{"id":69558,"date":"2020-11-13T20:21:28","date_gmt":"2020-11-13T14:51:28","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=69558"},"modified":"2021-05-17T12:01:27","modified_gmt":"2021-05-17T06:31:27","slug":"atmanirbhar-bharat-3-0","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/atmanirbhar-bharat-3-0\/","title":{"rendered":"Atmanirbhar Bharat 3.0"},"content":{"rendered":"<p><strong>Context- <\/strong>Finance Minister Nirmala Sitharaman announced the next set of stimulus package to boost the coronavirus-hit economy.<\/p>\n<p><strong>What are the key highlights of 3<sup>rd<\/sup> stimulus package?<\/strong><\/p>\n<p>Union Finance Minister on recently announced a\u00a0third stimulus package\u00a0to help pull the\u00a0Covid-19-battered economy. The FM announced\u00a012 measures under Atmanirbhar Bharat3.0 which includes-<\/p>\n<ol>\n<li>Atmanirbhar Bharat Rozgar Yojana.<\/li>\n<li>Emergency Credit Line Guarantee Scheme (ECLGS) 2.0.<\/li>\n<li>Atmanirbhar Manufacturing Production-Linked Incentives for 10 champion sectors.<\/li>\n<li>To boost demand in Real Estate sector, relief for home buyers and sellers.<\/li>\n<li>Support for construction and Infrastructure- Relaxation of EMDs and Performance Security on government tenders.<\/li>\n<li>Income tax relief for homebuyers and developers.<\/li>\n<li>Infrastructure Debt Financing.<\/li>\n<li>Support for Agriculture.<\/li>\n<li>Boost for rural employment.<\/li>\n<li>Boost for Project Exports.<\/li>\n<li>Capital and Industrial Stimulus.<\/li>\n<li>Research and Development grant for Covid-19 vaccine.<\/li>\n<\/ol>\n<p><strong>Previously announced package-<\/strong><\/p>\n<ol>\n<li><strong>Pradhan Mantri Garib Kalyan Yojana (PMGKP)<\/strong> &#8211; The government had announced Rs 1.70 lakh crore during March to protect the poor and vulnerable sections from the impact of COVID-19 crisis.<\/li>\n<li><strong>The Aatmanirbhar Bharat Abhiyan package<\/strong>&#8211; The stimulus of Rs 20.97 lakh crore in May, largely focused on supply-side measures and long-term reforms.<\/li>\n<\/ol>\n<p><strong>What are the key areas of focus of this fiscal package<\/strong>?<\/p>\n<ol>\n<li><strong>Incentivizing job creation- <\/strong><\/li>\n<\/ol>\n<ul>\n<li><strong>Boost formal sector employment<\/strong>-Providing incentives to EPFO-registered firms to hire more employees could lead to job creation. Formalization of the existing informal work force in urban areas.<\/li>\n<li><strong>MGNREGA boost<\/strong>&#8211; Further\u00a0additional outlay of Rs 10,000 crores\u00a0will be provided for\u00a0PM Garib Kalyan Rozgar Yojana\u00a0in the current financial year.<\/li>\n<\/ul>\n<ol start=\"2\">\n<li><strong>To boost demand in Real estate sector \u2013 <\/strong><\/li>\n<\/ol>\n<ul>\n<li>Rs 18,000 crores additional outlay for\u00a0PM Awas Yojana (Urban)\u00a0over the Budget Estimates for 2020-21.\u00a0This is over and above Rs 8,000 core already this year.<\/li>\n<li>This will help\u00a012 lakh houses to be grounded\u00a0and 18 lakhs to be complemented.<\/li>\n<li>The scheme will also guarantee additional jobs to 78 lakhs.<\/li>\n<\/ul>\n<ol start=\"3\">\n<li><strong>To boost manufacturing production- <\/strong><\/li>\n<\/ol>\n<ul>\n<li>Production Linked Incentives with proposed expenditure of \u20b91.46 lakh crore over five years will be offered to ten stressed sectors to boost domestic manufacturing.<\/li>\n<li>And create an efficient domestic manufacturing ecosystem.<\/li>\n<\/ul>\n<ol start=\"4\">\n<li><strong>To Research and Development grant for Covid-19 vaccine-<\/strong><\/li>\n<\/ol>\n<ul>\n<li>Rs 900 crores provided for Covid-19 Suraksha Mission\u00a0for the development of the Indian vaccine to the\u00a0Department of Biotechnology.<\/li>\n<\/ul>\n<ol start=\"5\">\n<li><strong>Emergency Credit Line Guarantee Scheme (ECLGS) 2.0-<\/strong><\/li>\n<\/ol>\n<ul>\n<li>EECLG 2.0 for MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till March 31, 2021.<\/li>\n<li>Under this credit scheme, banks will be able to lend to stressed sectors from 26 sectors identified by the K.V. Kamath committee earlier this year.<\/li>\n<li>The\u00a0new scheme will have a 1-year moratorium\u00a0and\u00a05 years of repayment.<\/li>\n<\/ul>\n<p><strong>What are the challenges to India\u2019s economic recovery according to RBI?<\/strong><\/p>\n<ul>\n<li>The foremost risk stems from the global economy now at risk from the second wave of COVID-19.<\/li>\n<li>The Second major risk is the stress that has been intensifying among households and corporations<\/li>\n<\/ul>\n<p><strong>Way forward-<\/strong><\/p>\n<ul>\n<li>Ensuring credit off-take of previously announced schemes amongst the poorest sections must be a priority.<\/li>\n<li>Forcing banks to lend to companies where assessing risk has become a challenge due to the pandemic puts banks at a bigger risk.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Context- Finance Minister Nirmala Sitharaman announced the next set of stimulus package to boost the coronavirus-hit economy. What are the key highlights of 3rd stimulus package? Union Finance Minister on recently announced a\u00a0third stimulus package\u00a0to help pull the\u00a0Covid-19-battered economy. The FM announced\u00a012 measures under Atmanirbhar Bharat3.0 which includes- Atmanirbhar Bharat Rozgar Yojana. Emergency Credit Line&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/atmanirbhar-bharat-3-0\/\">Continue reading <span class=\"screen-reader-text\">Atmanirbhar Bharat 3.0<\/span><\/a><\/p>\n","protected":false},"author":10308,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230],"tags":[1308],"class_list":["post-69558","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","tag-eco_0","entry"],"jetpack_featured_media_url":"","views":{"total":238,"cached_at":""},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/69558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10308"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=69558"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/69558\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=69558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=69558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=69558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}