Finance Minister announces the Rs. 6.28 lakh crore package to aid for the revival of the economy
Indian government flagged off the official reignition of the country’s economic engine with 8 schemes on Monday. The economic relief package was announced after the second wave ravaged the country.
The Union Minister announced “There are 8 other items that pertain to growth in general, exports and employment, and in that, 6 are totally new, ” she said,” The total amount of the package announced today adds up to Rs 6,28,993 crore.
The Highlights are:-
- Rs 50,000 crore for scaling up medical infrastructure: Rs 1.1 lakh crore guarantee for COVID-affected sectors, and in that, the health sector with a Rs 50,000 crore cover receives attention for scaling up medical infrastructure.
- Emergency Credit Line Guarantee Scheme: Rs 1.5 lakh crore has been granted under the Emergency Credit Line Guarantee Scheme, which was announced last year.
- Fresh loans through MFIs: The new scheme is being launched to facilitate loans through micro-finance institutions.
- Measures to help tourist guides and travel agencies: Financial support will be provided to over 11,000 registered tourist guides and travel agencies and stakeholders to help them survive the second wave.
- Atmanirbhar Bharat Rozgar Yojana extended: Atmanirbhar Bharat Rozgar Yojana has been extended to March 31, 2022, in order to incentivise employers to create new jobs and restore loss of employment through the EPFO.
- Additional fertilizer subsidy: An additional subsidy of Rs 14,775 crore will be provided for nutrient-based fertilizers.
- Focus on pediatric care: The government will provide Rs 23,220 crore more only focusing on children and pediatric care.
- PPP and asset monetisation: The last announcement was regarding a new streamlined process for PPP and asset monetisation.
The Union Finance Minister Sitharaman said, “Today, we announce some relief measures. There are about 8 such measures being announced in the category of relief, four of which are absolutely new. One item is specific to health infrastructure.”