Nirmala Sitharaman presser: Why economic relief measures will burden exchequer with Rs 6,28,993 cr


Nirmala Sitharaman press latest news: conference Key highlights: Today finance minister has announced, From Rs 23,220 cr for public health to free 5 lakh tourist visas, FM announces 8 major relief measures to boost COVID-affected sectors

Nirmala Sitharaman announces new COVID-19 stimulus measures: From Rs 23,220 cr for public health to free 5 lakh tourist visas, key highlights

File image of Union finance minister Nirmala Sitharaman. Screengrab from finance ministry live stream

Addressing a press conference on Monday, Union finance minister Nirmala Sitharaman announced a slew of relief measures including an Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, increasing the limit of the Emergency Credit Line Guarantee Scheme and the announcement of a new credit guarantee scheme.

Sitharaman also declared the deployment of an additional Rs 23,220 crore for short-term emergency preparedness with an emphasis on pediatric care and a new scheme to revive the tourism sector.

Let’s take a brief look at some of the announcements made by the Union finance minister:

1.1 Lakh Crore Loan Guarantee scheme

Of the Rs 1.1 lakh crore, Rs 50,000 crore for health sector aimed at upscaling medical infrastructure targeting underserved areas and an additional Rs 60,000 crore for other sectors.

 

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

This is aimed at upscaling medical infrastructure targeting underserved areas

Emergency Credit Line Guarantee Scheme: Additional Rs 1.5 Lakh crore

The limit of Emergency Credit Line Guarantee Scheme aimed provided financial support of collateral-free, government-guaranteed loans to micro, small and medium enterprises (MSMEs) across India to mitigate the distress, has been raised to Rs 4.5 lakh crore. Earlier it was set at Rs 3 lakh crore.

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

The ECLGS scheme aimed to provide Rs 3 lakh crore worth of collateral-free, government-guaranteed loans to micro, small and medium enterprises (MSMEs) across India. PIB

Credit Guarantee Scheme for 25 Lakh Persons through Micro Finance Institutions

Also announced was a  credit guarantee scheme to facilitate loans of up to Rs 1.25 lakh per individual to 25 lakh persons through micro-finance institutions (MFIs).

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

Interest rate on loans from banks will be capped at MCLR plus 2 percent. PIB

Economic Relief Measures for Travel & Tourism sector

The finance minister further announced free tourist visas for 5 lakh tourists.

 

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

The scheme will be applicable till 31 March or till 5 lakh tourist visas are issued. PIB

Aatmanirbhar Bharat Rozgar Yojana

Sitharaman also extended EPF support to employers and employees under Aatmanirbhar Bharat Rozgar Yojana till 31 March.

 

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

The scheme. first rolled out in October 2020, was extended by Sitharaman. PIB

Additional subsidy for farmers

Sitharaman announced record procurement of 432.48 lakh MT of wheat in Rabi Marketing Season (2021-2022) against 389.92 lakh in the previous year.

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

Sitharaman said Rs 85,413 crore was paid to farmers. PIB

 

PMGKAY Extended

Free food grains (will be provided to the poor from May to November 2021 (as provided last year), under Pradhan Mantri Garib Kalyan Anna Yojana, as announced earlier.

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

The total estimated fiscal impact of the scheme is seen at 93,869 crore. PIB

Public health

Sitharaman said Rs 23,320 crore was marked for one year with a new scheme focussed on short term emergency preparedness with special emphasis on children and paedeatric care/paedeatric beds.

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

Sitharaman announced an additional Rs 23,320 crore for public health. PIB

 

Fighting Malnutrition and Improving Farmers income

Sitharaman said attention towards nutrition, climate resilience and other traits was missing and that earlier focus of research was on developing higher yield crop varieties.

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

Sitharaman said the concentration of important nutrients is far below the required level. PIB

Revival of North Eastern Regional Marketing Corporation

The North Eastern Agricultural Marketing Corporation would get a Rs 77.45 crore revival package, Sitharaman announced.

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

Sitharaman said this would help give higher price to farmers and bypass middlemen. PIB

Rs 33,000 crore for NEIA and Rs 88,000 crore for Export Insurance Account

Sitharaman said the Centre proposed to provide additional corpus to National Export Insurance Account (NEIA) to allow it to underwrite an additional Rs 33,000 crore of project exports. The Centre also proposed infusing equity in Export Credit Guarantee Corporation (ECGC) over five years.

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

Sitharaman announced Rs 33,000 crore boost for NEIA and Rs 88,000 crore to ECGC. PIB

PLI Scheme

The Centre has extended tenure for PLI scheme for large scale electronics manufacturing, Sitharaman announced.

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

Sitharaman said the companies have been unable to achieve incremental sales conditions due to COVID related disruption. PIB

 Broadband to each village

Sitharaman also announced an additional Rs 19,041 crore outlay for providing broadband to each village through BharatNet PPP model.

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

Sitharaman said the total outlay will be Rs 61,109 crore. PIB

Rs 3.03 Lk cr for reform based result linked power distribution scheme

Sitharaman vowed state specific intervention rather than a one size fits all scheme.

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

Sitharman announced financial assistance to DISCOMS for upgrading infrastructure. PIB

New streamlined process for PPP projects and asset monetisation

Sitharaman also announced a new streamlined process for PPP projects and asset monetisation announced, including through InvITs, to aid speedy clearance of projects.

Nirmala Sitharaman announces new COVID19 stimulus measures From Rs 23220 cr for public health to free 5 lakh tourist visas key highlights

Sitharaman said this would aid speedy clearance of projects. PIB



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Open chat