Economy is improving rapidly: Nirmala Sitharaman

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Finance Minister Nirmala Sitharaman has said that after a long and tight lockdown in the economy of India is now improving strongly.

Announcing new measures to boost the economy, he told in a press briefing that ‘the economy is on track’.

He said that the international rating agency Moody’s, while changing India’s growth rate for the current financial year, has now said that there will be a negative growth of 8.9% in the GDP, whereas earlier it had described it as minus 9.6.

He also said that GST collection has increased by 10% in October and foreign exchange reserves have also increased.

Finance Minister Nirmala Sitharaman has announced the self-reliant India 3.0 plan. In addition, he has presented many statistics related to the country’s economy. What did they say:

  • Provision of Rs 2,65,080 crore under Self-Reliant India Campaign 3.0.
  • Moody’s has improved its estimate, previously estimating GDP as (-) 9.6% but now it has been increased to (-) 8.9%. RBI estimates that in the third quarter the country may move from negative growth to positive growth.
  • According to the Finance Minister, the government will contribute to the EPFO ​​under the Self-Employed India Employment Scheme, new jobs will be created. Institutions registered under EPFO ​​will be given relief during the Kovid-19 epidemic. A provision of Rs 900 crore has been made for research and development of Kovid vaccine.
  • In companies that have 1,000 or less employees, the Central Government will contribute 12 percent of the employee’s share and 12 percent of the employer’s share. Where there are more than one thousand employees, only the center will give 12% of the employee’s share. Up to 65 percent of the companies will come in it.
  • The Emergency Credit Line Guarantee Scheme (ECLGS) has been extended to 31 March 2021. 26 stressed sectors and the health department were identified. According to the recommendation of the Kamat Committee, they will be given benefits under the Emergency Credit Line Guarantee Scheme (ECLGS). Collateral free loans are given under this scheme. Time will be given for five years to repay the principal (one year for paying morotorium + four years for debt).
  • Home buyers and developers will get relief in income tax. Along with the relief to the middle class, the real state sector will also get its benefits. Announcement to increase the difference between circle rate and agreement value from 10 to 20 percent. Relief in capital and bank guarantee to companies in construction and infrastructure sector. Performance security was reduced to 3 percent.
  • An additional provision of Rs 18 thousand crore has been made in the Prime Minister Urban Housing Scheme. With this the goal of creating more than 78 lakh jobs.
  • Provision of 1.46 lakh crore for 10 sectors under Production Linked Incentive Scheme. Earlier it was implemented in three sectors.
  • Three thousand crores rupees will be given to Exim Bank as line of credit to increase exports.
  • An additional provision of Rs 10,000 crore under the Poor Employment Scheme aimed at boosting the rural economy.
  • Considering 14 crore farmers, provision of subsidy of 65 thousand crores for fertilizer. Comparison of 17.8% increase in consumption of fertilizer in 2019-20.
  • India’s foreign storage is 560 billion dollars.
  • There has been an increase of 10% in the collection of Goods and Services Tax and this amount is more than 1.05 lakh crore.
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