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Centre unveils Atmanirbhar Bharat Package 3.0

Thursday, 12 Nov 2020
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Union Finance Minister Nirmala Sitharaman announced stimulus measures under the government's Atmanirbhar Bharat Package 3.0. The Centre announced the measures to aid job creation, and boost the real estate and infrastructure sectors. 
 
The announcement covered 12 areas. The Atmanirbhar Bharat Rozgar Yojana is aimed at incentivising creation of employment opportunities during COVID-19 recovery phase. The beneficiaries under this new scheme will include new employees joining employment in EPFO-registered establishments on monthly wages less than Rs 15,000, and EPF members drawing monthly wage of less than Rs 15,000 who exited employment during March 2020 to September 2020, and employed on or after 1 October 2020. 
 
The Central government will give subsidy on new employment. The employee and employer contribution of 12 percent each will be borne by the government for the next two years.It is aimed at easing financial burden on companies for creating jobs. As much as 95 percent of all (organised sector) establishments estimated to be covered under this scheme will have employees up to 1,000. 
 
The Emergency Credit Line Guarantee Scheme (ECLGS) has been extended till 31 March 2021. An amount of Rs 2.05 lakh crore has already been sanctioned to 61 lakh borrowers under this scheme and Rs 1.52 lakh crore has been disbursed, as of 12 November 2020. 
 
The Centre announced Rs 900 crore support for research and development (R&D) to help develop  COVID-19 vaccine. The funds will be given to the Department of Biotechnology. 
 
In a move for IT relief for home buyers, the Centre has decided to increase the differential from 10 percent to 20 percent (under section 43CA) for the period from the date of the announcement to 30 June 2021 for only primary sale of residential units of value up to Rs two crore. 
 
The FM also announced equity infusion in NIIF Debt Platform. An amount of Rs 6,000 crore of equity will be provided to the debt platform. By 2025, they will provide infra project financing worth around Rs 1,10,000 crore. 
 
Under PM AwasYojana (Urban), an amount of Rs 18,000 crore would be provided over and above the Budget announcement to help 1.2 million houses to be grounded and 1.8 million houses to be completed. In order to provide relief to contractors in the construction and infra sectors, performance security deposit has been reduced to three percent till 31 December2021, for projects without any dispute. An additional outlay of Rs 18,000 crore was sanctioned for PM Awas Yojna. 
 
The government also announced Rs 65,000 crore fertiliser subsidy to farmers. The move will benefit 14 million farmers. An amount of Rs 10,200 crore additional Budget outlay was announced to promote industries and create industrial infra under Aatmanirbhar Bharat. 
 
In a move to support the Construction & Infrastructure sector, the Minister announced performance security on contracts to be reduced to three percent instead of five to 10 percent. Moreover, EMD will not be required for tenders and will be replaced by Bid Security Declaration. Relaxations will be given till 31 December 2021 under General Financial Rules. 
 
An announcement was made for ECLGS 2.0 for 26 stressed sectors identified by Kamath Committee plus health care sector with credit outstanding of above Rs 50 crore and up to Rs 500 crore as on 29 February 2020. 
 
The Centre has announced Rs 1.46 trillion boost for Manufacturing Production Linked Incentives (PLI) for 10 champion sectors under Atmanirbhar Bharat. The latest approval is in addition to the already announced Rs 51,311 crore PLI for three sectors. The move will lead to overall growth in the economy and create huge employment opportunities.
 
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