In a Special Series Year ender-2020 AIR brings a report on Atma Nirbhar Bharat. COVID-19 pandemic has been the biggest story of the year and India has seen a fightback against the disease under the dynamic leadership of Prime Minister Narendra Modi.
Acting fast, a special economic and comprehensive package of Rs 20 lakh crore equivalent to 10 per cent of India’s GDP, was launched by the Prime Minister on 12th May to address the concerns of the citizens.
In the following paragraphs, Financial analyst Sidharth outlines how the measures taken by the Prime minister helped from the farmers to street vendors to tide over the troubled times.
Keeping the difficult COVID times in mind, the government responded within no time. Prime minister gave the call for Atma Nirbhar Bharat or Self-Reliant India on 12th May. Finance Minister Nirmala Sitharaman laid down the details of the Atma Nirbhar Bharat Package. It provided Rs Three lakh crore Collateral-free Automatic Loans for Businesses, including MSMEs and Rs 45 thousand crore Partial Credit Guarantee Scheme for NBFCs.
Rs 30 thousand crore Additional Emergency Working Capital Funding for farmers through NABARD was announced. Concessional credit boost to 2.5 crore farmers through Kisan Credit Cards in a Special Drive was also beneficial. PM Fasal Bima Yojana claim payment of 6,400 crores came as a morale booster for farmers.
Window for availing the Vivad Se Vishwas scheme was extended. Taxpayers can now file a declaration by December 31st and make payment without additional amount by March 31st next year.
Income Tax relief has been given to real estate Developers and Home Buyers. Additional outlay of Rs ten thousand crore was provided for PM Garib Kalyan Rozgar Yojana to provide rural employment to accelerate rural economy. Focus has been on enhancing production, vocal for local, support to the needy and meeting requirements on our own with home grown products.
The shadow of the pandemic on the economy was prevented due to the Government’s quick action. The impact of Prime Minister’s Atmanirbhar Bharat or self-sufficient policy is being felt for making India a bigger and more important part of the global economy.