The Finance Minister Nirmala Sitharaman announced the new measures under the new Aatmanirbhar Bharat 3.0 stimulus package worth Rs 2.65 lakh crore to promote the Indian economy amid the ongoing COVID-19 pandemic.
Let’s Understand the Notification in detail-
Aatmanirbhar Bharat 3.0
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman has announced the essential measures, as part of Government of India’s stimulus to the economy, under AatmaNirbhar Bharat 3.0. The net stimulus declared the amounts to ₹ 2.65 Lakh crore. Also stated that the total stimulus announced by the Government and Reserve Bank of India till date, to promote the nation over the COVID-19 pandemic, goes out to ₹ 29.87 lakh crore, which is 15% of nationwide GDP. Out of this, a stimulus meriting 9% of GDP has been rendered by the government.
Addressing about Aatmanirbhar Bharat 1.0, and 2.0 the finance minister said that 28 union territories have been brought under the national portability of ration cards with effect from September 1. 26.2 lakh loan purposes were obtained under the PM SVANidhi scheme for street vendors. Speaking about the Aatmanirbhar 2.0 the finance minister stated that credit boost has been provided to 2.5 crore farmers through Kisan Credit Cards and Rs 1.4 lakh crore has been distributed to farmers.
New Measures under Aatmanirbhar Bharat 3.0
The following are the major announcements under Aatma Nirbhar Bharat 3.0-
AatmaNirbhar Bharat Rozgar Yojana
The Atmanirbhar Bharat Rozgar Yojana will evolve into effect from October 1 and EPFO registration businesses –
- If they bring in new employees or those who lost jobs earlier – these employees stand to get some benefits.
- If new employees are selected from October 1, 2020, to June 30, 2021, the establishments will be covered for the next two years.
Emergency Credit Line Guarantee Scheme
The further announcement on Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs for Udyam Registration, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till March 31, 2021, Sitharaman announced.
PM Awaas Yojana – Scheme
A sum of Rs 18000 crore is being rendered for PMAY- Urban over and above Rs. 8000 Crore now allocated this year. This will assist ground 12 Lakh houses and complete 18 Lakh houses, create additional 78 Lakh jobs and enhance production and sale of steel and cement, resulting in a multiplier effect on the economy.
Income Tax relief for Developers & Home Buyers
The government declared tax relief for developers and home buyers for houses up to Rs 2 crore. The agreement value in real estate income tax under Section 43 CA of IT Act has been extended from 10% to 20%. This is for the initial sale of residential units up to ₹ 2 Crore. Know more about ITR Filing
Boost for Project Exports
Further announcement for ₹3,000 Crore boosts is being provided to EXIM Bank for helping project exports under Indian Development and Economic Assistance Scheme (IDEAS Scheme). This will help EXIM Bank promote Lines of Credit development assistance activities and promote exports from India. Also, know about Import Export Code.
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