FM Sitharaman Announces Atmanirbhar Bharat Rozgar Yojana | Key Takeaways From Her Address

Quite a few indicators showing a distinct recovery in the economy, said Sitharaman during her address on Thursday.

(Photo by Prakash SINGH / AFP)

New Delhi: Finance Minister Nirmala Sitharaman on Thursday announced a few new measures in the series of stimulus announcement for Covid battle, ahead of the festival of Diwali and Chhath. She announced the Aatmanirbhar Bharat Rozgar Yojana  and extension of  existing Emergency Credit Line Guarantee Scheme till March 31st.  " I would like to announce a few new measures in the series of stimulus announcements we have been doing...Quite a few indicators showing a distinct recovery in the economy," she said as she begun her address. 'Markets are on a record-high and India's foreign exchange reserves are at $560 bn, said Minister of State Anurag Thakur. RBI has said that India will do better in Q4. So the mood in the country, as well as Moody's rating for India, has improved, he said. The existing Emergency Credit Line Guarantee Scheme extended till 31st March 2021. Aatmanirbhar Bharat Rozgar Yojana has been launched to incentivise creation of new employment opportunities during Covid-19 recovery, said the Finance Minister.  Every EPFO registered organisations - if they take in new employees or those who had lost jobs b/1 March 1 & Sept 30 - these employees will get benefits. If new employees of requisite number are recruited from October 1, 2020 to June 30, 2021, the establishments will be covered for the next two year, she said. Rs 3,000 crores will be released to EXIM Bank for promotion of project exports through Lines of Credit under IDEAS Scheme. Supported projects cover Railways, power, transmission, road and transport, auto and auto components, sugar projects etc she said. Other important takeaways from Sitharaman's pc:

• RBI predicts a strong likelihood of the Indian economy returning to positive growth in Q3:2020-21, ahead by a quarter of the earlier forecast.
• There has been very good progress on 'One Nation-One Ration Card' in 28 states covering 68.8 crore beneficiaries.
• There has been 10% increase in GST collection, bank credit improved 5.1 per cent; energy consumption growth trend is also higher
• RBI has said that India will do better in Q4. So the mood in the country, as well as Moody's rating for India, has improved.
• Rs 7,227 crores disbursed under the Special Liquidity Scheme for NBFCs/HFC.
• Under the Emergency Credit Liquidity Guarantee Scheme, a total amount of Rs 2.05 lakh crores has been sanctioned to 61 lakh borrowers, out of which Rs 1.52 lakh crores has been disbursed.
• SBI Utsav cards being distributed, under the festival advance scheme announced on 12th Oct. 11 states sanctioned Rs 3,621 crores as an interest-free loan towards capital expenditure.
• Work has commenced to start a portal for migrant workers. The labour ministry along with the finance ministry and other concerned ministries are working together closely with the states.
• Rs 1,32,800 crores have gone as income-tax refunds to 39.7 lakh taxpayers.