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Gift before Diwali, Finance Minister announced a new relief package

NEW DELHI | Finance Minister Nirmala Sitharaman on Thursday announced a new relief package as part of the Self-Reliant India Campaign 3.0, aimed at tackling the economic challenges faced by the Corona epidemic and speeding up the country’s economy. The Finance Minister, during a press conference here, announced 12 measures under the Self-Reliant India Campaign 3.0.

Before announcing these measures, Sitharaman said that the country’s economy is seeing rapid improvement. He referred to the increase in energy consumption, an increase in rail fares as well as an increase in GST collection of Goods and Services Tax and an increase in debt from banks.

These 12 measures announced by the Finance Minister can be seen as follows:

1. Boost rural employment: The government has increased the amount of Pradhan Mantri Garib Kalyan Rozgar Yojana by Rs 10,000 crore in the current financial year. The Finance Minister said that this will increase employment in rural areas. Under the Mahatma Gandhi National Rural Employment Guarantee Scheme, the biggest scheme of employment in the rural sector, an additional budget of Rs 40,000 crore was already raised in the Self-Reliant India Campaign 1.0.

2. Relief to home buyers: The government has increased the difference between the circle rate and the contract price for the primary sale of residential units ie houses for up to two crore rupees to 20 percent from 10 percent till June 30 next year. . Under this, buyers of homes up to Rs 2 crore will get relief till 30 June 2021.

3. Self-reliant Bharat Rojgar Yojana: To create employment opportunities in the Corona era, the government has launched the Self-Reliant India Employment Scheme. Under this, companies providing new jobs will get grants. This will increase employment in the organized sector and benefit employees of companies with registered EPFO. This will benefit those who were not connected with the EPFO ​​earlier or who lost their jobs between March 1 and September 30 this year. The scheme, which will be implemented from October 1, 2020, will continue till June 30, 2021, in which the central government will give grants for the next two years. In a company that has 1000 or less employees, the government will compensate for the contribution of 12 percent of the employees and 12 percent of the employer, and of those who have more than 1000 employees, only 12 percent of the employee’s contribution will be given by the government.

4. Period of Emergency Credit Line Guarantee Scheme extended: The term of the Emergency Credit Line Guarantee Scheme (ECGLS) has been extended to 31 March 2021. At the same time, the 26 sectors and health sector units caught in the crisis identified by the Kamat Committee have been given 5 years to repay the principal with a one-year moratorium.

5. Product Linked Incentive: To make the country self-reliant in the manufacturing sector, the government has given an incentive of Rs 1.46 lakh crore for 10 sectors aimed at challenging China.

6. Pradhan Mantri Urban Housing Scheme: The Central Government has made an additional provision of 18000 crores for the Pradhan Mantri Urban Housing Scheme. This will create more than 78 lakh employment opportunities along with providing housing to the poor in the country.

7. Benefits to contractors: In the government tender, relief in Ernest Money Deposit and Performance Security has been given, the performance security of the contract has been reduced from 5 to 10 percent instead of 3 percent. An Ernest Money Deposit will not be required for the tender. Bid security will be announced in its place.

8. Arrangement of loan for infrastructure 1.10 lakh crore platform: The government said that it will invest Rs 6000 crore as equity in the debt platform of NIIF.

9. Funds for research and development of Corona vaccine: Finance Minister Nirmala Sitharaman announced a provision of Rs 900 crore for research and development of Corona vaccine.

10. Incentives for Capital and Industrial Expenses: An additional provision of Rs 10,200 crore has been made for spending on capital and industrial incentives, which is spent for domestic defense equipment manufacturers as well as industrial incentives, industrial infrastructure and green energy. Will happen.

11. Incentives to Export: On export incentives, the Finance Minister said that Rs 3,000 crore will be released to Exim Bank for promoting the project of export through Line of Credit or LoC under the India Development and Economic Assistance Scheme.

12. Funds for Fertilizers at Affordable Rates: The Finance Minister said that the government has made a provision of Rs 65,000 crore to provide fertilizers to farmers at affordable rates, which will benefit 14 crore farmers of the country.

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