The Modi government has announced an additional Rs 2.65 lakh crore relief package to revive the derailed economy. Finance Minister Nirmala Sitaram said the current figures were improving the economy. For this, the government has announced Self-Sufficient India 3.0. Self-reliant India has launched an employment scheme. So as to create new employment.
29.88 lakh crore package has been given
It has tried to provide relief to everyone from the corporate level to the farmers, from the real estate to the sick sectors.
Self-reliant India has made 12 announcements under 3.0. The package is worth Rs 2,65,080 crore. So far, the government has given a total package of Rs 29,87,641 crore four times. Which is up to 15 percent of GDP. The government’s expenditure is 9 per cent of GDP and the rest is from the Reserve Bank.
839 crore was given to 1.59 lakh organizations
Under Swanirbhar Bharat Rozgar Yojana, 1.59 lakh organizations have been given a benefit of Rs 8300 crore. More than 12 million people have benefited from this. Now the government has made significant changes to the scheme. The government will link its employees with the EPFO. Employees who were not previously registered for PF and their salary is less than Rs 15,000 will get the benefit of this scheme. Those who were not in the job from August to September, but have since joined PF, will also benefit. The scheme will be in force till June 30, 2021.
The government will provide a full 24 per cent of the employees’ PF
For two years, the government will provide a full 24 per cent share of the PF of newly hired employees as a subsidy to organizations with up to 1,000 employees. This will be effective from 1 October 2020. The government will subsidize 12 per cent PF contribution of new employees in an organization with more than 1000 employees for 2 years. It will cover about 95 per cent of the organizations and benefit millions of employees.
Self-reliant India Employment Scheme
The goal of the scheme is to have as many employees as possible join the EPFO and take advantage of the PF. Such employees who were not previously registered for PF and whose income is less than Rs 15,000 will get the benefit of this scheme. Those who were not in the job from August to September, but then joined the PF will also benefit. The scheme will be in force till June 30, 2021.
The government will provide a full 24 per cent share of the PF in the form of subsidy to newly recruited employees in organizations with 1000 employees for two years. It will be effective from October 1, 2020. The government will provide a two-year subsidy for 12 per cent PF contribution of new employees in an organization with more than 1000 employees. It will cover about 95 per cent of the organization and benefit millions of employees.
More than Rs 2 lakh crore was allotted to 1 lakh borrowers
The Emergency Credit Line Guarantee Scheme (ECLGS) scheme has been extended to 31 March 2021. Amid the Koro crisis, the central government launched the scheme to provide loans to MSMEs on easy terms. Under the Emergency Credit Line Scheme (ECGLS), more than Rs 2 lakh crore has been disbursed to 1 lakh borrowers. Out of this, Rs 1.52 lakh crore has been distributed.
Banks issued Kisan credit cards to 157.44 lakh farmers
Nirmala informed Sitaram that banks have issued Kisan credit cards to 157.44 lakh farmers. At the same time, the Prime Minister has allocated Rs 1681 crore under fisheries assets. Rs. Capital of Rs 25,000 crore has been allocated. One state, 28 states and union territories are benefiting migrant workers due to their involvement in the ration card scheme. Under PM Swanidhi Yojana, 13.78 loans of Rs 1373.33 crore have been allotted.