In our Special Series Year ender-2020 today we bring you 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 20 lakh crore rupees 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.
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.
The shadow of the pandemic on the economy was coming to the fore, and the Government was quick to act. Prime minister gave the call for Aatma Nirbhar Bharat or Self-Reliant India on 12th May. Finance Minister Nirmala Sitharaman laid down the details of the Aatma Nirbhar Bharat Package. It provides for Three lakh crore rupees Collateral-free Automatic Loans for Businesses, including MSMEs and forty five thousand crore rupees Partial Credit Guarantee Scheme for NBFCs. Thirty thousand crore rupees 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 claimed payment of 6,400 crores came as a morale booster for farmers. 10,000 crore rupees scheme for Formalisation of Micro Food Enterprises promoted vision of Prime minister’s Vocal for Local with Global outreach. Four thousand crore rupees have been earmarked for herbal cultivation of Ten lakh hectare in next two years.
Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals loans for business purposes has been extended till March 31st next year 21000 crore of MSME dues have been paid in past 7 Months since May 2020 by the Central Govt Agencies and CPSEs.
Income Tax relief has been given to real estate Developers and Home Buyers. Additional outlay of ten thousand Crore rupees was provided for PM Garib Kalyan Rozgar Yojana to provide rural employment to accelerate rural economy.
A new scheme, AatmaNirbhar Bharat Rozgar Yojana has been launched to incentivize job creation during COVID-19 recovery. Focus has been on enhancing production, vocal for local , support to the needy and meeting requirements on our own with home grown products. 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.