Modi government announces another gift of self-reliant India 3.0
Finance Minister Nirmala Sitharaman addressed a press conference in the Modi government to bring the economy into crisis. He said that the latest figures indicate an improvement in the economy. He said several figures like GST collections have turned out better and the Reserve Bank indicated that the economy is on the verge of positive GDP growth in the third quarter itself.
Modi government announced another package
Economy will gain momentum
Finance Minister Nirmala Sitharaman addressed the press conference
He said 12 announcements would be made under Self-Reliable India 3.0. He said that the latest figures indicate an improvement in the economy. He therefore said that there has been a 20 percent increase in freight traffic in the railways, a 5 percent increase in bank loan disbursements. The stock market is at a record high. FPI net investment has also been positive. Foreign exchange reserves have also reached a record 560 billion.
Steps taken under Self-Reliable India
The Finance Minister said that the workers have benefited immensely from the measures taken under self-reliant India. Similarly, efforts to provide relief to farmers have yielded good results.
Self-Employed India Employment Scheme
The goal is for more and more employees to join EPFO and leverage PF. 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 the PF, will also benefit. The new scheme will remain in force till June 30, 2021.
The government has provided 24 percent of the PF of newly recruited employees in institutions with 1000 units over the next 2 years. It will be effective from October 1, 2020. The government will subsidize 12 percent PF contribution of new employees in an organization with more than 1000 employees for 2 years.
ECLGS scheme deadline has been extended
The government has extended the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) scheme to 31 March 2021, stating that 61 lakh people in self-reliant India have benefitted under the ECLG scheme.
PM Housing Scheme-Urban
For PM Urban Housing Scheme, Rs. An additional provision of Rs 18,000 crore has been made. This will benefit a total of 30 lakh houses. This will be in addition to the Rs 8,000 crore announced in the budget. Which will create more than 78 lakh employment opportunities.
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Opinions drawn from industry boards and the corporate world
According to sources, Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and other top officials will finalize the package on Thursday. In this package, emphasis can be laid on job creation and relief to the affected area. According to sources, advice has been taken from the industry chamber and the corporate world to prepare the package.