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10 Takeaways from Finance Minister Press Conference on Atmanirbhar Bharat 3.0

The Union Finance Minister, who is currently addressing a press conference, to make announcements as part of another stimulus package under Atmanirbhar Bharat 3.0. Here are the key takeaways.

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The Centre has announced another stimulus package, as a part of Atmanirbhar Bharat 3.0. Sitharaman said the economy is seeing strong recovery, and COVID-19 active cases are declining. The measures are expected to be aimed at sectors worst hit by the pandemic and lockdown and will list out infrastructure projects which will be expedited to boost job creation. The announcement comes shortly after the Union Cabinet approved the Production-Linked Incentive (PLI) scheme for 10 sectors on November 11.

Here are key takeaways in Bullet Points

• Rs 10,200 additional budget outlay for capital and industrial expenditure

• Govt to infuse Rs 6,000 crore of equity in debt platform of National Infrastructure Investment Fund (NIIF) which will help NIIF raise Rs 1.1 lakh crore by 2025 for financing infrastructure projects

• Rs 65,000 crore fertilizer subsidy will be provided to farmers

• Additional outlay of Rs 10,000 crore for PM Garib Kalyan Rozgar Yojana in FY21.

• ECLGS extended till March 31, 2021. Entities with outstanding credit of above Rs 50 crore and up to Rs 500 crore will be covered.

• Centre announces tax relief for developers and home buyers for houses up to Rs 2 crore. FM said the government is extending the allowed difference between circle rate and agreement value to 20 percent instead of the present 10 percent for sale of primary sale of residential units up to a value of Rs 2 crore. This benefit will be applicable till end-June 2021 in order to allow the sale and registration of housing units.

• FM said the Govt will allocate additional Rs 18,000 crore over budget estimate towards PM Awaaz Yojana Urban.

• Govt. launches credit guarantee support for 26 stressed sectors

• Performance security on contracts in the construction/infrastructure sector now 3 percent vs 5-10 percent; to be available for all dispute free projects. EMD will not be required for bid tenders and will be replaced by Bid Security Declaration. The relaxations will be applicable till December 31, 2021.

• Sitharaman said that the Indian economy is witnessing a strong recovery after a long and strict coronavirus-enforced lockdown in the country. She outlined various economic indicators, which show the presence of a strong pitch for recovery in the economy amid the ongoing COVID-19 pandemic.

• The Atmanirbhar Bharat Rozgar Yojana will be effective from October 1, 2020. EPFO registered establishments - if they take in new employees or those who lost jobs earlier - these employees will get some benefits. If new employees of a requisite number are recruited from October 1, 2020 to June 30, 2021, the establishments will be covered for the next two years.

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nirmala sitharaman Atmanirbhar Bharat 3.0