Atmanirbhar Bharat 3.0: Govt launches new job scheme

Mumbai financial district

The new scheme will be effective from October 1, 2020.

The scheme will cover any new employee joining employment in EPFO-registered establishment on monthly wages less than Rs 15,000.

EPF members drawing monthly wages of less than Rs 15,000 who made exit from employment during the Covid 19 pandemic from March 1, 2020 to Sept 30, 2020 and are employed after Oct 1, 2020, would be eligible. She announced that three thousand crore rupees will be released to EXIM Bank for promotion of projects through line of credit under IDEAS Scheme.

Sitharaman also announced a guaranteed credit scheme for supporting stressed sectors. The companies will get a one-year moratorium on loans and four more years to repay the amount, she said. "We are also making sure that we are able to link up with the global value chains", she said.

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

The same has also been extended to 26 stressed sectors identified by a high-level committee as also the healthcare sector.

The Narendra Modi-led central government has given Diwali gift to the people of India through a new stimulus package aimed at reviving the economy.

To provide higher liquidity to contracts, the Government has made a decision to lower the earnest money deposit for projects till December 31, 2021.

She also said that Rs 10,200 crore additional budget outlay will be provided towards capital and industrial expenditure for domestic defence equipment, industrial incentives and infrastructure and green energy. She said, PM Awaas Yojana-Urban scheme will help in building 12 lakh houses by spending 18 thousand crore rupees.

She said the move would help start work on 12 lakh houses as well as complete 18 lakh houses. He said "recognition of real estate as a core sector, creating ancillary industry demand and employment, and enhanced Pradhan Mantri Awas Yojana - Urban allocation, will boost the housing demand in the country".

In the past, Rs 51,355 crore of incentives has been provided for mobile manufacturing, drug intermediaries and manufacturing of medical devices and now automobiles, telecom, textile and food products, white goods, specialty steel and electronic products have been included.

"Of the dozen announcements that we heard today, perhaps the most significant was the one relating to the production linked incentive scheme wherein 10 new champion sectors have been added with an outlay to the tune of Rs 1.46 lakh crore", Reddy added.

The measures, that also include additional fertiliser subsidy and already announced production-linked incentive scheme for manufacturing units, totalled Rs 2.65 lakh crore, taking the cumulative stimulus package announced since the lockdown to nearly Rs 30 lakh crore, or 15 per cent of the Gross Domestic Product (GDP).

Till now, only 10 per cent difference between the circle rate and the agreement value was allowed.

She added that income tax relief will be provided to the developers and home buyers to boost the residential housing sector by increasing the differential from 10 per cent to 20 per cent.