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- Nirmala Sitharaman News; Union Finance Minister Nirmala Sitharaman Announcements Details: Aatmanirbhar Bharat, PLI Scheme
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Mumbai2 hours ago
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- The Finance Minister on Thursday focused on a total of 12 sectors including Garib, Village and Realty Sector.
- New announcements ahead of Diwali and festive season are expected to boost economy
Finance Minister Nirmala Sitharaman has announced a relief package for the third time to revive the economy. Announcements worth Rs 2,65,080 crore were made on Thursday under the Self-Reliant India Campaign-3. However, it also included Wednesday's PLI scheme.
With the amount released by the Finance Minister on Thursday, the total government relief package has gone up to Rs 29.87 lakh crore. That is, 15% of the country's total gross domestic product (GDP) is given in the relief package. It has relief announcements for many sectors.
First Relief – Realty Sector (Residential)
What is the scheme– The difference between the value of the house agreement and the circle rate has been increased from 10% to 20%.
Who will benefit? Home buyers and developers will benefit.
How will you benefit? Suppose the market value of a house in a city is 1 crore rupees. So far the builder could sell it for a minimum of 90 lakhs. If he had sold below that, he would have had to answer to the government department why he sold at such a lower than market value. Now this property can be sold for 80 lakhs instead of 90.
You will get the benefit that you will be able to get a house now cheaply. Secondly, you will now get less stamp duty on 20 lakhs. Suppose there is 6% stamp duty, then Rs 1.20 lakh will be saved. When you buy a house for a lower price, then your income tax will also be less.
What will the developers benefit– Homes that are not sold yet can be sold at 20% below market value. This will remove his inventory. Also, when the house is sold at a lower price, it will also have to pay less income tax. This scheme will be applicable for houses up to Rs 2 crore.
What will the government benefit? The government will get more stamp duty. If the house is sold, it will get tax and other money. If the demand for new homes will increase with the sale of house, then investment will also come in this sector. This will accelerate the realty sector. Also, the demand for home loans will increase which will increase the debt of banks. This will accelerate the economy.
Second relief- 65 thousand crores for subsidy on fertilizer
Who will benefit– Farmers will benefit.
How will you benefit? Farmers will be given subsidy on fertilizer, so that they can get fertilizer for less money. The advantage will be that the cost of farmers for the upcoming crop will be reduced. Also, if they use more manure then the crop will be more.
What will the government benefit? The subsidy on fertilizer will boost the rural economy when there is more crop. The day before, the state-run agricultural company IFFCO had also reduced the NP fertilizer by Rs 50 per bag.
Third relief – PM Garib Kalyan Rozgar Yojana
Who will benefit? Those working in schemes like MNREGA.
What will be the benefit? Actually it is an old scheme. An additional 10 thousand crore rupees have been given in it. This will benefit those who work under the MNREGA or Village Road Scheme. This will give them an opportunity to work more days. This will give them more days of wages.
What will the government benefit? The schemes of the government running in rural areas will accelerate and will be completed soon. Rural economy will get a boost. So far, the government has given 73,504 crore rupees under MNREGA.
Fourth relief – subsidy in provident fund (PF)
Who will benefit– People who are under PF and related companies
Benefits to Employee Government will contribute 12% of their Basil salary in the PF account of employees whose salary is Rs 15 thousand. It will be for the employees whose job has gone to the Coronasal and who have joined the job from October 1. Or those who got a job from October 1. The central government will pay for it for two years.
Companies benefit The government will contribute 12% in the EPF of the companies and its employees who have one thousand employees. The government will contribute only 12% of the employees of companies that have more than one thousand employees. This subsidy will be deposited in the EPFO account which will be linked to the Aadhaar number of new and eligible employees.
Fifth Relief-PM Housing Scheme Urban
Who will benefit? To employment and infra
What will be the benefit? Under this, funds of 18 thousand crores will be given in 2020-21. This is additional allocation. This is more than Rs 8 thousand crore last year. This will create 12 lakh houses and complete 18 lakh houses. It will also provide employment to 78 lakh people.
Sixth Relief – For Construction and Infra
Who will benefit – Construction companies
What will be the benefit? Companies in the construction and infrastructure sectors faced problems with capital and bank guarantees. They had to give 10% performance security for the bank guarantee, now they have to pay less. Now it has been reduced to 3% so that they have money to work with. Only companies whose projects have no case will benefit from this. This scheme will remain in force till 31 December 2021.