Atmanirbhar Bharat Abhiyaan 3.0: 12 Announcements Made by FM Sitharaman

Atmanirbhar Bharat Abhiyaan 3.0: 12 Announcements Made by FM Sitharaman

Expressing optimism for the economy, the Union Finance Minister Nirmala Sitharaman made 12 announcements as a part of Atmanirbhar Bharat Abhiyaan 3.0. These were the part of the latest stimulus package that is designed to revive sectors that have borne the brunt of Covid pandemic.

The stimulus comes a day after International Credit rating agency Moody’s projected an 11.5% contradiction in India’s economic growth for the current fiscal year (FY21) amidst the COVID-19 pandemic.

“India’s credit profile increasingly constrained by low growth, high debt burden, and a weak financial system,” said Moody’s on November 11.

1. The First announcement was the launch Atmanirbhar Bharat Rozgar Protsahan Yojana: Under this the Centre announced relief for new employees taking up jobs between Oct 1, 2020, and June 30, 2021. FM Nirmala Sitharaman declares PF contribution of new employees and firms will be paid by Centre, subject to certain conditions under ABRY.

2. Launch of ECLGS 2.0: The existing Emergency Credit Line Guarantee scheme (ECLGS) was extended till March 31, 2021. The Ministry launched another credit guarantee support for 26 stressed sectors as per the Kamath committee report, plus healthcare sector, with credit outstanding of Rs 50 crore to Rs 500 crore. Under the new scheme, eligible entities will get additional credit up to 20 percent of outstanding credit. The scheme gives a one-year moratorium and five-year repayment period. There is no upper ceiling on annual turnover.