{"id":74944,"date":"2021-06-28T16:51:58","date_gmt":"2021-06-28T11:21:58","guid":{"rendered":"https:\/\/newsmakhani.com\/?p=74944"},"modified":"2021-06-28T16:51:58","modified_gmt":"2021-06-28T11:21:58","slug":"presentation-of-stimulus-package-of-rs-628993-crore-announced-by-smt-nirmala-sitharaman-to-support-indian-economy-in-fight-against-covid-19-pandemic","status":"publish","type":"post","link":"https:\/\/newsnarad.com\/hi\/presentation-of-stimulus-package-of-rs-628993-crore-announced-by-smt-nirmala-sitharaman-to-support-indian-economy-in-fight-against-covid-19-pandemic\/","title":{"rendered":"Presentation of stimulus package of Rs 6,28,993 crore announced by Smt. Nirmala Sitharaman to support Indian economy in fight against COVID-19 pandemic"},"content":{"rendered":"

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Presentation of stimulus package of Rs 6,28,993 crore announced by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman to support Indian economy in fight against COVID-19 pandemic<\/span><\/strong><\/div>\n

Finance Minister\u2019s Press Conference<\/strong>
\n28th June, 2021<\/strong>
\n1
\nEconomic Relief From Pandemic
\n2
\n1.1 Lakh Cr Loan Guarantee Scheme for COVID Affected Sectors
\nHealth Sector: Rs. 50,000 crore
\nAimed at up scaling medical infrastructure targeting underserved areas.
\n\u2022 Guarantee cover for expansion and new projects related to health\/medical
\ninfrastructure in cities other than 8 metropolitan cities.
\n\u2022 Guarantee coverage: 50% for expansion & 75% for new projects
\n\u2022 For Aspirational Districts, guarantee cover of 75% for both new projects and
\nexpansion.
\n\u2022 Maximum loan: Rs. 100 crore; Guarantee duration: Up to 3 years
\n\u2022 Interest rate capped at 7.95%
\n\u2022 Guarantee by National Credit Guarantee Trustee Company Limited
\nOther Sectors: Rs. 60,000 crore
\n\u2022 Interest rate capped at 8.25% p.a.
\n\u2022 Decisions at later stage based on evolving needs
\nNormal interest without guarantee cover is 10-11%
\n3
\nAdditional 1.5 lakh Cr for Emergency Credit Line Guarantee Scheme
\n\u2022 Launched as part of Atma Nirbhar Bharat Package in May, 2020.
\n\u2022 ECLGS-1.0, 2.0 and 3.0 have resulted in credit disbursal of 2.69 lakh Crore to 1.1
\ncrore units by 12 Public Sector Banks, 25 Private Sector Banks, and 31 Nonbanking Financial Companies
\n\u2022 Contact intensive sectors already covered and shall be continued. Rs 4,000 crore
\ngiven to these sectors through this window so far
\n\u2022 Limit of admissible guarantee and loan amount proposed to be increased above
\nexisting level of 20% of outstanding on each loan
\n\u2022 Sector wise details will be finalized as per evolving needs
\n\u2022 Overall cap of admissible guarantee to be raised from Rs. 3 lakh crore to Rs. 4.5
\nlakh crore
\n4
\nCredit Guarantee Scheme to Facilitate Loans to 25 Lakh Persons Through Micro Finance Institutions (MFIs)
\n\u2022 Guarantee will be provided to Scheduled Commercial Banks for loans to new or
\nexisting NBFC-MFIs or MFIs for on lending upto Rs 1.25 lakh to approximately 25
\nlakh small borrowers
\n\u2022 Interest Rate on Loans from banks to be capped at MCLR plus 2%
\n\u2022 Maximum loan tenure 3 years, 80% of assistance to be used by MFI for
\nincremental lending, interest at least 2% below maximum rate prescribed by RBI
\n\u2022 Focus on new lending, not repayment of old loans
\n\u2022 Loans to borrowers to be in line with extant RBI guidelines such as number of
\nlenders, borrower to be member of JLG, ceiling on household income & debt
\n\u2022 All borrowers (including defaulters upto 89 days) eligible
\n\u2022 Guarantee cover for funding provided by MLIs to MFIs\/NBFC-MFIs till March 31,
\n2022 or till guarantees for an amount of Rs.7,500 crore are issued, whichever is
\nearlier.
