{"id":8698,"date":"2020-11-16T15:04:42","date_gmt":"2020-11-16T09:34:42","guid":{"rendered":"https:\/\/itatonline.org\/articles_new\/?p=8698"},"modified":"2020-11-16T15:04:42","modified_gmt":"2020-11-16T09:34:42","slug":"atmanirbhar-3-0-measures-to-boost-employment-and-revival-of-economy-diwali-gift-by-finance-minster","status":"publish","type":"post","link":"https:\/\/itatonline.org\/articles_new\/atmanirbhar-3-0-measures-to-boost-employment-and-revival-of-economy-diwali-gift-by-finance-minster\/","title":{"rendered":"Atmanirbhar 3.0 &#8211; Measures To Boost Employment And Revival Of Economy &#8211; Diwali Gift By Finance Minster"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/itatonline.org\/articles_new\/wp-content\/uploads\/Sujay-Ajgaonkar.jpg\" alt=\"Sujay-Ajgaonkar\" width=\"73\" height=\"100\" class=\"alignleft size-full wp-image-6702\" \/><strong>CA Sujay Ajgaonkar has systematically set out the details of the stimulus package (Atmanirbhar 3.0) unveiled by the Finance Minister a few days ago. He has detailed how these stimulus measures will boost Employment and revive the Economy<\/strong><\/p>\n<p>Our honorable Finance Minister Smt Nirmala Sitharaman, in her press  conference, highlighted the current state of the Indian economy while rolling  out the Atmanirbhar 3.0 relief schemes. <\/p>\n<p>Honourable Finance Minster stressed at a strong recovery in the health  of our economy, stating certain facts as follows: <\/p>\n<ul>\n<li><span dir=\"ltr\">Covid active cases declined from over 10 lakh to 4.89  lakh, with the case fatality rate at 1.47%.<\/span><\/li>\n<li><span dir=\"ltr\">The Composite Purchase Managers Index (PMI) rose to  58.9 in October Vs. 54.6 last month, stating the strongest increase in output  in around 9 years.<\/span><\/li>\n<li><span dir=\"ltr\">Energy consumption growth rose 12% YoY in October.<\/span><\/li>\n<li><span dir=\"ltr\">GST collections stood at around Rs. 1.05 Lakh Crore in  October, a 10% growth YoY.<\/span><\/li>\n<li><span dir=\"ltr\">Daily railway freight tonnage grew by an average of  20% YoY. <\/span><\/li>\n<li><span dir=\"ltr\">Bank Credit&nbsp;  growth improved by 5.1% YoY.<\/span><\/li>\n<li><span dir=\"ltr\">The markets are at record highs with FPI&rsquo;s turning net  investment positive and our Forex reserves stood at USD 560 Billion. <\/span><\/li>\n<li><span dir=\"ltr\">FDI inflows between April to August was around USD  35.37 billion recording a 13% rise YoY. <\/span><\/li>\n<li><span dir=\"ltr\">The RBI predicts the Indian economy retuning to  positive growth in Q3 of this financial year, a quarter earlier than the last  forecast. <\/span><\/li>\n<li><span dir=\"ltr\">Moody&#8217;s&nbsp;revises&nbsp;<\/span>India&#8217;s&nbsp;2020&nbsp;GDP forecast&nbsp;to  -8.9% from -9.6%; raises 2021&nbsp;forecast&nbsp;to 8.6% from 8.1%<\/li>\n<\/ul>\n<p><!--more--><\/p>\n<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/ivHe0J00v34\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>After giving a progress update on the previous  Atmanirbharpronouncements, Honourable Finance Minister&nbsp; went ahead to announce AtmaNirbhar 3.0, in  regard to 12 key areas being:<\/p>\n<p>1) <strong>AatmaNirbhar Bharat Rozgar Yojana:<\/strong><\/p>\n<p>This scheme aims to incentivize job creation. If EPFO-registered  establishments recruit new employees without EPFO registration or those who  lost jobs earlier during the pandemic, the Yojana will benefit these employees.<\/p>\n<p>The beneficiaries under the scheme would be:<\/p>\n<ul>\n<li><span dir=\"ltr\">Any new employee joining employment in EPFO registered  establishments on monthly wages less than Rs.15,000.<\/span><\/li>\n<li><span dir=\"ltr\">EPF members drawing monthly wage of less than  Rs.15,000, who were laid off from employment during COVID Pandemic between  01.03.2020 to 30.09.2020 and were employed on or after 01.10.2020.