Finance Minister announces Aatmanirbhar 3.0 amongst other schemes

New Delhi, 12/11: The Finance Minister of India, Nirmal Sitaraman announced details of the stimulus package of Aatmanirbhar 3.0. She said that there were 12 announcements to be made and the first one in the series was the Aatmanirbhar Bharat Rozgar Yojana. A new employment scheme will be launched to incentivize the creation of new employment opportunities. This scheme will be beneficial for all those who lost their jobs between March 1, 2020, and September 30, 2020 and it will be effective from October 1, 2020. This will only be beneficial for employees who join any EPFO-registered establishments with a monthly salary below Rs.15,000. The Central Government has taken the responsibility of covering the EPF contribution expense of both the employee and the employer of 24%. Centre will also provide subsidy to those establishments who employ more than 1000 employees equally, i.e. 12% of the employee and 12% of the employer. This scheme will be in operation till June 30, 2021, as stated by the Finance Minister.

In the press meeting, the Finance Minister also announced that the Emergency Credit Line Guarantee Scheme(ECLGS) is extended till March 31, 2021. The Government also has expanded the ECLGS to all the 26 stressed sectors as identified by the Kamath Committee. The new year has been modified into having 1-year of moratorium and 5-year of repayment as opposed to the previous scheme of a 1-year of moratorium and 4-years of repayment, as declared by the Finance Minister.