Highlights from Atmanirbhar Bharat Abhiyan Package of economic are the burning topic worldwide, hailing at the Indian Government’s progressive approach. The Indian Government left no stone unturned trying to restore the Nation’s distorted economic condition. Highlights from Atma Nirbhar Bharat Abhiyan Package have made significant headlines across the globe and has come as a monetary relief package to ensure India’s economic plight amidst the pandemic. Combined with all previous economic stimulus efforts, the relief package’s total amount comes to a whopping Rs—20 lakh crore.
Atmanirbhar Bharat Abhiyan Package of Economic
Highlights from Atma Nirbhar Bharat Abhiyan Economic packages are the Government of India’s attempt to boost economic growth and lead the Economy out of the recession or economic downturn. The main idea behind infusing this scheme into the current scenario is to give tax rebates, relief, and exemptions in fiscal terms to the small scale industries, affected business sectors, and needy people. The scheme encourages spending, spending increases demand, which leads to a rise in employment rate, increasing the income, and hence boosts spending. This cycle continues to function until the Economy recovers from the doom’s effect. The highlights from Atma Nirbhar Bharat Abhiyan Economic Package are very well drafted and presented at the right time. This special economic package is equivalent to 10% of India’s GDP. However, this self-reliant scheme focused on five pillars of Aatm Nirbhar Bharat– i.e., Economy, Infrastructure, System, Demand, and Demography.
Atma Nirbhar Bharat Economic package includes:
- One economic stimulus package worth Rs 20 Lakh Crore that amounts to 10% of India’s GDP. The main aim behind launching the scheme was to benefit many MSMEs, migrant workers, laborers, vendors, etc.
- The Government decided to provide Rs—3 lakh crores in collateral-free automatic loans to MSMEs under the highlights from Atma Nirbhar Bharat Abhiyan Package of Economic. The loans for a four-year tenure and there will be a moratorium of 12 months on the principal amount. The interest rate shall also remain capped. 100% credit-guarantee cover to banks and NBFCs on principal and interest; this facility be available until 31st Of October, 2020.
- The Government of India will provide additional subordinate debt of Rs.20, 000 crores under highlights from Atma Nirbhar Bharat Abhiyaan Economic Package. The Government shall provide Rs.4, 000 crore to CGTMSE, which will provide partial credit guarantee to banks. The bank shall also provide debts to MSMEs to be infused as equity in the enterprise.
- The Government shall provide equity funding to MSMEs through Fund of Funds, having a corpus of Rs.10, 000 crore. These funds will help the MSMEs to upgrade and get listed in the stock exchange.
- The Government has announced that global tenders will be restricted in government procurement tenders up to Rs.200 crore, which pops in as a measure under the Atmanirbhar Bharat Economic Package to protect Indian companies from foreign competition and trigger the practice of ‘Make in India’ and self-reliance.
- The Government aims at providing financial relief to businesses during the coronavirus crisis. It has also decided to continue support to EPF contributions for business organizations and their workers for three more months both by the employer and the employee- 24% of wages.
- The next important step under the highlights from Atmanirbhar Bharat Economic package is increased take-home salary for salaried employees. The employer and employee’s statutory PF contribution be reduced to 10% each from the current 12% for three months. This measure will benefit about 6.7 lakh businesses and 4.3 crores employees.
- Under the highlights from Atma Nirbhar Bharat Abhiyan Economic Package, the TDS rates for non-salaried payments and TCS rates got reduced by 25% of the current rates. This relief measure ensures liquidity of about Rs.50,000 crores.
- The Centre, under the Atmanirbhar Bharat Economic package, decided to increase the borrowing limits of states from 3 to 5% for the year 2020-2021 only.
- Rs 3500 crores will be spent distributing free food grain supply to all the migrants for the two months.
- The particular credit facility worth Rs 5,000 crore was introduced for street vendors.
- Under the highlights from Atma Nirbhar Bharat Abhiyan Economic Package, Rs 30,000 crore additional emergency working capital funding will be provided to farmers through NABARD.
- Rs 2 lakh crores of concessional credit provided for 2.5 crore farmers through Kisan Credit Card.
- To benefit the agriculture sector, Rs 1 lakh crore provided for agriculture-related aggregators and Rs 10,000 crores for Micro Food Enterprises under the Atma-nirbhar Scheme.
- Rs 20,000 crore is being assigned for fisheries through the Matsya Sampada Yojana, and Rs 13000 crore is also initiated towards Animal vaccination, etc.
These are a few significant highlights from Atmanirbhar Bharat Abhiyan Economic Package. However, the Government has worked relentlessly in implementing the scheme in its best possible manner keeping in mind this progressive nature of the Indian Economy. Apart from the significant factors mentioned here, many benefits draped around the Nation under the highlights from Atma Nirbhar Bharat Abhiyan Economic Package for its security and safety.