<\/span><\/li>\n<\/ul>\n<p>The Central Government shall provide subsidy for two years in respect of  new eligible employees engaged on or after 01.10.2020 as per the given  conditions:<\/p>\n<ul>\n<li><span dir=\"ltr\">For establishments employing up to 1000 employees:  Employee&rsquo;s contributions (12% of Wages) &amp; Employer&rsquo;s contributions (12% of  wages) totalling 24% of wages.<\/span><\/li>\n<li><span dir=\"ltr\">For establishments employing more than 1000 employees:  Only Employee&rsquo;s EPF contributions (12% of EPF wages).<\/span><\/li>\n<\/ul>\n<p>This scheme will be effective from October   1, 2020 and operational up to 30th June 2021. <\/p>\n<p>2)<strong>Launch of Emergency Credit Line Guarantee Scheme (ECLGS) 2.0:<\/strong><\/p>\n<p>A Credit guarantee support scheme ECLGS 2.0 is being launched for the  Healthcare sector and 26 other stressed sectors with credit outstanding of  above Rs. 50 crore and up to &#8377; 500 Crore as on  29.2.2020. <\/p>\n<p>Entities will get additional credit up to 20% of outstanding credit with  a tenor of five years, including 1 year moratorium on principal repayment. This  scheme will be available till 31.3.2021. This would provide the much needed  relief to stressed sectors by helping entities sustain employees and meet their  liabilities for the continuance of business. <\/p>\n<p>3) <strong>Production Linked Incentive worth <\/strong><strong>Rs<\/strong><strong> 1.46 Lakh Crore for 10 champion sectors:<\/strong><\/p>\n<p>There will be 10 more Champion Sectors that will be covered under the  Production Linked Incentives Scheme to help boost the economy and the competitiveness  of domestic manufacturing. This will give a big boost to investments, exports  and job creation.<\/p>\n<p>A total amount of nearly 1.46 Lakh Crore has been earmarked across  sectors, for next five years. The ten sectors are &#8211; Advance Cell Chemistry  Battery, Electronic\/Technology Products, Automobiles &amp; Auto Components,  Pharmaceuticals Drugs, Telecom &amp; Networking Products, Textile Products,  Food Products, High Efficiency Solar PV Modules, White Goods (ACs &amp; LED),  and Specialty Steel.<\/p>\n<p>4) <strong>Rs<\/strong><strong> 18,000 Crore  Additional outlay of for PM Awaas Yojana (PMAY) &ndash; Urban:<\/strong> <\/p>\n<p>A sum of Rs 18,000 Crore is being provided for PMAY- Urban over and  above Rs. 8000 Crore already allocated this year. This will help ground 12 Lakh  houses and complete 18 Lakh others, aiming at creating 78 Lakh additional jobs,  improving production and sale of steel and cement, resulting in having a  multiplier effect on the economy.<\/p>\n<p>5) <strong>Support for Construction &amp; Infrastructure<\/strong>: Relaxation of  Earnest Deposit Money &amp; Performance Security on Government Tenders<\/p>\n<p>The performance security on contracts has been reduced from 5-10% to 3%.It  will also extend to ongoing contracts which are free of disputes and Public  Sector Enterprises. <br \/>\n  EMD for tenders will be replaced by Bid Security Declaration. Relaxations  will be given up to 31st   December, 2021 under General Financial Rules. This would provide the  much needed relief to contractors by reducing the locking up of capital.<\/p>\n<p>6) <strong>Income Tax relief for Developers and Home Buyers:<\/strong><\/p>\n<p>The 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 &#8377; 2 Crore and can be availed from the date of  announcement of this scheme, till 30th   June, 2021. A consequential Relief up to 20% shall also be  allowed to buyers of these units under section 56(2)(x) of IT Act for the said  period. This measure aims to reduce the hardships faced by home buyers and also  help clear unsold inventory by developers. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">In a significant demand booster for the residential real estate sector, the govt has decided to make amendments in the Income Tax Act to help home-buyers as well as developers. <a href=\"https:\/\/t.co\/Fng2b5ny0B\">pic.twitter.com\/Fng2b5ny0B<\/a><\/p>\n<p>&mdash; NSitharamanOffice (@nsitharamanoffc) <a href=\"https:\/\/twitter.com\/nsitharamanoffc\/status\/1326807542463303680?ref_src=twsrc%5Etfw\">November 12, 2020<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>7) <strong> Rs. 1.1 Lakh Crore Platform  for Infra Debt Financing:<\/strong><\/p>\n<p>The Government will make an equity investment of Rs. 6,000 Crore in the National Investment and  Infrastructure Fund (NIIF) debt platform, which will help NIIF provide a debt  of Rs. 1.1 Lakh Crore for infrastructure  projects by 2025.