Addressing the press conference on 12 November, Finance Minister of India Nirmala Sitharaman announced 12 new fresh stimulus measures that can be called the subsequent step in the series of stimulus announcements -Atmanirbhar Bharat 3.0. The intent of this announcement is to give a much-needed boost to COVID-19 hit economy and stimulate employment in the formal as well as the informal economy, enriching ease of doing business, prolonging the deadline for the CLGS Scheme (Credit Line Guarantee Scheme), upgrade housing infrastructure, etc.
Under Atmanirbhar Bharat 3.0, Indian folks have received Diwali gifts from the Narendra Modi-led central government via a long-awaited stimulus package intended for reviving the Indian economy. Nirmala Sitharaman, Union Finance Minister of India, has announced the Atmanirbhar Bharat 3.0 stimulus measures to take the Indian economy to new heights. The objective behind the recent announcements under Atmanirbhar Bharat 3.0 is to lend benefit to individuals and companies who lost their jobs because of the Coronavirus induced lockdown. Finance Minister also asserted that some of the indicators were exhibiting a remarkable recovery in the Indian economy.
On Wednesday, the cabinet certified a proposal to furnish production-linked incentives of around Rs2 lakh crore over five years to generate a wide range of job opportunities and promote manufacturing in India.
In the sectors mentioned below, the government is planning to initiate Production Linked Incentive Scheme-
|Champion Sectors||Estimated Expenditure on Production Linked Incentives in Rs. Crore|
|Advance Cell Chemistry Battery||18,100|
|Automobiles and Auto Components||57,042|
|High Efficiency Solar PV Modules||4,500|
|Telecom and Networking Products||12,195|
One Nation-One Ration Card Facility
It is an enterprising plan as well as an endeavor of the Food & Public Distribution Department to confirm the delivery of food security entitlements to every beneficiary encircled under the NFSA (National Food Security Act), 2013, irrespective of their physical presence anywhere in India, by enforcing country-wide portability of ration cards within the persistent central sector scheme on IM- PDS (Expanded as Integrated Management of Public Distribution System) in union with all States/UTs.
Inter-State Portability: 28 States/Union Territories have been drawn under the national portability of ration cards effective from 1st September 2020.
Now it encompasses 68.6 crore beneficiaries who have got an option to raise their food grains from FPS of their preference in any of these 28 States/Union Territories.
Intra-State Portability: It is facilitated in these 28 States/Union Territories, around 1.5 Crore monthly transactions.
PM SVANidhi Scheme
Note- Operations on the portal for migrant workers get initiated.
Credit Boost through Kisan Credit Cards
The credit boost will be furnished to 2.5 crore farmers in different parts of India through Kisan credit cards. Till now, 183.14 lakh applications have been collected. Banks have granted KCC for 157.44 lakh eligible farmers all over India and authorized a limit of Rs 1, 43,262 crore in two different phases.
The Pradhan Mantri Matsya Sampada Yojana(PMMSY in short) is formulated to deal with significant gaps in fish production & productivity, post-harvest infrastructure, and management, quality, technology, modernization & strengthening of the value chain, solidifying a robust fisheries management framework, traceability, and fishers” welfare.
At an entire cost of Rs. 1681. 32 crores, proposals from 21 States have been sanctioned.
Rs 25,000 crores have been disbursed to Indian farmers from Additional Emergency Working Capital Funding via NABARD.
Partial Credit Guarantee Scheme 2.0
PSBs (Expanded as Public Sector Banks) have authorized the purchase of a portfolio of Rs. 26, 889 crores.
Liquidity Injection for DISCOMs
Loans of Rs. 118,273 Crore have been authorized to 17 States/Union Territories & Rs. 31,136 Crore has already been released or disbursed before to 11 States/Union Territories.
Special Liquidity Scheme for HFC/NBFC
The disbursed amount is Rs. 7227 Crore.
1.52 lakh crore disbursed
2.05 lakh crore got sanctioned to 61 lakh borrowers
Having the mission in the kitty to boost employment and enhance livelihoods during the covid-19 recovery trip, the Indian government launched a modern job creation scheme under Atmanirbhar Bharat 3.0, Atmanirbhar Bharat Rozgar Yojana to incentivize job creation and give birth to millions of job opportunities in India. The scheme of Atmanirbhar Bharat Rozgar Yojana will be applicable to EPFO enrolled organizations if they take in brand-new employees or those who got sacked from their respective jobs in the past. It is effective from October 1, 2020.
