indian economy

 

Nirmala Sitharaman Reviews Progress Of Atmanirbhar Bharat Initiatives

The government on Sunday released a progress report on the implementation of measures announced under its Atmanirbhar Bharat package after a review by Finance Minister Nirmala Sitharaman. In May, the government had announced fiscal and monetary support worth Rs 21 lakh crore to help the country battle the damage caused by the coronavirus pandemic. The finance and corporate ministries immediately started implementation of the announcements related to the economic package under the Atmanirbhar Bharat series of initiatives, an official release said.

 

Here are some of the key points on the progress reported so far:

 

In a major relief to micro, small and medium enterprises, the Department of Expenditure has amended rules relating to global tenders, to ensure no global tender inquiry will be invited for tenders up to Rs 200 crore unless prior approval is obtained from Cabinet Secretariat. The government had earlier announced that global tenders will be disallowed in government procurement tenders up to Rs 200 crore.

 

In relief to contractors, various departments and ministries are implementing instructions to ensure central agencies like Railways, Road Transport and Highways and CPWD give an extension of up to six months for completion of contractual obligations.

 

The department issued a communication to all state governments for additional borrowing of 2 per cent (of projected gross state domestic product in 2020-21) subject to implementation of specific state-level reforms. The government had earlier announced its decision to increase borrowing limits of states from 3 per cent to 5 per cent for 2020-21 in view of the situation caused by the COVID-19 disease. The move will provide the states with extra resources worth Rs 4.28 lakh crore.

 

In a period of about one and half months, noticeable progress has been achieved in identifying units, sanctioning as well as disbursing of loans to MSMEs. The government had announced collateral-free automatic loans worth Rs 3 lakh crore for businesses and MSMEs.

 

Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs

Banks have approved purchase of portfolio of Rs 14,000 crore and are currently in process of approval/negotiations for Rs 6,000 crore as on July 3.

 

Additional Emergency Working Capital Funding for farmers through NABARD

When kharif sowing is already on its full swing, Rs. 24,876.87 crore out of Rs. 30,000 crore has been disbursed as on July 6 out of this special facility.

 

Between April 8 and June 30, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore, and the remaining refunds are under process.

 

The Rs 30,000-crore Special Liquidity Scheme for non-banking financial companies, housing finance companies and microfinance institutions has been launched, following the Cabinet’s approval. The first application in this regard has received its approval and the remaining are also being considered, the government said.

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