INSUBCONTINENT EXCLUSIVE:
Nirmala Sitharaman said indicators are showing that economic recovery is clearly happeningFinance Minister Nirmala Sitharaman on Thursday
Atmanirbhar Bharat 3.0 package, aimed at rescuing the economy out of a historic contraction
"A number of indicators have are showing that recovery is clearly happening in the economy..
Asserting that the latest set of measures take the overall monetary and fiscal support for the economy to Rs 29.88 lakh crore, the finance
announce few new measuresFirst, would like to give you a picture of economic situation, and impact on Atmanirbhar Bharat announcements made
happeningThe strong recovery is based on unrelenting reforms brought by government in a systematic mannerGST collections were at Rs 1.05
lakh crore in October, up 10% year-on-yearFDI inflows stood at $35.37 billion in April-August, up 13%Bank credit growth has improved
compared to last year, up.5.1% year-on-year (as of October 23)Markets are at record highs, with market capitalisations at record levels
(Catch latest updates here)RBI's forex reserves have reached $560 billionRBI predicts strong likelihood of economy returning to growth in
Q3Moody's has today revised India GDP projection to -8.9% (2020-21) from -9.6%PROGRESS ON ATMANIRBHAR BHARAT 1.0 MEASURES:Under the "One
Nation, One Ration Card" scheme, interstate portability achieved in 28 states/Union Territories, covering 68.6 crore
Svanidhi) scheme, 26.32 lakh loan applications received, 13.78 lakh loans (amounting to Rs 1,373.33 crore) sanctioned in 30 states and six
UTsKisan Credit Card: Credit boost achieved for 2.5 crore farmers1.83 lakh applications receivedUnder ECLG 1.0, Rs 2.05 lakh crore
portfolios worth Rs 26,889 croreUnder special liquidity scheme for non-banking financial companies/housing finance companies, Rs 7,227 crore
disbursedRs 1,18,273 crore loans sanctioned to 17 states/UTs towards liquidity injection for power distribution companies, Rs 31,136 crore
already disbursed to 11 states/UTsPROGRESS ON ATMANIRBHAR BHARAT 2.0 MEASURES (ANNOUNCED ON OCT 12):Festival advance launched for government
Protsahan Yojana (PMRPY) implemented up to March 31, to incentivize formalisation, creation of jobsTotal benefit of Rs 8,300 crore given to
Atmanirbhar Bharat Rozgar Yojana, aimed at incentivising creation of employment opportunities during COVID-19 recovery phaseBeneficiaries
under this new scheme will include: new employees joining employment in EPFO-registered establishments on monthly wages less than Rs 15,000,
and EPF members drawing monthly wage of less than Rs 15,000 who exited employment during March-September, and employed on or after October
two years; aimed at easing financial burden on companies for creating jobs95% of all (organised sector) establishments estimated to be
covered under this scheme will have employees up to 1,000Emergency Credit Line Guarantee Scheme (ECLGS) extended till March 31, 2021
(collateral-free, fully guaranteed loan)MSMEs, business enterprises, individual loans for business purposes, MUDRA borrowers eligible for
12ECLGS 2.0 - for supporting stressed sectors - to be utilized for 100% guaranteed collateral free additional credit at capped interest
18,000 crore additional outlay (over and above Budget allocation of Rs 8,000 crore) for urban leg of PM Awaas Yojana (PMAY)A No
of measures have already been taken over past few months for revival of housing and real estate; However, more measures needed to aid
home-buyers, to boost demand for residential real estatedifferential hiked to 20% from 10% till June 30 for only primary sale of residential
6,000 equity infusion by government, rest to be raised from private sectorRs 65,000 crore support for agriculture in form of subsidised
fertilisersIncreased supply of fertilisers at subsidised prices to help 140 million farmersAmount to ensure adequate availability of
fertilisers to farmers for upcoming crop seasonFor exports: Assistance of Rs 3,000 crore to be given to EXIM Bank for lines of
incentivesIndustrial infraGreen energyRs 900 crore R-D grant for development of a COVID-19 vaccine (COVID Suraksha Mission for Research and
