To give relief to the derailed economy from the Corona crisis, the Modi government has announced a self-sufficient India 3.0. Under this, the emphasis is on job creation and giving relief to the troubled sector. The government has given relief to everyone from employment to real estate, from employees to land buyers.
To bring the economy derailed in the Corona crisis, the Modi government has announced another relief package. Finance Minister Nirmala Sitharaman said in the press conference that recent figures are showing signs of improvement in the economy. The government has announced self-sufficient India 3.0. Self-reliant Bharat Rojgar Yojana has been started so that new employment can be created.
In this, efforts have been made to provide relief to everyone from corporate to farmers, from real estate to the troubled sector. Finance Minister Nirmala Sitharaman said that 12 declarations will be made under Self-reliant India 3.0. He said that recent figures are showing signs of improvement in the economy.
Self-Employed India Employment Scheme
Its goal is that more and more employees join EPFO and take advantage of PF. Those employees who were not previously registered for PF and their salary is less than 15 thousand, then they will get the benefit of this scheme. Those who were not in the job from August to September, but after that are associated with PF, they will also get the benefit. This scheme will remain in force till 30 June 2021.
For two years, the government will give a full 24 per cent of the PF of newly recruited employees as subsidy to organizations with up to 1000 employees. This will be applicable from 1 October 2020. The government will give subsidy for 2 years for the new employee's 12 percent PF contribution in an institution with more than 1000 employees. About 95 percent of the institutes will come in it and crores of employees will benefit.
ECLGS scheme extended
The government has extended the date of the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) scheme to 31 March 2021, adding that 61 lakh people have benefitted under the ECLGS Scheme under Self-reliant India.
Relief scheme for troubled sector
Finance Minister Nirmala Sitharaman said that on the basis of the recommendation of Kamat Committee, 26 disturbed sectors have been identified. Apart from these, the health sector has also been included. Emergency Credit Line Guarantee Scheme 2.0 is being started for these sectors. The MSME sector will also benefit from this.
In this, loanee companies ranging from 50 crore to 500 crore will be given a moratorium of up to one year. This scheme will remain in force till 31 March 2021.
PM Housing Scheme-Urban
An additional provision of Rs 18 thousand crore has been made for PM Urban Housing Scheme. This will benefit 30 lakh houses in total. This will be in addition to the 8 thousand crore rupees announced in the budget. In this, more than 78 lakh employment opportunities will be created.
Relief to Construction and Infrastructure Sector
Companies in the construction and infrastructure sector will now have to keep only 3 per cent of the money in place of 5 to 10 per cent as performance security for the contract. This relief will be available by December 31 of 2021.
Other major provisions are as follows:
Additional provision of 10 thousand crores for PM Garib Kalyan Yojana. It can be used for MNREGA or village road scheme.
A provision of 65 thousand crore rupees has been made to provide fertilizer subsidy to the farmers.
Advantage of self-reliant India
The Finance Minister said that the workers have benefited greatly from the steps taken under self-reliant India. Similarly, efforts to provide relief to farmers have also resulted in good results.
He said that 61 lakh people have benefited under the ECLGS Scheme under Self-reliant India. In this, 1.52 lakh crore rupees have been disbursed and loans worth 2.05 lakh crore rupees have been approved. He said that the Income Tax Department has given a refund of Rs 1.32 lakh crore, showing activeness and speed.
In the first quarter of this financial year, GDP has fallen by about 24 percent. To give relief to the economy, the government has announced several relief packages. But all these relief packages are not showing any signs of improvement in the economy. Although many indicators have been very positive in the economy recently, they are considered to be an immediate gain during the festive season. Right now the condition of many sectors like travel, service sector is very bad.
2 lakh crore package announced
On Wednesday itself, the government has announced Production Linked Incentives (PLIs) worth Rs 2 lakh crore for manufacturers in 10 sectors. The country does not seem to get freedom from the Corona crisis yet. Record cases of Corona have come out in the capital Delhi. Corona cases have also been seen increasing in many other cities.
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