Nirmala Sitharaman press conference, schemes to boost worst hit sectors

Nirmala Sitharaman at the live press conference

By Diksha Sinha

Nirmala Sitharaman, the Union Finance Minister, is addressing a press conference where the center would take decision regarding another stimulus package amid the Covid19 pandemic. Sitharaman mentioned that the economy has been slowly recovering and the covid19 cases are gradually declining which is a good sign for the country. The government will plan to focus more on areas that have been worst hit due to the pandemic as they’ll list out infrastructure projects which will create more job opportunities. The Union Cabinet approved the  Production Linked Incentive (PLI) scheme for 10 sectors which is worth Rs 1.46 lakh crore to boost India’s manufacturing capabilities and enhancing export.

Sitharaman said that the bank credit growth has increased by 5.1% which means that markets are at a record high. Also talking about sustainable strong economic growth, she mentioned that in Atmanirbhar Bharat 1.0, all 28 states have been brought under the national probability of ration cards. The government has also made sure that credit boost was provided to around 2.5 lakh farmers through Kisan Credit Cards with an amount of Rs 1.4 lakh been distributed to them. Nirmala Sitharaman also stated that under Emergency Credit Liquidity Guarantee Scheme, a total amount of Rs 2.05 lakh crore has been sanctioned to 61 lakh borrowers out of which Rs 1.52 lakh has been payed out.
With all the new schemes being initiated by the government, there has been an announcement made of a new scheme called Atmanirbhar Bharat Rozgar Yojana which will aim to incentivise creation of new jobs.
The scheme will be applicable to all the EPFO registered organizations and will be applicable to anyone getting employed for the first time or anyone who lost their job between March 1 and September 30.
She also mentioned that under Credit Guarantee scheme 26 stressed sectors will be credited between 50 crore and 500 crore and an amount of Rs 6,940 crore will be provided to promote manufacture of active pharmaceutical ingredients. Another important announcement made was that under PM Awaz Yojana, Rs 18,000 crore will be funded to help completion of 1.2 million houses in urban areas.