Finance Minister LIVE: Government announces Diwali gift, another relief package

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Government relief package 2020
Finance-minister-of-india-Nirmala-sitaram
Government relief package 2020
Finance-minister-of-india-Nirmala-sitaram

The government is going to announce another relief package today. Finance Minister Nirmala Sitharaman is addressing a press conference in which she said, the major steps taken on the reform have seen a recovery in the economy. – The biggest challenge was to fight the corona.

The government is announcing another relief package today, Finance Minister Nirmala Sitharaman is at a press conference,

1. Self-reliant Bharat Rozgar Yojana announced

The Pradhan Mantri Rozgar Upakshar Yojana was implemented till March 31, 2019 with a total benefit of Rs 8300 crore to 1 lakh 52 thousand institutions.
Now, the government is implementing a new scheme called the Self-Reliant Bharat Rozgar Yojana. People to be linked to EPFO under the scheme
Those who were not previously registered with EPFO will benefit if they join.
Those who were employed during 1 March 2020-31 September 2020 and got a job after October 1 will join the scheme. The scheme will be implemented from October 1, for 2 years

Employment

– Registered entities under EPFO will be able to benefit if they provide new jobs
– Institutions with less than 50 people provide new employment to more than 2 people, they will get the benefit of the scheme
– An institution with more than 50 employees will have to have more than 5 employees to avail the benefit of the scheme
-Those who are not in EPFO will not get the benefit, they have to register first, only then will they get the benefit.
– The scheme will be in force till 30th June 2021
-The scheme has two categories, the first companies with less than 1000 employees, 12 cents of the employee’s share and 12 cents of the company will contribute to the central government.
-Companies where there are more than 1000 employees the government will give only 12 cents to the employee, the scheme will be applicable for 2 years
– EPFO account with Aadhaar to avail benefit of the scheme
– About 95 percents of the institutions will be covered under the scheme.

MSME

– Emergency Creditline Guarantee Scheme was launched for MSME. The scheme, which was later extended to everyone else, was to provide 20 cents additional working capital, which was being availed by Rs 50 crore and 250 crore turnover, by March 31. The benefits of this scheme will also be availed by msme, business, professional, personal, currency borrowers. So far, 61 lakh people have taken loans worth Rs. 2 lakh 5000 crore.

– ECLGS 2.0 has been extended to March 31, 2021. The benefit of the scheme will benefit 26 distressed sectors, which was mentioned in the Kamat Committee report. The duration of the scheme will be 5 years.

The scheme capped the rate of interest so that interest would not increase. It was a 100 percents guaranteed scheme.

Manufacturing

– Incentives worth Rs 1.46 lakh crore will be provided to support manufacturing. First implemented in Sector 3. 40,995 crore for mobile manufacturing in India itself.

6940 crore has also been brought in to make raw materials in India.

– A provision of Rs. 3420 crore has been made for medical device
– It will strengthen our economy and also create employment opportunities

PM Awas Yojana – Urban

Rs 18,000 crore will be spent for pradhan mantri awas yojana urban, which will be an additional Rs 8,000 crore in the previous year. Under the scheme, 12 lakh houses will be set up, 18 lakh houses will be completed. This will create more than 78 lakh job opportunities. 2.5 lakh METRIC TONNES of steel and 131 lakh MT of cement will be used to generate demand in the market

– Major steps taken on the reform have seen a recovery in the economy.
– The biggest challenge was to fight the corona. Number of corona cases has declined from 10 lakh cases to 4.89 lakh
– Power consumption has risen by 12 cents this year compared to October
– GST collection is 10 cents higher this year than October last year
– Railway freight has also grown rapidly this year
– Bank credit has seen an increase of 5.1 cents on an annual basis in October
– Manufacturing has seen a good growth recovery
– Forex reserves have reached $560 billion. Which is the record in itself
– These figures show that India’s economy is growing rapidly.

– One Nation One Ration Card has been implemented in 20 states
PM svanidhi Yojana is applicable in 30 states
– Government’s thrust on food guarantee scheme to the poor
25,000 crore rupees for Rabi crops
1 lakh 43 thousand 262 crore has been given to farmers in kisan credit card in two phases

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