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Thursday, 12 November 2020

Another relief package of Modi government, Finance Minister announced self-reliant India 3.0

Another relief package of Modi government, Finance Minister announced self-reliant India 3.0
Another relief package of Modi government, Finance Minister announced self-reliant India 3.0

The eight announcement under the Atmanirbhar Bharat Yojna 3.0 was about providing Rs 65,000 crore for subsidised fertilisers. This is likely to help farmers in the country. The finance minister said that the increased supply of fertilisers at subsidised rates will help 140 million farmers.

 


"Rs 65,000 crores being given to ensure adequate availability of fertilisers to farmers to enable timely availability of fertilisers in the upcoming crop season," she said.

2:21 PM: The seventh announcement was about a Rs 6,000 crore equity infusion in National Infrastructure & Investment Fund (NIIF) debt platform by 2025. It will provide infrastructure project financing to the tune of Rs 1,10,000 crore. The government will invest Rs 6,000 crore as equity and the rest of the equity will be raised from private investors.

 

"We are now giving Rs 6000 Crores of Equity to Debt Platform of NIIF where private equity participation will also come in. NIIF itself has invested Rs 2000 crore," Sitharaman said.

"So, by 2025 they will have to fund projects to the extent of Rs 1,10,000 Crores. We are creating this avenue for them to do it even through the debt market," she added.

2:19 PM: As part of the sixth announcement, Finance Minister Nirmala Sitharaman said it will focus on providing income tax relief to homebuyers and home developers.

 

Presently Section 43CA of Income Tax Act restricts differential between circle rate and agreement value at 10 per cent. Prices may actually be lower than this. Therefore, it has been decided to increase the differential from 10 per cent to 20 per cent for the period from the date of announcement to 30th June 2021 for only primary sale of residential units of value up to Rs 2 crore.

The consequential relief up to 20 per cent shall also be allowed to homebuyers of these units under section 56 (2)(x) of It act for the said period. The necessary amendment to the Income Tax Act would be proposed in due course.

 

2:10 PM: As part of the fifth announcement, the government will now support contractors engaged in construction and infrastructure will relaxation of earnest money deposit. EMD will now be required for tenders and will be replaced by Bid Security Declaration. Relaxation will be given till 31 December 2021 under General Financial Rules.

02:05 PM: As part of the fourth announcement under Atmanirbhar Bharat 3.0, Sitharaman spoke about the Pradhan Mantri Awas Yojna. She said that the real estate sector is seeing good traction at the moment. She added that 135 projects all over the country have been approved under the SWAMIH Yojana with an outlay of Rs 13,200 crore.

"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, said Sitharaman.


"This extra budgetary resource being provided will help 12 Lakh houses to be grounded & 18 Lakh houses will get completed as a result," the finance minister said.

The measures are expected to create 78 lakh additional jobs and boost steel production by 25 lakh metric tonnes (LMT) and cement by 131 LMT.

02:01 PM: Production-linked incentive scheme to be extended to 10 more sectors. The scheme will provide a Rs 1.46 lakh crore boost to manufacturing. Sitharaman said that the government has already approved production-linked incentive schemes for 3 sectors at a cost of Rs 51,355 crore as stated below.

Mobile manufacturing and specified electronics components at a cost of Rs 40,995 crore; critical key starting materials, drug intermediates and active pharma ingredients at a cost of Rs 6,940 crore. This to boost economic growth and domestic employment.

 

01:48 PM: Nirmala Sitharaman also announced that the Emergency Credit Line Guarantee Scheme (ECGLS) has be

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