved