Moody's had improved India's GDP estimate. Simultaneously, the agency has also increased its GDP growth estimates from 8.1 per cent to 8.6 per cent for the calendar year 2021, a good sign for the economy.
Finance Minister Nirmala Sitharaman has made 12 new announcements on the occasion of Dhanteras before Diwali. Sitharaman announced Rs 2,65,080 crore under the third phase of the Atmanirbhar Bharat Abhiyan, which is 15 per cent of the GDP. Announcing the plans under the third phase of the campaign, Nirmala Sitharaman said that this would create new employment opportunities, which will benefit both the employee and the employer.
> Rs 900 crore will be given to the Department of Biotechnology to research and develop the vaccine of COVID-19.
> An additional Rs 10,200 crore will be given for capital expenditure and industrial expenditure. This will benefit green energy companies along with domestic companies making defence equipment.
> Rs 3,000 crore will be given to Exim Bank in the form of a credit line to increase project exports.
> A separate provision of 10 thousand crores has been made for the Pradhan Mantri Garib Kalyan Rozgar Yojana. This will give a boost to the rural economy.
> A subsidy of 65 thousand crore rupees has also been announced for fertilizer, which will benefit 14 crore farmers. She said that the consumption of manure in the country has increased by 17.8 percent over 2019-20.
> It has been announced to invest Rs 6000 crore as equity in the debt platform of NIIF.
> Announced an additional provision of 18000 crores for the Pradhan Mantri Awas Yojana Urban. This will benefit the poor of the country and create more than 78 lakh employment opportunities. She said that this would create demand in the market, and the poor will get a solid house.
> Announcing the Self Employed India Employment Scheme for employment growth, it said that this scheme would give a boost to employment in the organized sector. Nirmala Sitharaman said that this would benefit those whose salary is less than Rs 15,000 or not previously associated with EPFO or whose job has gone between March 01 to September 30. The scheme will come into effect from October 01, 2020, and will be in force till June 30, 2021. The benefit of this scheme will be given to the employee joining the registered EPFO institute.
> Announces income tax relief to developers and home buyers. This decision will give real estate a boost-up and comfort to the middle class. In this announcement, the Finance Minister also announced to increase the existing difference in circle rate and agreement value from 10% to 20%. Also, companies engaged in construction and infrastructure sectors have been given relief in the capital and bank guarantee. He said that the performance security had been reduced to three percent. This will provide relief to the contractors.
The first phase of Atma Nirbhar Bharat Abhiyan
Addressing the media, Finance Minister Nirmala Sitharaman said, "I will announce some new measures. You can call these incentive packages. He said that the economy is fast returning to track. Sitharaman said active cases of COVID-19 have decreased. The collection of GST has also increased. There has been an increase of 10 percent on an annual basis in October. Bank credit has even gone up by 5.1 percent till October 23. The country's foreign exchange reserves are also at record highs.
She said that the first phase of the Atma Nirbhar Bharat Abhiyan had performed well. 28 States and Union Territory Ration Cards are under National Portability, benefiting 68.6 crore people. With this, 13.78 loans of Rs 1373.33 crore have been allocated under PM Swanidhi Yojana. The Finance Minister said that under the Emergency Credit Line Scheme, Rs 2.05 lakh crore had been sanctioned to 61 lakh borrowers, of which a total of Rs 1.52 lakh crore has been disbursed so far. This gave additional working capital to the industries.
Atma Nirbhar Bharat Abhiyan 2.0
As part of the Atma Nirbhar Bharat Abhiyan Phase II, the Finance Minister said that the government had announced an LTC voucher scheme for employees. It is also developing better. The government has given an income tax refund of over Rs 1,32,800 crore to taxpayers. The Finance Minister said that banks had issued Kisan Credit Cards to 157.44 lakh farmers. He has been allocated Rs 1,43,262 crore in two phases. He said that the Prime Minister had allocated Rs 1681 crore under Matsya Sampada. At the same time, the working capital of 25 thousand crores has been allocated through NABARD.
Sitharaman said that the One Nation One Ration Card was launched under the Self-Reliant India Scheme. It has been implemented by 28 states and union territories from September 01. That is, now workers of any country can take ration from any place in the country. Sitharaman said that 13.8 lakh loans had been sanctioned for street vendors so far. In all, a loan of about Rs 13 crore has been distributed to them.
Moody's expressed an estimate of India's GDP improvement
The Finance Minister said that there is now a strong recovery in the country's economy from the epidemic of COVID-19. She said that its signs had been revealed by the October month results and consumption of several sectors. Sitharaman said that foreign investment in the country is continuously increasing. Foreign exchange reserves have also increased.
The finance minister said that rating agency Moody's had improved India's GDP estimate. Sitharaman said that Moody's made the calendar year 2020 has raised its forecast of India's gross domestic product (GDP) growth to -8.9 percent. Simultaneously, the agency has also increased its GDP growth estimates from 8.1 percent to 8.6 percent for the calendar year 2021, a good sign for the economy.
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 "STIMULUS PACKAGE EXPLAINED: Rs 2,65,080 crore for Atma Nirbhar Bharat Abhiyan 3.0; know which sector will benefit most")
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