Announcements of stimulus Package by Finance Minister II

Last Updated On: Nov. 12, 2020, 10:40 p.m.
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ANNOUNCEMENTS OF STIMULUS PACKAGE BY FINANCE MINISTER II

 

7. Rs. 1.10 Lakh Core Platform for Intra Debt Financing- Rs.6,000 Crores Equity infusion in NIIF Debt Platfrom

  • Actual investments made by 3 NIIF in downstream funds, platforms and operating companies is Rs. 19,676 crore.
  • NIIF Strategic Opportunities fund has set up a debt platform comprising an NBFC Infra Finance Company.
  • The Platform has a loan book- Rs.8,000 Crore & deal pipeline of Rs.10,000 crore.
  • NIIF AFL and IFL will raise INR 95,000 crores debt from market including project bonds.
  • By 2025, they will provide infra project financing of Rs. 110000 Crores.
  • NIIF has already invested nearly Rs. 2000 Crore in equity of the Platform
  • Government will invest Rs. 6,000 Crore as equity.
  • Rest of equity will be raised from private investors.

 

8. Support for Agriculture Rs.65,000 crores for subsidised Fertilisers:

  • There is an estimated increase in fertiliser usage of 17.8% over the actual usage  
  • In 2019-21 of 571 lakh metrics tonnes. The increase is on account of favourable monsoons and the resultant increase in sown area.
  • Fertiliser consumption which was 499 lakh MT in 2016-17 is expected to increase to 673 lakh MT in 2020-21.
  • Increased supply of fertilisers at subsidised rates will help 140 million farmers.
  • Rs.65,000 crores being provided to ensure adequate availability of fertilisers to farmers to enable timely availability of fertilisers in the upcoming crop season.

 

9. Boost for Rural Employment – Enchanced outlays under PM Garib Kalyan Rozgar Yojana.

  • Prime Minister Garib Kalyan Rozgar Yojana is also in progress in 116 districts Rs. 37, 543crores spent till date.
  • PMGKRY effectively provides various schemes including MGNREGA PMGSY etc.
  • Rs. 40,000 crore was additionally provided in Atma Nirbha Bharat 1.0.
  • As on date, Rs. 73,504 crore has been released under MGNREGA and 251 crore person-days of employment have been generated.
  • Further additional outlay of Rs.10,000 crores will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year.
  • This scheme will accelerate growth of the rural economy.

 

10. Boost for Project Exports- Rs.3,000 crore to EXIM bank for Lines of Credit.

  • Exim Bank extends Lines of Credit (LOC) on behalf of the Government of India, as assistance to developing countries under IDEAS scheme.
  • Promotes Indian exports by mandating recipient countries to import 75% value of LOC.
  • Supported projects include Railways, power, transmission, road transport and auto and auto components.
  • As on the date, 811 export contracts, aggregating USD 10.50 bn are being financed under LOC’s.
  • Rs. 3,000 crore will be released to EXIM bank for promotion of project exports through  lines of credit under IDEAS scheme.

 

11. Rs.10,200 Crore Additional budget stimulus will be provided for capital and industrial expenditure on defence equipment, industrial infrastructure and green energy.

 

12. Research & Development grant for COVID Vaccine Development:

Rs.900 Crore provided for Covid Suraksha Mission for Research and Development of Indian Covid Vaccine to Department of Bio- Technology

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