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November 12, 2020

12 Announcement of Stimulus Package by Finance Minister on 12 Nov 2020

by facelesscompliance in Income Tax

12 Announcement of Stimulus Package by Finance Minister on 12 Nov 2020

I would like to announce a few new measures in the series of stimulus announcements we have been doing. Quite a few indicators showing a distinct recovery in the economy: Finance Minister Nirmala Sitharaman

In last few days we have observed that recoveries are happening in different sectors. Energy consumption growth seen at high level. GST collections touched 1.05 lakh crores (10% increase in YoY)

Moody’s has today come out with numbers for India; re-assed -9.6% growth and said it may be -8.9% instead; whereas for 2022 they’ve clearly indicated that rather than 8.1% growth, India may grow at 8.6%: Finance Minister

FM began with summary of the State of Economy

28 states have been brought under #OneNationOneRationCard scheme, 68.6 crore beneficiaries can hence lift food grains from any of these 28 states/UTs

Around 14 lakh loans have been sanctioned under #PMSVANidhi scheme for street vendors

Credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, ₹ 1.4 lakh crore has been distributed to farmers

Under Emergency Credit Liquidity Guarantee Scheme, a total amount of ₹ 2.05 lakh crore has been sanctioned to 61 lakh borrowers, out of which ₹ 1.52 lakh crore has been disbursed

Under Partial Credit Guarantee Scheme, Public Sector Banks have bought portfolios worth nearly ₹ 27,000 crore To infuse liquidity into discoms, loans worth ₹ 1.18 lakh crore has been sanctioned, loans worth more than ₹ 31,000 crore disbursed

Utsav Cards being issued by @TheOfficialSBI for festival advance

Many employees availing LTC Voucher Scheme Many steps being taken by
@MORTHIndia and @DefenceMinIndia for utilizing ₹ 25,000 crore capital expenditure

Finance Minister on progress of #AatmaNirbharBharat 2.0

1) New scheme AatmaNirbharBharatRozgarYojana being launched to incentive job creation during #COVID19 recovery

EPFO registered establishments – if they take in new employees or those who lost jobs earlier – these employees will get some benefits from Effective from Oct 1, 2020

Central govt. will give subsidy by way of EPF contributions for two years in respect of new eligible employees Subsidy will be credited upfront in Aadhaar-seeded EPFO accounts

2) Emergency credit guarantee scheme extended till March-31, 2021

Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till March 31, 2021

We are launching credit guarantee support scheme for health care sector and 26 sectors stressed due to COVID19, says FM. Entities will get additional credit up to 20% of outstanding credit, repayment can be done in five years’ time (1 year moratorium + 4 years repayment)

3) Production Linked Incentive worth ₹ 1.46 lakh crore

This being offered to 10 champion sectors, this will help boost competitiveness of domestic manufacturing Will give a big boost to economy, investment, exports and job creation

Here are the 10 champion sectors for which the government is launching Production Linked Incentive Scheme A total amount of nearly 1.5 lakh crore has been earmarked across sectors, for next five years

4) Finance Minister announces additional outlay of ₹ 18,000 crore for PMAY Urban

Will help ground 12 lakh houses and complete 18 lakh houses Will create additional 78 lakh jobs and improve production and sale of steel and cement, resulting in multiplier effect on economy

5) Relaxation of Earnest Money Deposit (EMS) on Government Tenders

To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts will be reduced to 3% EMD for tenders will be replaced by bid security self-declaration Relaxations till December 31, 2021

6) Differential between circle rate and agreement value in real estate income tax is being increased from 10% to 20%

Differential between circle rate and agreement value in real estate income tax is being increased from 10% to 20% From today till June 30, 2021, for primary sale of residential units up to ₹ 2 crore The income tax relief provides incentive to middle class to buy homes

7) Debt platform of National Investment and Infrastructure Fund

Govt. will make ₹ 6,000 crore equity investment in debt platform of National Investment and Infrastructure Fund, which will help NIIF raise ₹ 1.1 lakh crore by 2025 for financing infrastructure projects

8) Rs 65,000 crore fertilizer subsidy will be provided to farmers

Fertilizer consumption is going up significantly, increased supply of fertilizers will ensure that forthcoming crop seasons will not be affected for want of adequate fertilizers

9) Additional outlay of ₹ 10,000 crore is being provided for PMGaribKalyanRozgarYojana

10) Rs 3,000 crore boost to be given for project exports through assistance given by India to developing countries under IDEAS Scheme

11) Rs 10,200 crore additional budget stimulus will be provided for capital and industrial expenditure on defence equipment, industrial infrastructure and green energy

12) research activities related to Covid 19 vaccine development

Total Fiscal cost of today’s announcements by FM is Rs 2.65 lakh cr

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