\n\u2022 Guarantee upto 75% of default amount for upto 3 years through National Credit
\nGuarantee Trustee Company (NCGTC)
\n\u2022 No guarantee fee to be charged by NCGTC
\n5
\nReviving Tourism: Financial support to more than 11,000
\nRegistered Tourist Guides\/Travel and Tourism Stakeholders
\n\u2022 Under new Loan Guarantee Scheme for COVID Affected Sectors, working
\ncapital\/personal loans will be provided to people in tourism sector to
\ndischarge liabilities and restart businesses impacted due to COVID-19
\n\u2022 The scheme will cover:
\n\u2713 10,700 Regional Level Tourist Guides recognised by Ministry of Tourism and
\nTourist Guides recognised by the State Governments
\n\u2713 Travel and Tourism Stakeholders (TTS) recognized by Ministry of Tourism
\n(904)
\n\u2022 Loans will be provided with 100 % guarantee up to the following limits:
\n\u2022 Rs. 10,00,000 for TTS ( per agency)
\n\u2022 Rs. 1,00,000 for tourist guides licenced at Regional or State level
\n\u2022 No processing charges, waiver of foreclosure\/prepayment charges. No
\nadditional collateral requirement
\n\u2022 Scheme to be administered by the Ministry of Tourism through NCGTC
\n6
\nFree Tourist Visa to 5 Lakh Tourists
\n\u2022 10.93 million foreign tourists visited India in 2019, spent US $ 30.098 billion
\non leisure and business.
\n\u2022 Average daily stay for a foreign tourist in India is 21 days. Average daily
\nspending of a tourist in India is around $34 (Rs 2400).
\n\u2022 Once Visa issuance is restarted, the first 5 lakh Tourists Visas will be issued
\nfree of charge.
\n\u2022 Benefit will be available only once per tourist
\n\u2022 The scheme will be applicable till 31st March, 2022 or till 5,00,000 visas are
\nissued, whichever is earlier
\n\u2022 Total financial implications- Rs 100 Crore
\n7
\nExtension of Atmanirbhar Bharat Rozgar Yojana
\n\u2022 Launched on 1st Oct, 2020. Incentivizes employers for creation of new
\nemployment, restoration of loss of employment through EPFO.
\n\u2022 Approved outlay Rs. 22,810 crore for 58.50 lakh estimated beneficiaries. Last
\ndate for registration is 30.06.2021.
\n\u2022 Subsidy provided for two years from registration for new employees drawing
\nmonthly wages less than Rs. 15000 for:
\n\u27a2 Both Employer\u2019s and Employee\u2019s share of contribution (total 24% of wages)
\nfor establishment strength upto 1000 employees.
\n\u27a2 Only Employee\u2019s share (12% of wages) in case of establishment strength of
\nmore than 1000.
\n\u2022 Benefit of Rs. 902 Cr given to 21.42 lakh beneficiaries of 79,577 establishments
\ntill 18.06.2021
\n\u2022 Scheme extended from 30.6.2021 to 31.03.2022
\n8
\nAdditional Subsidy for DAP & P&K fertilizers
\n(Announced Earlier)
\n\u2022 Record procurement of 432.48 Lakh MT of wheat in Rabi Marketing Season
\n(RMS) 2021-22 (against 389.92 Lakh MT in RMS 2020-21)
\n\u2022 Rs 85,413 Crore paid to farmers
\n\u2022 Existing NBS subsidy was Rs.27,500 crores in FY 2020-21 which has been
\nincreased to Rs. 42,275 crore in FY 2021-22
\n\u2022 Additional amount of Rs.14,775 crore to be provided. This includes Rs.9,125
\ncrore additional subsidy for DAP and Rs.5,650 crore additional subsidy for NPK
\nbased complex fertilizer
\n9
\nExtension of Pradhan Mantri Gareeb Kalyan Anna Yojana (PMGKAY)
\n(Announced Earlier)
\n\u2022 PMGKAY was launched on 26th March 2020 to ameliorate the hardships
\nfaced by the poor due to economic disruption caused by COVID 19 Pandemic
\n\u2022 The scheme was launched initially for the period from April to June 2020.
