Reviving The Economy : Finance Minister Nirmala Sitharaman Announces More Stimulus Package To Boost Growth

Picture : Twitter / ANI

Finance Minister Nirmala Sitharaman offered incentives for companies on new hires during her press conference in which she announced more stimulus measures to boost growth.

The Aatmanirbhar Bharat Rozgar Yojana was launched to incentivise creation of new employment opportunities during Covid recovery. Every EPFO registered orgs — if they take in new employees or those who had lost jobs between March 1 and September 30 — these employees will get benefits.

If new employees of requisite number are recruited from October 1, 2020 to June 30, 2021, the establishments will be covered for the next two years.

Establishments registering with EPFO after the commencement of the Aatmanirbhar Bharat Rozgar Yojana to get subsidy for all new employees. Scheme to be operation till 30th June, 2021, she said.

Further, Sitharaman has said that the Reserve Bank of India (RBI) has predicted a strong likelihood of the Indian economy returning to positive growth in Q3:2020-21.

“RBI predicts a strong likelihood of the Indian economy returning to positive growth in Q3:2020-21, ahead by a quarter of the earlier forecast,” Sitharaman said .

“There has been very good progress on ‘One Nation-One Ration Card’ in 28 states and Union territories covering 68.6 crore beneficiaries. On Interstate Portability, 28 states and UTs have been brought under the national portability of ration cards with effect from September 1, 2020. Now covers 68.6 crore beneficiaries who now have an option to lift their food grains from any FPS of choice in any of these 28 states and UTs,” the Finance Minister said.

“Labour Ministry, with the Finance Ministry and other concerned ministries, are working together closely with the States, and the work has commenced on creating a portal for migrant workers,” she added.

“Rs 25,000 crores has been disbursed to farmers from Additional Emergency Working Capital Funding through NABARD. Credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, Rs 1.4 lakh crores has been distributed to farmers,” she said.

The Finance Minister said, “Rs 7,227 crores disbursed under the Special Liquidity Scheme for NBFCs/HFC.”

Rs 25,000 crores has been disbursed to farmers from Additional Emergency Working Capital Funding through NABARD.

She also announced relaxations in income tax rules to allow sale of primary residential units of up to Rs 2 crore value below the circle rate.

Rs 900 crore has been granted to the Department of Biotechnology for COVID-19 vaccine research. Till now, only 10 per cent difference between the circle rate and the agreement value was allowed.

Rs 65,000-crore fertilizer subsidy for farmers as part of her stimulus package to boost the economy.

She said Rs 65,000 crore is being provided to ensure adequate availability of fertilisers to farmers and to enable timely accessibility of fertilisers in the upcoming crop season.

She said an additional outlay of Rs 10,000 crore will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year.

This, she said, will accelerate growth of the rural economy. Sitharaman further said, Rs 3,000 crore will be released to EXIM Bank for promotion of ‘Project Exports’ through lines of credits.

EXIM Bank extends lines of credits on behalf of the government of India as assistance to developing countries under Indian Development and Economic Assistance Scheme (IDEAS) Scheme.

Sitharaman also announced , Rs 18,000 crore additonal outlay for the urban housing scheme to help complete real estate projects that would create jobs and boost the economy.