Nirmala Sitharaman Press Conference Updates | Atmanirbhar Bharat 3.0 Package: 12 Measures Announced
Watch: Finance Minister Announces Stimulus Measures
Finance Minister Nirmala Sitharaman has unveiled the third tranche of measures under the government’s Aatmanirbhar Bharat programme in an attempt to boost economic growth from record lows.
The estimated cost of these measures would be Rs 2.65 lakh crore, the finance minister said. It was not specified how this additional spending will be funded.
The measures include:
- New scheme to incentivise job creation.
- Extending a credit guarantee scheme.
- Covering more sectors under the manufacturing performance-linked incentive scheme.
- Additional spending on PM Awaas Yojana (Urban).
- Support for construction and infrastructure contractors.
- Income tax relief for developers and home buyers.
- Further equity infusion in the National Investment and Infrastructure Fund.
- Higher fertiliser subsidy for farmers.
- Additional outlay for the PM Garib Kalyan Rozgar Yojana.
- Credit boost for project exports.
- Additional stimulus towards capital and industrial expenditure.
- A grant for Covid vaccine development.
Get more details about each of the announcements here.
12. R&D Grant For Covid Vaccine Development
- Rs 900 crore to be provided for Covid Suraksha Mission for Research and Development to Department of Biotechnology.
- Provision being made only towards research activity.
- Actual cost of vaccine and logistics required for distributing the vaccine is different, and will be provided.
11. Capital And Industrial Stimulus
- Rs 10,200 crore is being additionally provided towards capital and industrial expenditure
- Amount will be spent towards domestic defence equipment, industrial incentives, industrial infrastructure, and green energy.
10. Boost For Project Exports
- Rs 3,000 crore to be given to EXIM Bank for promotion of project exports through line of credit under IDEAS scheme.
- About 811 export contracts amounting to $10.50 billion being financed under LoCs.
9. Additional Outlay On PM Garib Kalyan Rozgar Yojana
- Additional outlay of ₹ 10,000 crore is being provided for PM Garib Kalyan Rozgar Yojana, announces Finance Minister Nirmala Sithataman
- Funds can be used for MGNREGA or for Gram Sadak Yojana, will help accelerate rural economy
8. Support Of Rs 65,000 Crore For Subsidised Fertilisers
- Rs 65,000 crore fertiliser subsidy will be provided to farmers.
- Fertiliser consumption is going up significantly and increased supply of fertilisers at subsidised rates will ensure that forthcoming crop seasons will not be affected, the ministry said.