What is the 'Aatmanirbhar' Package 3.0' announced by Finance Minister Nirmala Sitharaman

Finance minister Nirmala Sitharaman on Thursday announced a set of measures for the economy in the wake of the coronavirus disease pandemic. This is yet another stimulus package ahead of Diwali on Saturday.“I am announcing the Atmanirbhar Bharat Rozgar Yojana which will incentivize creation of new employment opportunities during the Covid-19 recovery phase. 

1. Atmanirbhar Bharat Rozgaar Yojana

New scheme Aatmanirbhar Bharat Rozgar Yojana is being launched to incentivize job creation during COVID-19 recovery, FM Sitharaman said. 

 

2. Emergency Credit Line Guarantee Scheme

The existing Emergency Credit Line Guarantee Scheme has extended till 31st March 2021. 

 

3. Production Linked Incentive

Production Linked Incentive worth  1.46 lakh crore is being offered to 10 champion sectors, this will help boost the competitiveness of domestic manufacturing. This will give a big boost to the economy, investment, exports and job creation, FM Sitharaman said.

 

4. Rs 18,000 crore for PM Awaas Yojana

Finance Minister announced an additional outlay of Rs 18,000 crore for PM Awaas Yojana - Urban which will help ground 12 lakh houses and complete 18 lakh houses.

 

5. Support for Construction and Infrastructure

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To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts will be reduced to 3%

EMD for tenders will be replaced by bid security self-declaration

Relaxations till December 31, 2021

- @nsitharamanpic.twitter.com/RvlwmioovP

— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020

 

6. Demand booster for Residential Real Estate 

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Differential between circle rate and agreement value in real estate income tax is being increased from 10% to 20%

From today till June 30, 2021, for primary sale of residential units up to ₹ 2 crore

The income tax relief provides incentive to middle class to buy homes: FM pic.twitter.com/qJtNEsIFGl

— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020

7. Rs 1.1 lakh crore Platform for Infra Debt Financing 

The government will make Rs 6,000 crore equity investment in debt platform of National Investment and Infrastructure Fund, which will help NIIF raise Rs 1.1 lakh crore by 2025 for financing infrastructure projects, Nirmala Sitharaman said.

 

8. Support for Agriculture

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₹ 65,000 crore fertilizer subsidy will be provided to farmers

Fertilizer consumption is going up significantly, increased supply of fertilizers will ensure that forthcoming crop seasons will not be affected for want of adequate fertilizers

- Finance Minister @nsitharamanpic.twitter.com/mU6HTU8Q4r

— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020

9. Boost for Rural Development

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Additional outlay of ₹ 10,000 crore is being provided for #PMGaribKalyanRozgarYojana, announces Finance Minister @nsitharaman

Funds can be used for MGNREGA or for Gram Sadak Yojana, will help accelerate rural economy pic.twitter.com/l0kJXnKOMy

— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020

10. Boost for Project Exports 

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₹ 3,000 crore boost to be given for project exports through assistance given by India to developing countries under IDEAS Scheme

This will help EXIM Bank facilitate these Line of Credit development assistance activities and promote exports from India

- FM @nsitharamanpic.twitter.com/0yia1LoQMD

— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020

11. Capital and Industrial Stimulus

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₹ 10,200 crore additional budget stimulus will be provided for capital and industrial expenditure on defence equipment, industrial infrastructure and green energy#AatmaNirbharBharat 3.0 pic.twitter.com/VIXJK2eQ20

— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020

 

12. R&D grant for COVID vaccine development

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₹ 900 crore is being provided to @DBTIndia for research activities related to #COVID19 vaccine development

This does not include cost of vaccine or logistics for vaccine distribution (whatever is required for that will be provided)

- @nsitharaman#AatmaNirbharBharat 3.0 pic.twitter.com/tKuD4h6VIq

— PIB in Maharashtra 🇮🇳 (@PIBMumbai) November 12, 2020