GoI’s ‘Aatmanirbhar’ Package 3.0: Income Tax Relief, Job Creation, Boosting Credit and Manufacturing, COVID Suraksha Mission

New Delhi: Aiming to ‘boost employment, credit and manufacturing’, the Finance Minister of India, Nirmala Sitharaman on Thursday announced 12 measures in the next set of ‘stimulus’ under Atmanirbhar Bharat 3.0.

The additional stimulus elevates the amount to about Rs 9 lakh crore, taking the total virus relief to almost Rs 30 lakh crore, which is estimated to be 15% of the Indian GDP.

Pointing at recovery in energy consumption, GST collections, daily railway freight and bank credit as examples of the economy’s upward trend – Sitharaman announced twelve new measures as the third leg of the Atmanirbhar scheme of the Modi government.

Twelve new measures were announced as the third leg of the Atmanirbhar scheme championed by the Modi government.
Sitharaman announced relaxations in income tax rules to allow the sale of primary residential units of up to Rs 2 crore value below the circle rate. Till now, only 10 per cent difference between the circle rate and the agreement value was allowed.

To boost residential real estate sector, she said the differential has now been increased to 20 per cent for the period up to June 30, 2021, for only primary sale of residential units of value up to Rs 2 crore.

“This measure will reduce hardships faced by both home-buyers and developers and help in clearing the unsold inventory,” she was quoted saying.

Foreign direct investment (FDI) inflows in April-August at $35.37 billion has seen a 13 per cent rise on a year-on-year basis.

RBI has predicted a strong likelihood of Indian economy returning to ‘positive growth’ in Q3 2020-21, ahead by a quarter from the earlier forecast, she said, adding prominent economists have suggested that the rebound is not only due to pent up demand but also due to strong economic growth.

Sitharaman also announced a Rs 65,000-crore fertilizer subsidy for farmers as part of the package. She said Rs 65,000 crore is being provided to ‘ensure adequate availability’ of fertilisers to farmers and to enable timely accessibility of fertilisers in the upcoming crop season.

Adding that an additional outlay of Rs 10,000 crore will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year, she said, ‘will accelerate the growth of the rural economy’.

“Rs 3,000 crore will be released to EXIM Bank for promotion of ‘Project Exports’ through lines of credits. EXIM Bank extends lines of credits (LOC) on behalf of the government of India as assistance to developing countries under Indian Development and Economic Assistance Scheme (IDEAS) Scheme.”

Apart from this, Sitharaman spoke about Rs 900 crore provided by COVID Suraksha Mission for research and development of the Indian COVID-19 Vaccine to the department of biotechnology.


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