Government Announces ‘Self-Reliant India 3.0’, Know All 12 Big Announcements
In view of the impact on the economy due to the Corona epidemic and lockdown, the Central Government on Thursday announced the ‘Self-reliant India 3.0’ package. Under this relief package, the central government has made 12 announcements worth Rs 2,65,080 crore. Let us know what are the 12 announcements made by the central government and what will be the benefit to you.
Self-Employed India Employment Scheme
Finance Minister Nirmala Sitharaman announced the Self-Reliant India Employment Scheme. This will allow more and more employees to join the EPFO and take advantage of the PF. This will boost employment in the organized sector. Employees who were not previously registered for PF and whose salary is less than 15 thousand, will get the benefit of this scheme. For this, the company has to be registered with EPFO. Those who did not have a job from August to September but later joined the PF will also get the benefit of this scheme. The scheme will remain in force till 30 June 2021.
ECLGS Scheme deadline extended
The Central Government has extended the term of the Emergency Credit Line Guarantee Scheme (ECLGS). Now the benefit of this scheme will be available till 31 March 2021. Under this, there is a provision to provide 20 percent working capital. The Finance Minister said that 61 lakh people have benefited under the ECLGis Scheme under Self-reliant India.
Additional amount for PM Awas Yojana (Urban)
The Finance Minister said that the government has announced to provide an additional amount of Rs 18 thousand crores for the PM Urban Housing Scheme. This will benefit 30 lakh houses in total. This amount will be in addition to the announced eight thousand crore rupees in the budget. This will provide employment to more than 78 lakh people. This scheme will provide a permanent home to the poor.
Relief to the construction and infrastructure sector
The government has said that companies in the construction and infrastructure sector will now have to put only three percent of the money as performance security for the contract, instead of five to 10 percent. This relief will continue till 31 December 2021.
Homebuyers will get relief in income tax
The Finance Minister has provided income tax relief to developers and people buying homes. The Finance Minister has announced to double the difference between the circle rate and the agreement price for the first time selling residential units up to two crore rupees. It has been decided to increase the difference in circle rate and agreement value from 10 percent to 20 percent.
65 thousand crores arrangement on fertilizer
The government has made a provision of 65 thousand crores to provide fertilizer subsidy to the farmers. This will directly benefit 14 crore farmers of the country. Farmers will benefit from this in the coming harvest season.
Additional amount of 10 thousand crores under PM Garib Kalyan Rozgar Yojana
An additional provision of Rs 10 thousand crores has been made under the PM Garib Kalyan Yojana. It can be used for MNREGA or village road scheme. This will benefit the rural economy.
Investment of Rs 6000 crore in debt financing
The government will invest Rs 6000 crore as equity in the debt platform of NIIF.
These steps taken towards increasing exports
To boost exports in the country, the government will give a Line of Credit to Exim Bank. Under this, Rs 3000 crore will be given to Exim Bank in the form of a line of credit.
900 crores for the Covid vaccine
900 crore will be allocated to the Department of Biotechnology under the Covid Safety Mission for research of the Covid vaccine. So that the vaccine can be researched. This expenditure will be in addition to the Ministry of Health.
Credit Guarantee Scheme for Health Sector and 26 other sectors
The Credit Guarantee Scheme has been launched for the health sector and 26 other sectors under pressure due to the Coronavirus epidemic. The Finance Minister said that on the basis of the recommendation of the Kamat Committee, 26 stressed areas have been identified. The health sector is also included in this. ECLGS Scheme 2.0 is being introduced to these areas. The MSME sector will also benefit from this. It has been given five years to repay the principal. In this, loanee companies will be given a moratorium of 50 crores to 500 crore rupees for one year. The scheme will remain in force till 31 March 2021.
Production Linked Incentive Scheme launched
The government launched a Rs 1.46 lakh crore production-linked incentive scheme for 10 sectors, including telecommunications, vehicles, and pharmaceuticals, to boost domestic manufacturing. This will boost employment and domestic manufacturing. The scheme was first introduced in three areas.