Finance Minister Nirmala Sitharaman on 12 November announced a Rs 65,000-crore fertilizer subsidy for farmers as part of her stimulus package to boost the economy.
She said Rs 65,000 crore is being provided to ensure adequate availability of fertilisers to farmers and to enable timely accessibility of fertilisers in the upcoming crop season.
She said an additional outlay of Rs 10,000 crore will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year. This, she said, will accelerate growth of the rural economy.
Sitharaman further said, Rs 3,000 crore will be released to EXIM Bank for promotion of ‘Project Exports’ through lines of credits.
EXIM Bank extends lines of credits (LOC) on behalf of the government of India as assistance to developing countries under Indian Development and Economic Assistance Scheme (IDEAS) Scheme.
Finance minister announces Atmanirbhar 3.0
Finance minister Nirmala Sitharaman on 12 November announced a set of measures for the economy in the wake of the coronavirus disease pandemic. This is yet another stimulus package ahead of Diwali on 14 November.
“I am announcing the Atmanirbhar Bharat Rozgar Yojana which will incentivise creation of new employment opportunities during the COVID-19 recovery phase. This will be applicable for those joining employment in EPFO registered establishments on monthly wages less than Rs 15,000 per months,” said Sitharaman.
“This will be effective from 1 October, 2020. They will be covered for two years,” she added.
She presented the state of the economy, sayng active recovery has been happening in the country. She made the remarks on a day when a panel of Reserve Bank of India (RBI) said India is witnessing recession. Sitharaman said the markets are at record high and the foreign reserves has reached US $560 billion.
The finance minister listed the progress in the key schemes announced by the government in the past months, like ‘One Nation One Ration Card’, PM SVANidhi (PM Street Vendors’ Atmanirbhar Nidhi). “Twenty eight states have implemented the national portability under ‘One Nation One Ration Card’ scheme with effect from 1 September, 2020. It now covers 68.6 crore beneficiaries who no have the option to lift their foodgrain from any FPS of choice in any of these 28 states/UTs,” said Sitharaman.
Among the other schemes which the finance minister said have made great strides are Pradhan Mantri Matsya Sampada Yojana (PMMSY), Kisan credit cards and funding for farmers through NABARD.
She said that there is strong economic recovery happening in India. Presenting the state of the economy, Sitharaman said markets are at record high and India’s foreign reserves has reached US $560 billion.
“Quite a few indicators are showing a distinct recovery in the economy,” said the finance minister.
Sitharaman’s address comes a day after the the Union Cabinet approved a Rs 2 lakh crore production-linked incentive (PLI) package to boost demand in the country. It launched a Rs 8,100-crore viability gap funding (VGF) scheme to encourage private participation in social infrastructure such as water supply and solid waste management.
Sitharaman had said that the two programmes are meant to take India forward on the path of self-reliance and making sure that the country remains a part of the global value chain.
The PLI scheme for the 10 sectors announced on 11 November involves incentives worth Rs 1,45,980 crore in the next five years in addition to Rs 51,311 crore package under implementation for mobile manufacturing and specified electronic components (Rs 40,951 crore), drug intermediaries and active pharmaceutical ingredients (APIs) worth Rs 6,940 crore, and manufacturing of medical devices (Rs 3,420 crore).