FM Nirmala Sitharaman Announces Rs 900 Cr R&D Grant, Tax Relief For Developers And Much More In Stimulus 3.0

Union Finance Minister Nirmala Sitharaman addressed the media on Thursday. Her press conference was crucial today as RBI released report has already created a hustle and panic in the country as it has entered recession for the first time in the history. The announcement of stimulus package by the finance ministry was an attempt to revive the stressed sectors affected by Covid19 ahead of Diwali 2020.

As a part of Atmanirbhar 3.0, Finance Minister Nirmala Sitharaman launched Atmanirbhar Bharat Rozgar Yojana to boost employment and create jobs. This Yojana will be effective from October 1, 2020. Under the new scheme, Aatmanirbhar Bharat Rozgar Yojana, any EPFO-registered employer takes on new employees or hires those who lost jobs between March 1 and September 30 will be given some benefits.

Finance Ministry announced and highlighted that PMI, energy consumption, GST collection, daily railway freight tonnage, bank credit have shown a growth year-on-year. Elaborating on the progress on some key items under Atmanirjhar Bharat 1.0, FM said the One Nation, One Ration Cards in 28 states has covered 68.8 crore beneficiaries. The coverage of PM SVANidhi is there in 30 states. Work on the portal for migrant workers has started.  There has been a credit boost to 2.5 crore farmers through Kisan Credit cards.

She added, “Rs 7,227 crores have been disbursed under the Special Liquidity Scheme for NBFCs/HFC.” The scheme is aimed at enhancing India’s manufacturing capabilities and exports. “It will make Indian manufacturers globally competitive, attract investment and enhance exports,” said Union Minister Prakash Javadekar.

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