Finance Minister Announces Measures On Aatmanirbhar Bharat 3.0
Part of: GS Prelims and GS-II – Policies and interventions & GS-III – Economy
In news
Union Minister for Finance announced various measures, as part of Government of India’s stimulus to the economy, under AatmaNirbhar Bharat 3.0.
Key takeaways
Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till March 31, 2021.
10 more Champion Sectors will be covered under the Production Linked Incentives Scheme to help boost competitiveness of domestic manufacturing.
A sum of Rs 18000 crore is being provided for PM Awaas Yojana – Urban over and above Rs. 8000 Crore already allocated this year.
Support for Construction & Infrastructure – Relaxation of Earnest Deposit Money & Performance Security on Government Tenders
To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts has been reduced from 5-10% to 3%.It will also extend to ongoing contracts and Public Sector Enterprises.
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%.
Government will make ₹6,000 Crore equity investment in debt platform of National Investment and Infrastructure Fund (NIIF), which will help NIIF provide a debt of ₹ 1.1 Lakh Crore for infrastructure projects by 2025.
Additional outlay of ₹10,000 Crore is being provided for PM Garib Kalyan Rozgar Yojana to provide rural employment. This will help accelerate rural economy.
Around ₹3,000 Crore boost is being provided to EXIM Bank for promoting project exports under Indian Development and Economic Assistance Scheme (IDEAS Scheme).
₹900 Crore is being provided to Department of Biotechnology for Research and Development of Indian COVID Vaccine.