<\/p>\n<p>8) <strong>Support for Agriculture:<\/strong> Rs. 65,000 Crore for subsidized fertilizers<\/p>\n<p>There has been a significant increase in fertilizer consumption, &#8377;65,000 Crore is being provided to ensure increased  supply of fertilizers to farmers to enable timely availability of fertilisers  in the upcoming crop season.<\/p>\n<p>9) <strong>Boost for Rural Employment:<\/strong><\/p>\n<p>An additional outlay of &#8377;10,000 Crore is  being provided for PM Garib Kalyan Rozgar Yojana to provide rural employment.  This will accelerate growth of the rural economy.<\/p>\n<p>10) <strong>Boost for Project Exports:<\/strong><\/p>\n<p>The EXIM bank extends lines of credit(LOC) on behalf of the government  of India, as assistance  to developing countries under the Indian Development and Economic Assistance  Scheme (IDEAS). <\/p>\n<p>A Rs. 3,000 Crore boost  is being providedto EXIM Bank for promoting project exports under the IDEAS  Scheme. This will help EXIM Bank facilitate Lines of Credit for assistance in development  activities and promote exports from India.<\/p>\n<p>11) <strong>Capital and Industrial Stimulus:<\/strong><\/p>\n<p>An additional Rs. 10,200 Crore  budget outlay is being provided towards capital and industrial expenditure on  domestic defence equipment, industrial infrastructure and green energy.<\/p>\n<p>12) <strong>R&amp;D grant for COVID Vaccine:<\/strong><\/p>\n<p>Rs. 900 Crore is  being provided to Department of Biotechnology for Research and Development of  Indian COVID Vaccine.<\/p>\n<p>Hence, these 12 reforms together would infuse around an additional Rs.  2.65 Lakh Crore in the Indian economy and further  help strengthen our path towards a strong recovery, post the Covid 19 pandemic. <\/p>\n<p>Ministry of finance link: https:\/\/finmin.nic.in<\/p>\n<table width=\"103%\" border=\"1\" cellpadding=\"5\" cellspacing=\"0\" bgcolor=\"#FFFFCC\">\n<tr>\n<td><strong>Disclaimer: <\/strong>The  contents of this document are solely for informational purpose. It does not  constitute professional advice or a formal recommendation. While due care has  been taken in preparing this document, the existence of mistakes and omissions  herein is not ruled out. Neither the author nor itatonline.org and its  affiliates accepts any liabilities for any loss or damage of any kind arising  out of any inaccurate or incomplete information in this document nor for any  actions taken in reliance thereon. No part of this document should be  distributed or copied (except for personal, non-commercial use) without  express written permission of itatonline.org<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>CA Sujay Ajgaonkar has systematically set out the details of the stimulus package (Atmanirbhar 3.0) unveiled by the Finance Minister a few days ago. He has detailed how these stimulus measures will boost Employment and revive the Economy<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/articles_new\/atmanirbhar-3-0-measures-to-boost-employment-and-revival-of-economy-diwali-gift-by-finance-minster\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-8698","post","type-post","status-publish","format-standard","hentry","category-articles"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/posts\/8698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/comments?post=8698"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/posts\/8698\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/media?parent=8698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/categories?post=8698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/tags?post=8698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}