Finance Minister announces Economic Stimulus Package 4.0

On November 12, 2020, the Finance Minister Smt Nirmala Sitaraman announced the Economic Stimulus Package 4.0.

Key Highlights

  • Production Linked Incentive Scheme for 10 sectors. Rs 1.46 trillion to be provided.
  • Rs 6,940 crore scheme to promote manufacture of API (Active Pharmaceutical Ingredients).
  • Rs 18,000 crores allocated to Pradhan Mantri Awas Yojana (Urban). The implementation of the programme will generate 7.8 million jobs.
  • Rs 10,200 crores for industrial infrastructure, green energy and defence equipment
  • Rs 3,000 crores for IDEAS Scheme
  • Rs 10,000 crores to Pradhan Mantri Garib Kalyan Yojana. These funds are to be utilised for MGNREGA or for Pradhan Mantri Gram Sadak Yojana.
  • Rs 65,000 crores was allocated for fertilizer subsidies
  • Rs 6,000 crores for National Investment and Infrastructure Funds.

Atma Nirbharat Bharat Rozgar Yojana

Atma Nirbharat Bharat Rozgar Yojana is being launched. This will incentivise creation of new employment opportunities during COVID-19 recovery phase. The beneficiaries of the scheme include employees in EPFO registered establishments who were on monthly wages less than Rs 15,000.

Atma Nirbhar Bharat Abhiyan 1.0 Progress

One Nation-One Ration Card

Around 28 states and Union Territories have been brought under the National Portability of ration card. The scheme now covers 68.6 crore beneficiaries.

PM SVANidhi Scheme

Around 26.62 lakh loan applications have been received under the Pradhan Mantri SVANidhi Scheme. It intends to provide loan of Rs 10,000 to the street vendors. Rs 13.78 lakh loans have been sanctioned.

Kisan Credit Cards

Credit boost to 2.5 crore farmers were provided. The Government of India sanctioned Rs 1,43,262 crores benefiting 157.44 lakh farmers.

Pradhan Mantri Matsya Sampada Yojana

Rs 1681.32 crores were sanctioned to the Pradhan Mantri Matsya Sampada Yojana. The scheme focuses on fisheries

NABARD

Rs 25,000 crores of Emergency Working Capital funding to farmers were disbursed through NABARD.

Liquidity

Rs 118,273 crores of loans were injected as liquidity in to the DICOMs. Rs 7,227 crores were disbursed Non Banking Financial Corporations.

Background

According to Finance Minister Nirmala Sitaraman, PMI rose to 58.9 in October 2020 indicating strong recovery of the economy from COVID-19 crisis. The energy consumption growth was higher in October, 2020.

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