Diwali bonanza: FM Sitharaman announces package under Atmanirbhar

<p style="font-weight: 400;">The Centre has announced a fresh stimulus package under the Atmanirbhar 3.0 programme to boost the sagging economy with a focus on jobs and stressed sectors, including the micro small and medium enterprises (MSMEs), agriculture and real estate.</p>
<p style="font-weight: 400;">Addressing a press conference, Finance Minister Nirmala Sitharaman said that the total stimulus package fleshed out stands at Rs 29.87 lakh crore, which is 15 per cent of the GDP. This, however, includes measures by the Reserve Bank of India.</p>
<p style="font-weight: 400;">Among other things, the Finance Minister launched the Atmanirbhar Bharat Rozgar Yojana, an employment generation scheme. The scheme, which would provide benefits to those who lost their jobs between March 1 and September 30, will be effective from October 1.</p>
<p style="font-weight: 400;">The existing Pradhan Mantri Rozgar Protsahan Yojana aimed at incentivizing employers for job generation will also be in operation till June 30, 2021. Establishments that are registered with the Employees’ Provident Fund Organisation (EPFO) can claim benefit for fresh hires under the scheme.</p>
<p style="font-weight: 400;">That apart, the Emergency Credit Line Guarantee Scheme (ECGLS), which has been extended to all stressed sectors, will now be in operation till March 31, 2021.</p>
<p style="font-weight: 400;">"Guaranteed credit support for 26 stressed sectors identified by the Kamath Committee. Original ECLGS had one year of moratorium and four years of repayment, the new scheme will have a one-year moratorium and five years of repayment," Sitharaman said.</p>
<p style="font-weight: 400;">The Pradhan Mantri Awas Yojna has also got a boost. An amount of Rs 18,000 crore will be provided over the Rs 8,000 crore earmarked in Budget 2020-21. "This extra budgetary resource being provided will help 12 lakh houses to be grounded and 18 lakh houses will get completed as a result," the Finance Minister said.</p>
<p style="font-weight: 400;">Sitharaman said that an amount of Rs 132,800 crore has been directed as income tax refunds to 39.7 lakh taxpayers.</p>
<p style="font-weight: 400;">Indicating that the worst is over, the Minister said that strong signs of economic revival are now visible amid a decline in number of fresh Covid-19 cases. Higher collection of goods and services tax (GST), surge in energy consumption and strong market performance are a few positive indicators. India registered a shocking country a 23.9 per cent contraction in the April-June quarter of the current fiscal.</p>
<p style="font-weight: 400;">The announcement of the Atmanirbhar 3.0 package comes just after the approval of the Production-Linked Incentive (PLI) scheme by the Cabinet for 10 sectors on November 11.</p>
<p style="font-weight: 400;">Sitharaman also pointed out that the RBI has predicted that there is a strong likelihood of the economy to return to a positive growth zone after registering acute contraction in the first half.</p>.