Government’s Stimulus 3.0 Announces FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday said the Indian economy is witnessing a strong recovery after a long and strict lockdown. Addressing a press conference to announce more stimulus measures to boost growth, she said macro-economic indicators are pointing towards recovery. Her address came a day after the the Union Cabinet approved a ₹2 lakh crore production-linked incentive (PLI) package to boost demand in the country. To create more jobs amid coronavirus pandemic, the finance minister on Thursday announced a special scheme Aatma Nirbhar Bharat Rozgar Yojana. For primary residential real estate sales of up to ₹2 crore, the differential between circle rate and agreement value increased to 20% from 10% earlier. FM announced ₹900 crore research and development grant for Covid-19 vaccine development. Atmanirbhar Bharat Rozgar Yojana will be effective from 1 October 2020 said Nirmala Sitharaman. Actual cost of vaccine, distribution cost will be separate, Finance Minister Nirmala Sitharaman clarified. She also said that ₹10,200 crore additional budget outlay will be provided towards capital and industrial expenditure for domestic defence equipment, industrial incentives and infrastructure and green energy.

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