KV Subramaniam, the Chief Economic Adviser to the Government of India, had indicated a few days ago that the government may soon announce economic reliefs. Since the beginning of the Kovid-19 epidemic in March 2020 itself, the Finance Ministry and the Central Reserve Bank have announced several economic relief measures.
What are the announcements and important things
– Finance Minister for the sectors affected by Kovid 1.1 lakh crore loan guarantee scheme has announced. in this scheme 50,000 crore for the health sector alone is being given, the remaining 60,000 crores will be given in other sectors.
– A maximum loan amount of 100 crores has been kept for the health sector. The maximum interest rate will be at 7.95 percent. The maximum interest rate for other sectors has been kept at 8.25%. The coverage will be changed as per the requirement.
23,220 crore will be given to strengthen the public health system, especially the health facilities of children.
– Announcement of new credit guarantee scheme. 25 lakh people will get benefit through micro finance institutions. Small lenders-borrowers will get benefit.
– The Finance Minister released an additional 1.5 lakh crores under the Emergency Credit Line Guarantee Scheme. This scheme was first brought under the self-reliant package in May 2020.
Self-reliant India Employment Scheme has been extended from the last date of June 30, 2021 to March 31, 2022. The government also gave the benefit of self-reliant India employment scheme to the employers making slippers.
In case of new appointments of private companies, the Government will bear the share of employees in the Provident Fund.
– Announcement of a big plan for the tourism sector. Under this, more than 11,000 registered tourist guides, stakeholders of travel and tourism will get financial assistance. Accredited Guides will get 100% Guaranteed Loan up to Rs.1 Lakh and Accredited Travel and Tourism Stakeholders up to Rs.10 Lakh.
– Announcement of free tourist visa to 5 lakh tourists. When foreign tourists will start getting visas, then the first 5 lakh tourists who come to India will get free visas. This scheme will be limited to the first five lakh tourists or will be applicable till March 31, 2021, whichever is earlier.
– Under the Pradhan Mantri Garib Kalyan Anna Yojana, NFSA beneficiaries will continue to be given 5 kg of free food grains till November 2021. Providing free food grains till November 2021 under the scheme will incur an additional burden of Rs 93,869 crore. Last year also, free food grains were provided, thus a total expenditure of Rs 2.27 lakh crore would be incurred under the scheme.
The Finance Minister announced to provide additional fertilizer subsidy of Rs 14,775 crore over and above the budget allocation of Rs 85,413 crore.
77.45 crore revival package was given for the financial restructuring of North Eastern Regional Agricultural Marketing Corporation.
33,000 crore scheme through National Export Insurance Account to promote export projects.
Big plan for Digital India. Announcement of a plan of 19041 crores to provide broadband to every village under BharatNet PPP model.