Finance Minister Nirmala Sitharaman has given a big relief to home buyers and developers. The difference between the circle rate and the agreement value will now be given a 20% relief in income tax. Earlier it was 10%. This scheme will apply to primary sales of residential units and whose value will be up to 2 crores. This will give a boost to residential real estate.
The scheme will remain in force till 30 June 2021. This will reduce real estate prices. This will give relief to those who have not been able to sell their homes. This will benefit both builders and customers. He said that there is hope for a strong recovery as corona cases are decreasing and death rates are also coming down. He said that the consumption of electricity has increased by 12 percent on an annual basis. Whereas, on an annual basis, the railway fares are showing a growth of 20 percent daily.
Bank credit growth increases
Bank credit has improved by 5.10 percent on an annual basis as of October 23. The stock market is currently at a record high. He has said to provide relief in residential real estate income tax for developers and home buyers.
Highlights of the press conference -
The Finance Minister has announced new relief and incentives to help tackle the recovery of Covid-19 in the country. Whatever relief has been given by the central government since May 2020, the performance of that relief is also being reviewed.
The Finance Minister said that the foreign exchange reached $ 560 billion. He said that the GST collection reached Rs 1.05 lakh crore in October. FDI investment from April to August stood at $ 35.37 billion, showing an increase of 13 percent year-on-year.
Chief economists have suggested that the rebound will come not only from demand but also from strong economic growth. He said that the PMI rose to 58.9 in October. Which was at 54.6 in September.
Higher GST collections, increased energy consumption, and strong market performance are some of the signs of improvement. Economy recovery is visible for the last 10-15 days. CPI has shown strong recovery.
Progress is showing at some point under the Self-Reliant India Campaign-1. One Nation One Ration Card is prominent in this. It was implemented from September 1. So far 68.6 crore people have availed of the scheme.
Under the intrastate portability, 1.5 crore monthly transactions have been done under it. 26.62 lakh loan applications have been received under Pradhan Mantri Street Vendors Scheme. Out of which 13378 lakh loan applications have been approved for Rs 1,373.22 crore in 30 states and 6 union territories.
So far, 183 lakh applications have been received under Kisan Credit Card. Banks have issued Kisan Credit Cards to 150 lakh farmers under this. This will accelerate credit to 2.5 crore farmers. The bank has sanctioned Rs 1,43,262 crore in two phases.
A total of Rs 1,681.32 crore has been approved by 21 states under the Pradhan Mantri Matsya Sampada Yojana. Also, an additional disbursement of 25 thousand crores has been made to the farmers through NABARD. This is emergency working capital funding.
68.6 crore people have availed the portability of ration card under the One Nation One Ration Scheme under Self-Reliant India Campaign-1. Interstate portability has been implemented in 28 states. One crore transactions are being done every month. A portal has also been launched for migrant workers.
2.05 lakh crore has been approved in ECLGS under Self-Reliant India Campaign-1. It covers 61 lakh people. Disbursement of Rs 1.52 lakh crore has been done. Under the Partial Credit Guarantee Scheme-2, public sector banks have purchased a portfolio of Rs 26,889 crore.
A disbursement of Rs 7,227 crore has been made under the special liquidity scheme for NBFCs and housing finance companies. A loan of Rs 118,273 crore has been approved as a liquid injection for discoms. This approval has been given in 17 states and union territories. 31,136 crore has been disbursed under this.
Talking about self-sufficient Bharat-2, it was announced on 12 October. Under this, Festival Advance was launched. SBI Utsav Card was distributed in it. The LTC voucher scheme was launched. 3,621 crores has been approved by 11 states. This is an interest-free loan.
The Finance Minister said that 39.7 lakh taxpayers have been given Rs 132,800 crore under the Income Tax Refund.
Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) was implemented on 31 March 2019. Under this, it was said to create new jobs and give incentives. Under this, a total of 1.21 crore people have been given Rs 8,300 crore.
A new scheme called Self-reliant Bharat Rojgar Yojana has been launched. Under this, incentives will be given for new employment opportunities. This opportunity should be in the phase of Covid recovery. Among those who will get benefits under this scheme, if a new employee joins companies registered with EPFO and his monthly salary is less than Rs 15,000, then he will benefit. The scheme will be considered effective from October 1, 2020, and will be for the next two years.
Under this, the central government will give subsidies to newly qualified employees for two years. Such employees must be qualified before or on 1 October 2020.
In this, the contribution of the employee should be 12 percent of the total salary and the contribution of the company should be 12 percent. This means that the scheme directly means that in companies that have one thousand employees, the government will contribute 12-12 percent to the EPF of both the employees and the company. The government will contribute 12 percent to the EPF of employees who have more than one thousand employees.
The Emergency Credit Line Guarantee Scheme has been extended to 31 March 2021. 2.05 lakh crore has been approved under the Emergency Credit Line Guarantee Scheme till 12 November 2020. It has 61 lakh borrowers. Disbursement of Rs 1.52 lakh crore was done.
A total of Rs 145,980 crore has been budgeted for the new scheme PLI.
Construction and infrastructure have also been given relief in EMD. Under this, the government has reduced the performance security on the contract from 5 to 10 percent to 3 percent now. This will also apply to currently ongoing contracts. This will also apply to government companies. If the state wishes, they can encourage companies to take it.
Under this, no EMD will be required for tenders. This relief will be given till December 31, 2021, which will be under General Financial Rules. This will provide relief to the contractors at the cost of lock-in of capital and BG.
The difference between the circle rate and agreement value will now be 20% income tax relief. Earlier it was 10 percent. This will apply to primary sales of residential units, whose value will be up to 2 crores. This will give a boost to residential real estate.
The scheme will remain in force till June 30, 2021. This will reduce real estate prices. This will give relief to those who have not been able to sell their homes. This will benefit both builders and customers.
He said that 6 thousand crore rupees will be infused as equity infusion in the National Investment and Infrastructure Fund (NIIF) debt platform. This will fund the infrastructure. Along with this, private equity participation will also come. NIIF itself will invest 2 thousand crores. The loan platform for the debt platform is Rs 8,000 crore and a deal worth Rs 10,000 crore is in the pipeline.
Big announcement for farmers
65 thousand crore subsidy will be received on fertilizer. The Finance Minister said that the consumption of manure is accelerating. Fertilizer supplies are also being provided to the farmers. This will ensure that there is no problem for the coming crop. Under this, a subsidy of 65 thousand crore rupees will be given to the farmers in the form of fertilizer.
10 thousand crore more to be given in PM Garib Kalyan Rozgar Yojana
Focusing on the poor, Nirmala Sitharaman has opened her chest once again. He has further increased the scheme of Pradhan Mantri Garib Kalyan Rozgar Yojana by 10 thousand crore rupees. This fund can be used under MNREGA or Village Road Scheme. This will give a boost to the rural economy.
Project exports boom
The Finance Minister said that Exim Bank has been given 3 thousand crore rupees to promote project exports. These are given under the Ideas Scheme through Line of Credit. So far, 811 export contracts have taken place under LOC (Line of Credit). It has financed $ 10.5 billion.
He said that an additional Rs 10,200 crore has been given for capital and industrial expenditure. The money will be spent on home defense equipment, industrial incentives, industrial infrastructure, and green energy.
900 crores for the Covid vaccine.
900 crore has been provided to DBT India for research of development activities related to Covid-19.
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