Finance Minister Nirmala Sitharaman said - the economy is seeing recovery
Finance Minister Nirmala Sitharaman on Thursday said the Indian economy was witnessing a strong recovery.
New Delhi: Finance Minister Nirmala Sitharaman today (on Thursday) addressing the press conference and launched the Self-Reliant India Employment Scheme. She said that the economy is showing recovery. While announcing the stimulus package, there is a strong recovery in the economy, active cases of Covid-19 have declined. In October, GST collections increased by 10 percent year-on-year, bank loans improved by 5.1 percent and there were trends in energy consumption. GST collections and foreign investment have increased in times of pandemics as well.
Self-Employed India Employment Scheme
The new scheme has been launched under the Self-Reliant India Employment Scheme.
Declaration for farmers
-25,000 crore was disbursed to the farmers through additional emergency working capital grant through NABARD.
-Self-reliant India 2.0 - progress so far
- The farmers will be given emergency capital funds through NABARD. To disburse loans to discoms and industries, about Rs 1,182,73 crore has been disbursed to 22 states to distribute loans.
-7,227 crores given under the special liquidity scheme for NBFCs / HFCs.
- One country-one ration card has now been implemented in 28 states and union territories.
Last incentive package came in May
The previous stimulus package of the Indian government, which came in May, was not completely successful in reducing the shock to the economy caused by the corona virus lockdown. The focus of this package was to increase liquidity and provide easy credit to small businesses. But more was not done to boost spending. In this package, the worst affected sectors like tourism, hospitality and aviation were left out of Corona.
23.9 percent contraction during lockdown
A few years ago, the International Monetary Fund (IMF) for the Indian economy had indicated that it would be among the fastest growing economies in the world. But the corona epidemic caused a 23.9 percent contraction due to the lockdown in March. Corona virus cases are still increasing rapidly in major cities of the country and more than 40 thousand cases are coming every day. However, for the first time in the last three months, active cases have fallen below 5 lakh. The government has lifted most of the restrictions.