BREAKING: Finance Minister Nirmala Sitharaman announces Atmanirbhar Bharat Rozgar Yojana

Varsha Sriram
Finance Minister Nirmala Sitharaman is conducting a press conference to announce another stimulus package amid the COVID-19 pandemic. She said that the economy was seeing a strong recovery. The stimulus measures are said to bring relief to sectors that were worst hit by the pandemic. These sets of measure for the economy also comes ahead of Diwali.
Nirmala Sitharaman annouced the Atmanirbhar Bharat Rozgar Yojana. This Yojana will incentivise the creation of new jobs and is said to help New employees hired by EPFO-registered organisations to get benefits during the COVID-19 pandemic.
“I am announcing the Aatmanirbhar Bharat Rozgar Yojana which will incentivise creation of new employment opportunities during the Covid-19 recovery phase. This will be applicable for those joining employment in EPFO registered establishments on monthly wages less than Rs 15,000 per months,” said Sitharaman.

“This will be effective from October 1, 2020. They will be covered for two years,” she added.

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Here are the highlights for the story: 
  1. The Economy has shown a strong recovery with growth in the bank credit, FDI inflows, GST collections
  2. The Emergency Credit line Guarantee Scheme (ECLGS) has been extended till March 31, 2021
  3. In order to boost manufacturing sector, Rs. 1.46 lakh crore of production-linked incentive for 10 sectors like the mobile manufacturing, electronic components and pharma. Sitharaman said that this would give a significant boost to economic growth and domestic employment.
  4. An additional of Rs. 18,000 crore has been added to PM Awaas Yojana (PMAY-Urban). This will help 12 lakh houses to be grounded and 18 lakhs to be completed.
  5. Additional support for construction and infrastructure was provided. Performance security on contracts to be reduced to 3% instead of 5 to 10%. Also, END will not be required for tenders.
  6. Rs 1.10 lakh crore platform for infra debt financing with Rs 6,000 crore equity infusion in NIIF debt platform.
  7. Over 2.5 crore farmers have been given a credit boost through the ‘Kisan Credit Cards’ It has already been distributed to Rs. 1.4 lakh crores.
  8. Over 28 states have been brought under the ‘One Nation One Ration Card’ scheme.
  9. Moody’s has also reassessed India’s 2020 GDP growth at -8.9%. Previously, it was  -9.6%.  Sitharaman said that this was a positive correction which would be good for the economy.

Watch the full video here: 

With inputs from Money Control.