In recent times, the Government of India announced the Atma Nirbhar Bharat Scheme to shield India’s economy, which got immensely affected amidst the coronavirus crisis. Our Hon’ble Prime Minister announced the wide-ranging and stimulus economic package of INR 20 lakh crore, equivalent to 10% of India’s GDP.
The Covid-19 Pandemic has posed a menace in all the spheres of life. This scheme was launched under the Government’s supervision to address urban migrants’ needs, industrial sectors, and poor people. Also, it provides ease of living and affordable yet dignified life to all the needy ones. Atma Nirbhar Bharat Scheme is a blessing in disguise that has left no stone unturned in converting this period of crisis into opportunity.
The Concept behind Atma Nirbhar Bharat Scheme
The focal point of the Atma Nirbhar Bharat Scheme is to make the self-reliant Nation and people with a significant focus on local manufacturers and service providers, strengthening the economy and improving the standard of living, improve the trade deficit and the exchequer balance of the country.
The Atma Nirbhar Bharat Scheme’s underlying task is to make the country self-reliant in all spheres- starting from manufacturing to supplying. It will help and assist the Government in reducing its dependence on imports and may give a boost to exports from India.
The decline in imports will help reduce the trade deficit, leading to a trade surplus. And will also ensure that the country can sustain and untold and downturn event that may emerge in the future.
As per our Prime Minister, the fiscal stimulus will help revive and refresh every sphere of the economy- from demand, supply to manufacturing. The Atma Nirbhar Bharat Abhiyan focuses on land, labor, liquidity, and laws to achieve the plan of self-reliance.
The relief measures were announced in tranches by the Finance Minister Nirmala Sitharaman in 5 parts, all dealing with different sectors. This scheme is based on five pillars, such as Economy, Demography, Technology-driven system, Infrastructure, and Demand.
Atmanirbhar Bharat Scheme breakup
Atma Nirbhar Bharat Scheme is distributed in five tranches; the package’s complete breakup is as follows:
- Tranche 1– First Tranche of Atma Nirbhar Bharat Scheme includes relief measures of Rs 5,94,550 crore that provides for funding and loan guarantees for MSMEs, small business enterprises, contractors, real estate and salaried workers, etc.
- Tranche 2– The second tranche of the Atma Nirbhar Bharat Scheme includes relief measures worth Rs 3, 10,000 crore that focus mainly on migrant workers, small farmers, street vendors, and the low/needy people.
- Tranche 3- The third tranche of the Atma Nirbhar Bharat Scheme includes sets of relief measures worth Rs 1, 50,000 crore. The core focus is on agriculture and various allied sectors like dairy, animal husbandry, fisheries, etc.
- Tranche 4 & 5– The fourth & fifth tranche of the Atma Nirbhar Bharat Scheme is worth Rs 48,100 crore. It is mainly focusing on eight critical sectors such as Coal, Minerals, Defence Production, Airspace, Social Infrastructure, Power distribution companies, Space sectors, and Atomic Energy.
What are all sectors benefitted from Atmanirbhar Bharat Scheme?
The following sectors shall receive benefits of the self-reliant scheme:
- MSMEs– The Government will offer Rs 3 lakh crore to MSMEs as a collateral-free or unsecured loan with an annual turnover of Rs 100 crore or an outstanding loan of Rs 25 crore. The loan shall have a tenure of four years with a moratorium period of 12months—further, Rs 20,000 crore loans to stressed MSMEs. The Government gave a new definition for the MSMEs where it distinguished the distinction between manufacturing and service MSMEs and increased the limit for investment. The change in the status will allow the units to expand and avail of the MSME classification benefits.
- Power distribution companies– The Atma Nirbhar Bharat Scheme has bestowed Rs 90,000 crore to cash-starved discoms and independent power producers, which provides stability to the stressed power sector.
- Agricultural and allied sectors– Rs 1 lakh crore Agri Infrastructure Fund for farm gate infrastructure for farmer’s benefit is provided under the scheme. Rs 20,000 crores for fishers through (PMMSY) shall enhance their productivity. Rs 15,000 crore is provided in favor of the Animal Husbandry Infrastructure Development Fund. Further, it will also focus on formulating agricultural marketing reforms like barrier-free inter-state trading; the choice to sell goods produced at attractive prices, and also provides an e-trading portal for agriculture produced goods.
- Civil aviation– The Government has given the leverage for the restrictions placed on utilizing the Indian Air Space for commercial flights. It shall aid them in saving about Rs 1000 in terms of operational costs.
- Coal and Mineral Sectors-Under Atma Nirbhar Bharat Scheme, the Government shall introduce commercial mining of coal by focusing on reducing the country’s dependence on coal import and be fully self-reliant in the production of coal.
- Assistance to needy and poor people– Under Atma Nirbhar Bharat Scheme free supply of food grains is given to migrants for two months. Affordable Rental Housing Complexes for migrants. Rs 5000 crore. Special Credit Facility for street vendors.
- Real Estate-Under Atma Nirbhar Bharat Scheme, Government has extended the CLSS (Credit Linked Subsidy Scheme) for middle-income households; this will lead to the investments of Rs 70,000 crore in the housing sector, thus boosting the ailing real estate sector.
The country under Atmanirbhar Bharat Scheme is trying to become self-reliant in all the perspectives. The Government has been successful by far in not only launching but implementing the scheme in all possible ways to bring glory to the inactive status of the Nation.
