FM launched a new scheme 'AatmaNirbharBharatRozgarYojana'to incentivize job creation during COVID-19 recovery. EPFO registered establishments - if they take in new employees or those who lost jobs earlier - these employees will get some benefits.
If new employees of a requisite number are recruited from Oct 1, 2020 to June 30, 2021, the establishments will be covered for the next two years.
Central govt. will give subsidy by way of EPF contributions for two years in respect of new eligible employees.
Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till March 31, 2021.
Entities will get additional credit up to 20 percent of outstanding credit, repayment can be done in five years' time (1-year moratorium + 4 years repayment).
Production Linked Incentive worth Rs 1.46 lakh crore is being offered to 10 champion sectors, this will help boost the competitiveness of domestic manufacturing.
A total amount of nearly 1.5 lakh crore has been earmarked across sectors, for next five years.
Will create additional 78 lakh jobs and improve production and sale of steel and cement, resulting in a multiplier effect on the economy.
To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts will be reduced to 3 percent.
Differential between circle rate and agreement value in real estate income tax is being increased from 10 percent to 20 percent.
Govt. will make Rs 6,000 crore equity investment in debt platform of National Investment and Infrastructure Fund, which will help NIIF raise Rs 1.1 lakh crore by 2025 for financing infrastructure projects.
Fertilizer consumption is going up significantly, an increased supply of fertilizers will ensure that forthcoming crop seasons will not be affected for want of adequate fertilizers.
Additional outlay of Rs 10,000 crore is being provided for #PMGaribKalyanRozgarYojana'.
Rs 3,000 crore boost to be given for project exports through assistance given by India to developing countries under IDEAS Scheme.
Rs 10,200 crore additional budget stimulus will be provided for capital and industrial expenditure on defense equipment, industrial infrastructure and green energy.
Rs 900 crore is being provided to DBT India for research activities related to COVID-19 vaccine development.