Finance Minister Sitharaman announced a Rs 6.28 lakh crore package to aid economic revival

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. Finance minister Sitharaman announced a Rs 6.28 lakh crore package to aid economic revival

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.”


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