Finance Minister Nirmala Sitharaman on Thursday brought the Centre’s third fiscal stimulus, Atmanirbhar Bharat 3.0, to fetch the Indian Economy back on track. According to a report by the Reserve Bank of India (RBI), India has technically entered into a recession with a likely contraction in its GDP during the July-September period.
To give an impetus to the manufacturing sector, the Union Cabinet on Wednesday approved a mega PLI scheme for 10 sectors. The total outlay has been pegged at Rs 1,45,980 crore. Announcing the decision, Union Finance Minister Nirmala Sitharaman said that the scheme would entail an expenditure of about Rs 2 lakh crore.
As per Finance Minister, a total of 12 announcements in total are announced under Atmanirbhar Bharat 3.0 stimulus package. Sitharaman spoke about the Pradhan Mantri Awas Yojna. She said that the real estate sector is seeing good traction at the moment.
Sitharaman said, "Now Rs 18,000 crore will be provided over the budget estimates for 2020-21 for Pradhan Mantri Awas Yojna in urban areas. This is over and above Rs 8,000 crores already this year. This extra budgetary resource being provided will help 12 Lakh houses to be grounded and 18 Lakh houses will get completed as a result."
Union Finance Minister Nirmala Sitharaman also announced 'Atmanirbhar Bharat Rozgar Yojana' to incentivise creation of new employment opportunities during the Covid-recovery phase.
The employment scheme effective from October 1 will be applicable to eligible new employees joining the EPFO-registered establishments and for those who exited these concerns during the COVID pandemic (March 1-September 30, 2020) and drawing monthly wages of less than Rs 15,000.
Under the scheme, the central government will subsidise the Employees' Provident Fund (EPF) contributions for two years.
The Centre will provide 12 per cent of the contributions of both employers and the employee for establishments with up to 1,000 employees.
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In the case of establishments with over 1,000 employees, the Centre will only subsidise 12 per cent of the employees' EPF contributions.
The establishments eligible for the scheme include those that added a specified number of employees compared with the base month of September 2020.
With Inputs From IANS