Under the Atmanirbhar Bharat 3.0, the Finance Minister notified about Atmanirbhar Bharat Rozgar Yojana. The Central government will furnish subsidy for about two years with regard to recently eligible employees engaged on or after October 1, 2020, under the Atmanirbhar Bharat Rozgar Yojana.
Also, she mentioned that under the Atmanirbhar Bharat 3.0, Atmanirbhar Bharat Rozgar Yojana is being inaugurated to incentivize the composition of new employment opportunities for various people during COVID-19 healing. All the EPFO registered organizations – if they bring new employees on board or those who had lost their respective jobs between the time frame of March 1 & September 30 – these employees will receive benefits.
In a press conference on the 12th of November 2020, FM Nirmala Sitharaman has asserted that an additional outlay of Rs 10,000 has been confirmed for the Prime Minister’s Garib Kalyan Rozgar Yojana to boost rural employment. In addition to this, she declared that Rs 73,504 crore has already been used up from the modern outlay of Rs 1 lakh crore on the PM Garib Kalyan Rozgar Yojana. Launched in June 2020 by PM Narendra Modi, the Prime Minister’s Garib Kalyan Rozgar Yojana was formulated to empower and render livelihood opportunities in rural regions, noticing a major chunk of returnee migrant workers affected by the Coronavirus pandemic. It will accelerate the growth of the Indian rural economy.
Under Atmanirbhar Bharat 3.0, Finance Minister Nirmala Sitharaman also made a significant announcement concerning the Rs 65,000-crore fertilizer subsidy for farmers in rural parts of India as a portion of her stimulus package to give pace to the Indian economy.
Also, she asserted Rs 65,000 crore is being furnished to assure the availability of fertilizers to farmers in sufficient amount and to facilitate instantaneous accessibility of fertilizers in the forthcoming crop season under Atmanirbhar Bharat 3.0. Increased allowance of fertilizers at subsidized rates will be helpful for more than 140 million farmers.
|Spheres||Fiscal Cost (RS. Crore)|
|Support for Agriculture- Fertilizer Subsidy||65,000|
|Boost for Atmanirbhar Manufacturing Production-Linked Incentive( 5 Yrs)||1,45,980|
|Boost for Rural Employment||10,000|
|Boost for Project Exports- Support for EXIM Bank||3,000|
|Boost for Infrastructure- NIIF Debt PF||6,000|
|Housing for All- PMAY- U(Via Additional Budgetary Resources)||18,000|
|Atmanirbhar Bharat Rozgar Yojana(2 Yrs)||6,000|
|R&D Grant for COVID Suraksha(Development of Vaccine)||900|
|Industrial Incentives, Industrial Infrastructure & Domestic Defence Equipment||10,200|
In the past, only MSMEs were eligible for this benefit, presently individual loans for business purposes, business enterprises, & MUDRA borrowers will also be getting the benefit of this Emergency Credit Line Guarantee Scheme.
Under the scheme of Emergency Credit Liquidity Guarantee, an entire amount of Rs 2.05 lakh crore has been authorized to 61 lakh borrowers, out of which the amount of Rs 1.52 lakh crore has been forked out.
In continuation of its stimulus packages announced in the preceding period, Finance Minister Nirmala Sitharaman announced Atmanirbhar Bharat 3.0, containing 12 measures to assist in the revival of the Indian economy. ASSOCHAM president Niranjan Hiranandani stated that Atmanirbhar Bharat 3.0 would further promote and incentivize job creation and render much assistance & relief and impetus to the housing as well as the infrastructure sector.
To be precise, we can say that Atmanirbhar Bharat 3.0 will pave the way to recovery of the economy after the COVID-19 outbreak. The stimulus package is a Diwali gift of hope and bliss from the government. At Aatmnirbhar Sena, we will be looking forward to attaining maximum benefits from the stimulus measures and utilize them for the benefits of Indian folks.