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STIMULUS 3.0

The govt approved PLI scheme in 10 key sectors including pharmaceutical drugs and automobiles and auto components to enhance India's manufacturing capabilities and export  (Photo: Priyanka Parashar/Mint)
The govt approved PLI scheme in 10 key sectors including pharmaceutical drugs and automobiles and auto components to enhance India's manufacturing capabilities and export (Photo: Priyanka Parashar/Mint)

Stimulus 3.0 supportive for growth, fiscal impact unclear: Fitch Solutions

Fitch Solutions said the schemes recently announced by the Centre to boost the employment, credit and manufacturing sectors would be supportive to India's economic rebound over the coming quarters, however, the actual impact on public finances is difficult to ascertain

Buying or selling below the circle rate by up to 20% won’t attract additional tax now (Mint)
Union Finance Minister Nirmala Sitharaman addresses during a press conference on Cabinet Decisions, in New Delhi  (ANI Photo )
Union Finance Minister Nirmala Sitharaman addresses during a press conference on Cabinet Decisions, in New Delhi (ANI Photo )

‘Housing for all’ scheme gets 18,000 cr

  • Separately, the government also offered income tax relief to help builders clear inventory and boost demand from home buyers
  • 'A number of measures have been taken in the past several months for revival of the Housing and Real Estate Sector,' said Nirmala Sitharaman

Centre announced an additional outlay of  ₹10,000 crore for the PM Garib Kalyan Rozgar Yojana for FY21. (Photo: Hindustan Times)
Centre announced an additional outlay of 10,000 crore for the PM Garib Kalyan Rozgar Yojana for FY21. (Photo: Hindustan Times)

Eye on key support base, govt brings in social sector reforms

  • The steps taken to generate jobs, improve infra and housing in villages would enthuse BJP’s vote bank
  • The announcement comes just two days after Bihar elections where the BJP-led NDA retained power

Today’s stimulus measures will aid job creation and infrastructure development in the country, said expert (Mint)
Union Finance Minister Nirmala Sitharaman addresses during a press conference in New Delhi. (ANI)
Public sector banks (MINT_PRINT)
SIAM said it appreciates the proactive role being played by the government for supporting a quick and sustainable revival of the economy
SIAM said it appreciates the proactive role being played by the government for supporting a quick and sustainable revival of the economy

Stimulus Package 3.0 to help accelerate economic activity, says SIAM

The Stimulus Package 3.0 announced today has specific policy interventions for job creation, credit guarantee and would also be pivotal in de-stressing and accelerating economic activity in many critical sectors, auto body SIAM said

(photo: Mint)
Finance minister also announced a  ₹18,000-crore additional outlay for the urban housing scheme to help complete real estate projects (Mint)
A file photo of a Bajaj Auto factory. Workers want the firm to stop operations at its Aurangabad plant. (Bloomberg)
Union Finance Minister Nirmala Sitharaman addresses during a press conference on Cabinet Decisions (ANI)
Union Finance Minister Nirmala Sitharaman addresses during a press conference on Cabinet Decisions (ANI)

Stimulus package: FM releases 3,000 cr to EXIM Bank via lines of credit

  • Supported projects under the cover are Railways, power, transmission, road and transport, auto and auto components, sugar projects etc, Sitharaman said
  • Sitharaman also announced a 65,000-crore fertilizer subsidy for farmers as part of her stimulus package to boost the economy

Finance Minister Nirmala Sitharaman. (ANI)
Union Finance Minister Nirmala Sitharaman
FM announced income tax relief for both the homebuyers and real estate developers (MINT_PRINT)
Under the Atma Nirbhar Bharat Rozgar Yojana, the Centre will provide EPF subsidy for new eligible employees hired between 1 October, 2020, and 30 June, 2021.
Under the Atma Nirbhar Bharat Rozgar Yojana, the Centre will provide EPF subsidy for new eligible employees hired between 1 October, 2020, and 30 June, 2021.

FM announces wage subsidy via EPFO to spur formal employment

EPFO-registered establishments with up to 1,000 workers will get 24% EPF subsidy - 12% of the employers' share and 12% of the employees. It will reduce human resource cost of employers and also boost take-home pay of low wage earners

Aatma Nirbhar Bharat Rozgar Yojana will be operational till 30 June, 2021 (REUTERS)
Union Finance Minister Nirmala Sitharaman addresses during a press conference after cabinet decisions in New Delhi on Wednesday.
Union Finance Minister Nirmala Sitharaman addresses during a press conference after cabinet decisions in New Delhi on Wednesday.

Atmanirbhar Bharat stimulus package: FM grants 900 cr for Covid vaccine R&D

  • Actual cost of vaccine, distribution cost will be separate, Finance Minister Nirmala Sitharaman clarified
  • She also said that 10,200 crore additional budget outlay will be provided towards capital and industrial expenditure for domestic defence equipment, industrial incentives and infrastructure and green energy

Finance Minister Nirmala Sitharaman. (ANI)
Union Finance Minister Nirmala Sitharaman. (ANI)
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