Atmanirbhar Bharat Abhiyan – COVID-19 Relief
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May 2020, The Atmanirbhar Bharat Abhiyan was introduced by Union Finance Minister Nirmala Sitharaman in four tranches. PMGKY Rs 1.70 lakh crore relief package also includes in this yojna, for overcome difficulties of poor caused by the coronavirus pandemic and the lockdown.
Important Facts about Atmanirbhar Bharat Scheme
India should stand on the following five pillars that introduced in the Atmanirbhar Bharat or a self-reliant:
- 21st-century technology-driven arrangements and system
- Vibrant Demography
- The package of 20 lakh crore is 10% of the GDP of the Country.
- The package emphasizes land, labor, liquidity, and laws.
- To make India a self-reliant economy and several reforms mitigate negative effects in the future.
- Some of the reforms are below:
- Simple and clear laws
- Rational taxation system
- Supply chain reforms in agriculture
- Capable human resources
- Robust financial system
Atmanirbhar Bharat Abhiyan – Tranche 1
16 specific announcements introduced in the first tranche, those are spanned across the MSME, NBFC, Real Estate, Power Sector, etc
- Income tax returns the deadline is extended for the financial year 2019-20 (due date pushed to 30 Nov 2020)
- The rates have been cut by 25% of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) for the next year.
- EPF support is extended for the next 3 months.
- PF payment rates have been reduced from 12% to 10% for both employers and employees for the next 3 months.
- Announced 3 lakh crore emergency credit line will make sure that 45 lakh units will have access to capital to resume enterprise and safeguard jobs.
- Provision of 20,000 crores as subordinate debt for two lakh MSMEs which are stressed or deemed non-performing assets.
- A ₹50,000 crore equity infusion is planned, through an MSME fund of funds with a corpus of ₹10,000 crores.
- The definition of an MSME is being expanded to permit higher investment limits and also the introduction of turnover-based criteria. Read more on May 20, 2020, CNA.
- Global tenders won’t be allowed for state procurement up to ₹200 crores.
- The government and central public sector enterprises will release all funds thanks to MSMEs within 45 days.
- Rs 30,000 crore special liquidity scheme, under which investment is made in investment-grade debt papers of NBFCs.
- The partial credit guarantee scheme extended under which the government. Guarantees 20 percent of the primary loss to the lenders — NBFCs, HFCs, and MFIs with low credit rating.
- 90,000 Cr. liquidity Injection has been announced.
- States and UTs are advised to increase the registration and completion date of land projects by six months.
Atmanirbhar Bharat Abhiyan – Tranche 2
The second tranche focuses on providing free food grains to migrant workers who don’t possess ration cards.
Free food grains:
- The Centre will spend ₹3,500 crores for providing free food grains for migrant workers without ration cards for the following 2 months. this might be an extension of the PMGKY.
- Street vendors are visiting run access to easy credit through a ₹5,000 crore scheme, which is prepared to provide ₹10,000 loans for initial assets.
- Plans to enroll 2.5 crore farmers who aren’t yet a component of the Kisan Credit Cards scheme, together with fish workers and livestock farmers, and supply them with ₹2 lakh crore worth of concessional credit.
- NABARD will provide additional refinance support worth ₹30,000 crores to rural banks for crop loans.
Small businesses who have taken loans under the MUDRA-Shishu scheme, meant for loans worth ₹50,000 or less, will receive a 2% interest subvention relief for the subsequent year.
Affordable rental housing:
- A scheme to form rental housing complexes through PPP mode would be launched under the present Pradhan Mantri Awas Yojana (PMAY) scheme.
- Both public and personal agencies are visiting be incentivized to create rental housing on government and personal land while existing government housing goes to be converted into rental units.
- The credit linked subsidy scheme is extended by one year to March 2021 for lower-class housing under PMAY.
One Nation One card Scheme:
- By August 2020, the cardboard portability scheme will allow 67 crore NFSA beneficiaries in 23 connected States to use their cards at any ration shop anywhere within the country.
- States are directed to enroll migrant workers returning to their native places within the MGNREGA scheme.
Atmanirbhar Bharat Abhiyan – Tranche 3:
The tranche 3 of the economic relief package focuses on agricultural marketing reforms. Many of the reforms announced are long pending and are expected to possess a positive impact for both the farmers and thus the consumers.
- Plans to enact a central law to permit barrier-free inter-State trade of farm commodities and e-trading.
- This will allow farmers to sell produce at attractive prices beyond this mandi system.
- Plans to confirm a facilitative legal framework to oversee contract farming.
- This would offer farmers with assured sale prices and quantities even before the crop is sown and also allow private players to take a position in inputs and technology within the agricultural sector.
- The Centre is going to be deregulating the sale of six varieties of agricultural produce, including cereals, edible oils, oilseeds, pulses, onions, and potatoes, by amending the Essential Commodities Act, 1955.
- Stock limits won’t be imposed on these commodities except just in case of national calamity or famine or an unprecedented surge in prices. These stock limits wouldn’t apply to processors and exporters.
- Investment of 1.5 lakh crore rupees to make farm-gate infrastructure and support logistics needs for fish workers, livestock farmers, vegetable growers, beekeepers, and related activities.
Atmanirbhar Bharat Abhiyan – Tranche 4
The final tranche focuses on the sectors of defense, aviation, power, mineral, atomic, and space. there’s a large emphasis on privatization. One concern with this set of reforms is that they appear more like industrial reforms instead of an economic reform package or stimulus.
- Provisions for banning the import of some weapons and platforms to indigenize defense production.
- There could be a provision for a separate allow domestic capital procurement. this could help reduce the defense import bill and encourage domestic production.
- The FDI limit in defense manufacturing under the automatic route is raised from 49% to 74%.
- Ordnance Factory Boards (OFB) would be corporatized and listed on the securities market to boost autonomy, efficiency, and accountability.
- The government monopoly on coal would be removed with the introduction of economic mining on a distribution basis.
- The private sector would be allowed to bid for 50 coal blocks. Private players would even be allowed to undertake exploration activities.
- Private involvement in space is encouraged.
- A level playing field for personal players is going to be created within the space sector, allowing them to use ISRO facilities and participate in future projects on spaceflight and planetary exploration.
- The government will ease geospatial data policy to form remote-sensing data more widely available to tech entrepreneurs, with safeguards put in situ.
- Six more airports are up for auction on private-public partnership mode, while additional private investment is going to be invited at 12 airports.
- Measures to ease airspace restrictions are announced which might make flying more efficient.
- Rationalizing of the MRO (maintenance, repair, and operations) tax structure with an aim to form India an MRO hub.
Power departments/utilities and distribution companies in U.T.s would be privatized supported by a brand new tariff policy to be announced.
Research reactors in PPP mode would be founded for the assembly of medical isotopes.