As part of Government of India’s stimulus to the economy, Union Minister for Finance & Corporate Affairs Nirmala Sitharaman has unveiled 12 key measures under AatmaNirbhar Bharat 3.0. The net stimulus announced amounts to Rs 2.65 Lakh crore.
AatmaNirbhar Bharat Rozgar Yojana, a new scheme to incentivize job creation during COVID-19 recovery has been launched. If EPFO-registered establishments take in new employees without EPFO registration or those who lost jobs earlier, the Yojana will benefit these employees. Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till March 31, 2021.
Besides, 10 more Champion Sectors will be covered under the Production Linked Incentives Scheme to help boost competitiveness of domestic manufacturing. This will give a big boost to economy, investment, exports and job creation. To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts has been reduced from 5-10% to 3%. It will also extend to ongoing contracts and Public Sector Enterprises.