AatmaNirbhar Bharat 3.0 | UPSC
Finance Minister announces measures on AatmaNirbhar Bharat 3.0
WHY IN NEWS:
A new Scheme “Aatmanirbhar Bharat Rozgar Yojana” launched (we will cover it in very soon)
SYLLABUS COVERED: GS 3:Economy : Schemes
For PRELIMS go through different schemes in depth . Do not note down each and every scheme . Make notes of only the ones which you cannot remember
For MAINS go through the significance of each scheme . Let us dive in !
AATMANIRBHAR BHARAT 3.0
- Emergency Credit Line Guarantee Scheme for MSMEs, businesses
- MUDRA borrowers and individuals extended till March 31, 2021 and additional credit up to 20%
- ₹18,000 Crore Additional outlay for PM Awaas Yojana – Urban
- Relaxation of Earnest Deposit Money & Performance Security on Government Tenders
- Increase in differential between circle rate and agreement value to 20% providing Income Tax relief for Developers & Home Buyers
- ₹6,000 crore equity investment in debt platform of National Investment and Infrastructure Fund (NIIF)
- ₹65,000 Crore for subsidized fertilizers provided to support agriculture
- ₹3,000 crore boost to be given for project exports through assistance given by India to developing countries
- ₹10,200 crore additional budget stimulus will be provided for capital and industrial expenditure
- ₹900 crore is being provided for Research and Development of Indian COVID Vaccine.
12 KEY ANNOUNCEMENTS UNDER AATMANIRBHAR BHARAT 3.0-
SOURCES : THE HINDU
1) AATMANIRBHAR BHARAT ROZGAR YOJANA
- A new scheme to incentivize job creation during COVID-19 recovery has been launched.
BENEFICIARIES UNDER THE SCHEME WOULD BE
- Any new employee joining employment in EPFO registered establishments on monthly wages less than Rs.15,000
- EPF members drawing monthly wage of less than Rs.15,000 who made exit from employment during COVID Pandemic .
- The employee should have been in served from 01.03.2020 to 30.09.2020 and is employed on or after 01.10.2020.
The subsidies will be at following scale:
- ESTABLISHMENTS EMPLOYING UP TO 1000 EMPLOYEES: Employee’s contributions (12% of Wages) & Employer’s contributions (12% of wages) totalling 24% of wages
- ESTABLISHMENTS EMPLOYING MORE THAN 1000 EMPLOYEES: Only Employee’s EPF contributions (12% of EPF wages)
2)EMERGENCY CREDIT LINE GUARANTEE SCHEME
- For MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till March 31, 2021.
- A Credit guarantee support scheme ECLGS 2.0 is being launched for Healthcare sector
- 26 stressed sectors with credit outstanding of above Rs. 50 crore and up to ₹ 500 Crore as on 29.2.2020 stressed due to COVID-19, among other criteria.
- This scheme will be available till 31.3.2021.
3) PRODUCTION LINKED INCENTIVE SCHEME
- This will give a big boost to economy, investment, exports and job creation.
The ten sectors are –
- Advance Cell Chemistry Battery
- Electronic/Technology Products
- Automobiles & Auto Components
- Pharmaceuticals Drugs
- Telecom & Networking Products
- Textile Products
- Food Products
- High Efficiency Solar PV Modules
- White Goods (ACs & LED)
- Specialty Steel.
4)PM AWAAS YOJANA – URBAN
- This will help ground 12 Lakh houses and complete 18 Lakh houses , create additional 78 Lakh jobs.
- This will improve production and sale of steel and cement, resulting in multiplier effect on economy.
5) SUPPORT FOR CONSTRUCTION & INFRASTRUCTURE
- Relaxation of earnest deposit money & performance security on government tenders is the central idea.
- It will also extend to ongoing contracts and Public Sector Enterprises.
- EMD for tenders will be replaced by Bid Security Declaration.
- The relaxations in the General Financial Rules will be in force till December 31, 2021.
6) INCOME TAX RELIEF FOR DEVELOPERS & HOME BUYERS
- Differential between circle rate and agreement value in real estate income tax under Section 43 CA of IT Act has been increased from 10% to 20%.
- This is for primary sale of residential units up to ₹ 2 Crore (from date of announcement of this scheme, till June 30 2021).
- The Income Tax relief provides incentive to middle class to buy homes.
7) PLATFORM FOR INFRA DEBT FINANCING
- It will help NIIF provide a debt of ₹ 1.1 Lakh Crore for infrastructure projects by 2025.
8) SUPPORT FOR AGRICULTURE
- This will enable timely availability of fertilisers in the upcoming crop season.
9) BOOST FOR RURAL EMPLOYMENT
- This will help accelerate rural economy.
10) BOOST FOR PROJECT EXPORTS
- ₹3,000 Crore boost is being provided to EXIM Bank .
- This will help EXIM Bank facilitate Lines of Credit development assistance activities and promote exports from India.
11) CAPITAL AND INDUSTRIAL STIMULUS
- Domestic defence equipment
- Industrial infrastructure
- Green energy
12) R&D GRANT FOR COVID VACCINE
- ₹900 Crore is being provided to Department of Biotechnology.
- This is for Research and Development of Indian COVID Vaccine.
- Union Minister for Finance & Corporate Affairs has announced 12 key measures, as part of Government of India’s stimulus to the economy, under AatmaNirbhar Bharat 3.0.
- The net stimulus announced today amounts to ₹ 2.65 Lakh crore.
- Out of this, stimulus worth 9% of GDP has been provided by the government.
SOURCES: PIB | AatmaNirbhar Bharat 3.0 | UPSC