\nHowever, keeping in view the need for continuous support to the poor and
\nthe needy, the scheme was extended till November 2020 .
\n\u2022 The total cost of the scheme in 2020-21 was Rs. 133,972 crore.
\n\u2022 In the wake of the second wave of COVID-19, the scheme was relaunched in
\nMay 2021 to ensure food security of poor\/vulnerable
\n\u2022 5 kg of food grains will be provided free of cost to NFSA beneficiaries from
\nMay to November 2021
\n\u2022 Estimated financial implications are Rs 93,869 cr, bringing the total cost of
\nPMGKY to Rs 2,27,841 Crore
\n10
\nHealth
\n11
\nRs. 23,220 Cr More for Public Health
\n\u2022 Rs 15,000 Cr Emergency Health Systems Project (2020-21) led to 25 fold
\nincrease in COVID dedicated hospitals, setting up of 7,929 COVID health
\ncentres, 9,954 COVID care centres, 7.5 times increase in oxygen supported
\nbeds, 42 fold increase in isolation beds, 45 fold increase in ICU beds.
\n\u2022 New scheme focused on short term emergency preparedness with special
\nemphasis on children and paediatric care\/paediatric beds.
\n\u2022 Rs 23,220 Cr earmarked for one year
\n\u2022 Funding for short-term HR augmentation through medical students (interns,
\nresidents, final year) and nursing students
\n\u2022 Increase availability of ICU beds, oxygen supply at central, district and subdistrict level.
\n\u2022 Ensure adequate availability of equipment, medicines; access to teleconsultation; ambulance services.
\n\u2022 Enhance testing capacity and supportive diagnostics, strengthen capacity for
\nsurveillance and genome sequencing.
\n12
\nImpetus for Growth & Employment
\n13
\nFighting Malnutrition and Improving Farmers\u2019 Income: Release
\nof Climate Resilient Special Traits Varieties
\n\u2022 Earlier focus of research was on developing higher yield crop varieties.
\nAttention towards nutrition, climate resilience and other traits was missing.
\n\u2022 Concentration of important nutrients far below required level, susceptible to
\nbiotic and abiotic stresses
\n\u2022 ICAR has developed bio-fortified crop varieties having high nutrients like
\nprotein, iron, zinc, vitamin-A
\n\u2022 Varieties tolerant to diseases, insects pests, drought, salinity, and flooding,
\nearly maturing and amenable to mechanical harvesting also developed
\n\u2022 21 such varieties of rice, peas, millet, maize, soyabean, quinoa, buckwheat,
\nwinged bean, pigeon pea & sorghum will be dedicated to the nation.
\n14
\nRevival of North Eastern Regional Agricultural Marketing
\nCorporation (NERAMAC)
\n\u2022 Established in 1982 to support farmers of North East in getting remunerative
\nprices of agri-horticulture produces
\n\u2022 Aims to enhance agricultural, procurement, processing and marketing
\ninfrastructure in North East
\n\u2022 75 Farmer Producer Organisations\/Farmer Producer Companies registered with
\nNERAMAC. 13 GI crops of North East registered
\n\u2022 Prepared business plan to give 10-15% higher price to farmers by-passing
\nmiddlemen\/agents
\n\u2022 Roadmap for capacity building, aggregation, marketing and technology
\nprepared
\n\u2022 Proposes to set up North-Eastern Centre for Organic Cultivation, facilitating
\nequity finance to entrepreneurs
\n\u2022 Revival package of Rs 77.45 cr proposed for financial restructuring and infusion
\nof funds to NERAMAC
\n15
\nRs 33,000 Crore Boost for Project Exports through National
\nExport Insurance Account (NEIA)
\n\u2022 NEIA Trust promotes Medium and Long Term (MLT) project exports by
\nextending risk covers
\n\u2022 Provides covers to buyer\u2019s credit, given by EXIM Bank, to less creditworthy
\nborrowers and supporting project exporters.
\n\u2022 NEIA Trust has supported 211 projects of Rs 52,860 cr in 52 countries by 63
\ndifferent Indian Project Exporters till March 31, 2021
\n\u2022 Proposed to provide additional corpus to NEIA over 5 years to allow it to
\nunderwrite additional Rs. 33,000 crores of project exports
\n16
\nRs. 88,000 crore Boost to Export Insurance Cover
\n\u2022 Export Credit Guarantee Corporation (ECGC) promotes exports by
\nproviding credit insurance services.
