The Finance Minister has announced a fresh set of relief and stimulus measures for the economy worth ₹1.19 lakh crore as a part of Atma Nirbhar Bharat Abhiyan 3.0
Announcements made:
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Emergency Credit Line Guarantee Scheme: The emergency credit line guarantee scheme (ECLGS) for MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes) has been extended till March 31, 2021.
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ECLGS 2.0 was also launched for the health care sector and 26 sectors stressed due to COVID-19 pandemic. The entities of the 26 stressed sectors are identified by Kamath Committee.
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Production-Linked Incentive Scheme: The PLI scheme worth ₹ 1.46 lakh crore is being offered to 10 champion sectors which will help boost the efficiency and competitiveness of domestic manufacturing.
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Pradhan Mantri Awaaz Yojana Urban: An additional outlay of ₹ 18,000 crore over budget estimate towards PM Awaaz Yojana Urban has been announced which will help ground 12 lakh houses and complete 18 lakh houses. This will create additional 78 lakh jobs and improve the production and sale of cement and steel.
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Income Tax Relief for Developers and Home Buyers: The finance ministry has announced tax relief for developers and home buyers for houses up to ₹ 2 crore.
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Investment in NIIF: 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.
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PM Garib Kalyan Rozgar Yojana: Additional outlay of ₹10,000 Crore is being provided for PM Garib Kalyan Rozgar Yojana to provide rural employment. This will help accelerate the rural economy.
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IDEAS Scheme: Around ₹3,000 Crore boost is being provided to EXIM Bank for promoting project exports under Indian Development and Economic Assistance Scheme (IDEAS Scheme).
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R&D grant for COVID Vaccine: ₹900 Crore is being provided to Department of Biotechnology for Research and Development of Indian COVID Vaccine.