Finance Minister Nirmala Sitharaman on Thursday announced a third set of measures under the government’s Atmanirbhar Bharat package, aimed at rescuing the economy out of a historic contraction caused by the coronavirus pandemic. The latest steps – including incentives on job creation and measures for the ailing economy’s key real estate and infrastructure sectors – are estimated to cost the government Rs 2,65,080 crore. That takes the total monetary and fiscal support provided to the economy in its battle against COVID-19 to Rs 29,87,641 crore, a sum that the Finance Minister said is equivalent to roughly 15 per cent of the country’s gross domestic product (GDP).
The total stimulus so far includes Reserve Bank of India measures worth Rs 12,71,200 crore. The Atmanirbhar Bharat packages 1.0 and 2.0 were estimated at Rs 1,102,650 crore and Rs 73,000 crore respectively.
The Atmanirbhar Bharat 3.0 stimulus measures included additional funding for realty developers and contractors, subsidies on fertilizers, incentives on employment generation and additional spending on rural jobs.
“A number of indicators are showing that recovery is clearly happening in the economy … The strong recovery is based on the unrelenting reforms that the government has brought in a systematic manner,” the Finance Minister said in a media briefing.
Atmanirbhar Bharat 3.0 Details
Summary Of Stimulus Measures Announced So Far
|Item||Amount (In Crore Rupees)|
|Pradhan Mantri Garib Kalyan Package||192,800|
|Atmanirbharat Bharat Abhiyaan 1.0||1,102,650|
|PMGKP Anna Yojana – Extension of five months from July to November||82,911|
|Atmanirbhar Bharat Abhiyaan 2.0 (October 12)||73,000|
|Atmanirbhar Bharat 3.0||265,080|
|(Source: Ministry of Finance)|
The latest package comes at a time when many economists have called for more stimulus measures to revive the economy, which is headed for its worst annual contraction in more than four decades, saying more needs to be done to create jobs and push demand.
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