Page 21 - Plastics News November 2020

Atmanirbhar Bharat 3.0: Government gives Diwali gift, announces fresh stimulus package

The central government announced yet another stimulus
package - Diwali gift to the people of India aimed at
reviving the economy. Union Finance Minsiter Nirmala
Sitharaman has announced the Atmanirbhar 3.0 stimulus
measures to push economic growth just before Diwali. Let
us check in detail.
Atmanirbhar Bharat Employment Scheme announced
The scheme aims to incentivize job creation. Under the
new scheme, the beneficiaries will include any new
employee joining employment in EPFO registered
establishments on monthly wages less than Rs 15,000. If
new employees of a requisite number are recruited from
October 1, 2020, to June 30, 2021, the establishments will
be covered for next two years.
The entities registered under EPFO w ill get benefit if they percent instead of 5 to 10 percent
provide new jobs.- Institutions with less than 50 people EMD will not be required for tenders and will be replaced
give new jobs to more than 2 people, then they will get the by Bid Security Declatation
benefit of the scheme.- An organization with more than 50 Relaxations will be given till December 31, 2021.
employees will have to hire more than 5 employees to take
advantage of this scheme.- Those who are not in EPFO w ill Demand booster for Residential Real Estate Income Tax
not get the benefit, first they will have to register, only relief for Developers and Home buyers
then they will get the benefit.- This scheme will remain in Decided to increase the differential from 10 percent to 20
force till 30 June 2021 percent for the period from the date of the announcements
to June 20, 2021 for only primary sale of residential units of
Emergency credit line guarantee scheme 2.0
value upto Rs 2 crore.
The Emergency credit line guarantee scheme extended till
March 31, 2021. Launch of Emergency credit line guarantee Consequential relief upto 20 percent shall be allowed to
scheme 2.0 for guaranteed credit to 26 stressed sectors. buyers of these units under section 56(2)x of the IT Act for
Tenor of additional credit under ECLGS 2.0 to be 5 years, the said period.
including 1 year of moratorium on principal repayment. Rs 1.1 lakh crore for platform for Infra Debt Financing - Rs
6,000 crores equity infusion in NIIF Debt platform
Manufacturing
Government will invest Rs 6000 as equity
Incentives worth Rs 1.46 lakh crore will be given to boost
the manufacturing sector with a production-linked Government will by 2025 provide infra project financing of
incentive for 10 sectors such as mobile manufacturing, Rs 110,000 crores
electronic components and pharma. This is expected to Support for Agriculture
boost India's manufacturing capabilities and enhancing Rs 65,000 crore for subsidised fertilizers
exports.
Boost for the rural employment
1.46 lakh crore incentives will be given to support
manufacturing.- A provision of Rs 40,995 crore has been - Enhanced outlays under PM Garib Kalyan Rozgar Yojana
made for mobile manufacturing in India.- Raw material for - Rs 40,000 crore was additionally provided in AtmaNirbhar
making medicine should also be made in India and Rs 6940 Bharat 1.0
crore have been allocated for it.- A provision of Rs 3420 - Further outlay of Rs 10,000 crore to be provided for PM
crore has been made for medical devices.
Garib Kalyan Rozgar Yojana in the current financial year
PM Awaas Yojana
Boost for Projects exports
Rs 18,000 crores will be provided over the Budged Rs 3,000 crore to EXIM bank for lines of credit
Estimates for 2020-21 for PM Awaas Yojana (PMAY) - Urban
through additional allocation and Extra Budgetary .Rs 3,000 crore will be released to EXIM bank for promotion
Resources. This is over and above Rs 8,000 crores already of project exports through lines of credit under IDEAS
this year. Scheme.
Support for Construction and Infrastructure While the Government is trying to help the industry to
overcome the COVID 2019 crisis the outcome remains to
Relaxation of Earnest Money Deposit (EMD) and be seen.
Performance Security on Government Tenders
Performance security on contracts to be reduced to 3

NOVEMBER 2020 21 Plastics News