Consumer VOICE

  Join Us Donate Now

Aatmanirbhar Bharat Abhiyaan Package: Announced By RBI / Government Of India To Tide Over Covid-19 Crisis

Hon’ble Prime Minister Shri Narendra Modi announced a special economic and comprehensive package of Rs 20 lakh crore which is equivalent to 10% of India’s GDP on 12th May 2020. He gave a clarion call for Aatmanirbhar Bharat Abhiyaan or Self-Reliant India Movement. He also outlined five pillars of Atmanirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand.

These measures were announced in an on-going basis, which started with the presentation of Annual Budget In February 2020 followed by fiscal measures announced by RBI in March/April and then by Finance Minister during the 2nd week of May 2020.

COST OF ECONOMY MEASURES IN A JIFFY

TOTAL ECONOMIC PACKAGE  Rs.20,97,053 Crores

Part I- by RBI during March & April 2020………..     8,01,603 Crores

Part-II by FM during March 2020……………………     1,92,800 Crores

1st Tranche on 14th May, 2020…………………..           5,94,550 Crores

2nd Tranche on 15th May, 2020…………………..          3,10,000 Crores

3rd Tranche 0n 16th May, 2020………………………       1,50,000 Crores

4th& 5th Tranche on 17th May, 2020…………..           48,100 Crores

                                                            TOTAL               20,97,053 Crores

Consumer VOICE has been regularly updating its consumers on the various economic reforms and packages as announced by the RBI and the Government of India to overcome the economic crisis that the country is reeling under because of COVID-19.


1st Tranche- Rs.5,94,550 Crores Package (announced on 13.05.2020)
  • 3,00,000 Crores- To Micro, Small & Medium Enterprises collateral-free Bank Loans with 100% Credit Guarantee upto 31st October 2020 with a 4-year tenure
  • 20,000 Crores- To MSMEs as Subordinate Debt for stressed assets & to provide NPA Equity Support to benefit 20 lakhs stressed MSME units
  • 50,000 Crores- Creation of Fund of Funds (with a Corpus of Rs.10 lakh Crores) for MSMEs which are suffering from equity crunch
  • 30,000 Crores- Special Liquidity Scheme for HFCs/NBFCs fully guaranteed by GOI
  • 45,000 Crores- Partial Credit Guarantee Scheme for NBFCs/PEC/REC
  • 90,000 Crores- DISCOMS- Liquidity Injection
  • 50,000 Crores- TDS 25% reduction in tax payable between 14.05.2020 till 31.03.2021
  • 9.550 Crores- Govt to pay EPF @ 12 from the workers/employees at CPSEs on behalf of them to EPFO as also employers’ contribution of 12% for the next 3 months and reduction in EPF rates from 12% to 10% from the employers’ contribution (the difference will be met by GOI)
  • Extension of last date for filing ITR from 31.07.2020 till 30.11.2020 for personal taxpayers& upto 31st October 2020 for Tax Audit eligible companies
  • Housing Sector- Extension of Registration/Completion of Real Estate Projects to be extended upto 6 months effective 25.03.2020
  • New definition of MSMEs- Distinction between manufacturing & service sector to be eliminated. Amendment in Laws to be made
  • Vivad se Viswas Scheme extended till 30th December 2020
  • Conractors- To get extension of their expired Work orders of Govt agencies upto 6 months without cost to him
  • Global tenders for govt procurement upto Rs,200 Crores to be disallowed and also excludes foreign companies to enable MSMEs also to participate

2nd Tranche-Rs.3.10 Lakh Crores Package (announced on 14.05.2020)

  • 3,500 Crores -Supply of free foodgrain supply to Migrant Labour/Urban Poorof 8 Crore of them for 2 months (even without a Ration Card &Ration Cardholders to get this besides drawals through FPS)
  • 1,500 Crores-Interest subvention to those in MSMEs who availed Mudra-Shishu Loans to benefit 3 crore people
  • 5,000 Crores-Special Credit facility for Street Vendors of about 50 Crore of them (Scheme will be launched within a month)
  • 6,000 Crores-Creating jobs for Tribals/Adivasis by using funds under Compensatory Afforestation Management& Planning Authority (CAMPA)
  • 30,000 Crore-Additional Emergency working capital funding to farmers through NABARD to benefit 3 crore farmers
  • 70,000 Crore-to extend credit-linked subsidy scheme for middle-income group housing (annual income between Rs.6-18 lakhs) upto March 2021 to benefit 2.5 lakh families
  • 2,00,000 Cr---Special drive for farmers which will also include fishermen for issue of Kisan Credit Cards (KCC) under PM-KISAN to benefit a total of 2.5 crore farmers
  • Govt to launch scheme under PMAY-U to provide homes at affordable rent to migrant labour/urban poor of 2.5 lakh people
  • Govt-funded housing in cities to be converted into affordable rental housing complexes under PPP mode
  • ONE NATION, ONE RATION CARD-67 Crore beneficiaries in 23 States covering 83% of PDS to be covered by National Portability by August 2020 & 100% by March 2021
  • Migrant Labour/Urban Poor- Social Security Fund for unorganized employment to be created
  • Gratuity for fixed term employment for minimum service to be reduced to 1 year (existing minimum 5 years)
  • Women in job opportunities thrown open for night shifts also but with night safeguards
  • Work under MNREGA will be continued even during this year’s monsoon (normally, during monsoon periods the work is stopped)
  • Minimum Wages disparity to be removed minimum wage will be applicable to all workers
  • Appointment Letters would be issued
  • Annual Health Check up will be extended to all workers
  • ESIC coverage will be mandatory even for establishments with less than 10 workers
  • ESIC coverage will be mandatory for all hazardous industries
  • ESIC coverage to all establishments to all Districts with 10+ workers
  • Social Security cover for Gig workers & Platform workers
  • Reskilling will be done for retrenched workers
  • 7200 new SHGs have been formed for urban poor
Divya Patwal

VOICE

Translate »