Union Finance Minister Nirmala Sitharaman addressed a press conference on November 12 to announce another stimulus package to boost the COVID-hit economy. Addressing the press conference, the finance minister said, "macro-economic indicators are pointing towards strong recovery".
"COVID-19 active cases have declined from over 10 lakh to 4.89 lakh," she said.
The address comes a day after the the Union Cabinet approved a ₹2 lakh crore production-linked incentive package to boost demand in the country. The government's last fiscal support of ₹21 lakh crore, called the 'Atmanirbhar Bharat' package, was introduced in May this year.
Here are the major takeaways from the announcement:
- Credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, ₹1.4 lakh crores has been distributed to farmers.
- ₹25,000 crores has been disbursed to farmers from Additional Emergency Working Capital Funding through NABARD.
- The government has started work to create a portal for migrant workers.
- There has been improvement on 'One Nation-One Ration Card' in 28 states covering 68.8 crore beneficiaries.
- About 157.44 lakh eligible farmers have received Kisan Credit Cards and sanctioned a limit of ₹1,43,262 crore in two phases.
- 26.2 lakh loan applications were received under the PM SVANidhi scheme for street vendors.
- Bank credit growth has spiked 5.1%; markets are at a record high.
- RBI has predicted a strong likelihood of Indian economy returning to positive growth in third quarter itself.
- India's GDP forecast for calendar year 2021 has been revised upwards to 8.6% from 8.1% projected earlier: Moody's
- FDI inflows are up 13% (YoY). RBI predicts that economy likely to return to positive growth in Q3, FM Sitharaman said.
- Rs 7,721 crore sanctioned to HFCs and NBFCs, FM said.
- Sitharaman also said that the Goods and Services Tax (GST) collections for October grossed at 1.05 lakh crore- 10 per cent YoY.
- ₹1,32,800 crores have gone as income tax refunds to 39.7 lakh taxpayers
- SBI Utsav cards being distributed, under the festival advance scheme announced on 12th Oct. 11 states sanctioned ₹3,621 crores as an interest-free loan towards capital expenditure.
- Under the Emergency Credit Liquidity Guarantee Scheme, a total amount of ₹2.05 lakh crores has been sanctioned to 61 lakh borrowers, out of which ₹1.52 lakh crores has been disbursed
- FM SItharaman announced Atmanirbhar Bharat Rozgar Yojana, aimed at incentivising creation of employment opportunities during COVID-19 recovery phase.
- Beneficiaries include- new employees joining employment in EPFO-registered establishments on monthly wages less than ₹ 15,000, and EPF members drawing monthly wage of less than ₹ 15,000 who exited employment during March-September, and employed on or after October 1.