\n\u2022 Its products support around 30% of India\u2019s merchandise exports.
\n\u2022 Proposed to infuse equity in ECGC over 5 years to boost export
\ninsurance cover by Rs. 88,000 cr
\n17
\nDigital India: Rs. 19041 Cr for Broadband to each Village through
\nBharatNet PPP Model
\n\u2022 August 15, 2020: PM announced broadband connectivity to all inhabited villages
\nin 1000 days
\n\u2022 Out of 2,50,000 Gram Panchayats, 1,56,223 Gram Panchayats have been made
\nservice ready by 31st May, 2021
\n\u2022 Implementation of BharatNet in PPP model in 16 States (bundled into 9
\npackages) on viability gap funding basis
\n\u2022 Additional Rs. 19,041 Cr being provided for BharatNet
\n\u2022 Total outlay will be Rs. 61,109 crores including already approved amount of Rs.
\n42,068 crores in 2017
\n\u2022 Expansion and upgradation of BharatNet to cover all Gram Panchayats and
\ninhabited villages
\n18
\nExtension of Tenure of PLI Scheme for Large Scale Electronics Manufacturing
\n\u2022 Provides incentive of 6% to 4% on incremental sales of goods under target
\nsegments that are manufactured in India, for a period of five years
\n\u2022 Incentives applicable from 01.08.2020. Base year 2019-20
\n\u2022 Companies have been unable to achieve incremental sales condition due to:
\n\u2013 disruption in production activities due to pandemic related lockdowns,
\n\u2013 restrictions on movement of personnel
\n\u2013 delay in installation of relocated plant and machinery
\n\u2013 disruption in supply chain of components
\n\u2022 Tenure of the scheme launched in 2020-21 is proposed to be extended by one
\nyear i.e. till 2025-26.
\n\u2022 Participating companies will get option of choosing any five years for meeting
\ntheir production targets under the scheme.
\n\u2022 Investments made in 2020-21 will continue to be counted as eligible
\ninvestments
\n19
\nRs 3.03 Lakh Cr for Reform Based Result Linked Power Distribution
\nScheme
\n\u2022 Revamped reforms-based, result-linked power distribution scheme of financial
\nassistance to DISCOMS for infrastructure creation, up-gradation of system,
\ncapacity building and process improvement.
\n\u2022 State specific intervention in place of \u201cone size fits all\u201d.
\n\u2022 Participation contingent to pre-qualification criteria like publication of audited
\nfinancial reports, upfront liquidation of State Government\u2019s dues\/subsidy to
\nDISCOMS and non \u2013 creation of additional regulatory assets.
\n\u2022 25 crore smart meters, 10,000 feeders, 4 lakh km of LT overhead lines planned
\n\u2022 Ongoing works of IPDS, DDUGJY and SAUBHAGYA will be merged
\n\u2022 Total allocation- Rs.3,03,058 Cr, Central share- Rs.97,631 cr
\n\u2022 States have already been allowed additional borrowing for four years upto 0.5%
\nof Gross State Domestic Product annually (Rs 1,05,864 Cr for 2021-22) subject to
\ncarrying out specified power sector reforms
\n20
\nNew Streamlined Process for PPP Projects and Asset
\nMonetisation
\n\u2022 Current process for approval of Public Private Partnership (PPP)
\nprojects is long and involves multiple levels of approval
\n\u2022 New policy will be formulated for appraisal and approval of PPP
\nproposals and monetization of core infrastructure assets,
\nincluding through InvITs
\n\u2022 Aim is to ensure speedy clearance of projects to facilitate private
\nsector\u2019s efficiencies in financing construction and management
\nof infrastructure
\n21
\nFinancial Details
\n22
\nScheme Period Amount
\n(Rs in Cr)
\nRemarks
\nEconomic Relief from Pandemic
\nLoan Guarantee Scheme for COVID Affected
\nSectors
\n2021-22 1,10,000
\nEmergency Credit Line Guarantee Scheme
\n(ECLGS)
\n2021-22 1,50,000 Expansion
\nCredit Guarantee Scheme for Micro Finance
\nInstitutions
\n202<\/p>","protected":false},"excerpt":{"rendered":"

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