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Atma Nirbhar Bharat Package Progress so Far PDF
The announcement made by the Hon’ble Prime Minister Shri Narendra Modi on May 12th, 2020, regarding the Special economic and comprehensive package of Rs. 20 lakh crores aimed at combating the COVID-19 pandemic in India marked a significant milestone in the country’s economic response to the crisis. This package, equivalent to 10% of India’s GDP, was a strategic initiative to address the multifaceted challenges posed by the pandemic and its economic repercussions. The Aatma Nirbhar Bharat Abhiyaan, under which this economic package was launched, signified a holistic approach towards achieving self-reliance and resilience in the face of unprecedented circumstances.
The immediate initiation of the implementation process by the Ministries of Finance & Corporate Affairs underscored the government’s commitment to swiftly translating the announced measures into tangible actions. The proactive approach taken in the execution of the Economic Package highlighted the urgency and importance attached to mitigating the economic impact of the pandemic and supporting various sectors of the economy during these challenging times.
As part of the implementation strategy, regular reviews and monitoring mechanisms were established to track the progress and effectiveness of the economic package’s deployment. The personal oversight of the Finance Minister in supervising the implementation process demonstrated a hands-on and dedicated approach towards ensuring the efficient utilization of the allocated funds and resources. This meticulous monitoring framework aimed to uphold transparency, accountability, and effectiveness in the execution of the economic measures outlined in the Aatma Nirbhar Bharat Abhiyaan.
The comprehensive analysis and progress report on the Aatma Nirbhar Bharat package provided valuable insights into the utilization of the allocated funds, the impact of the economic measures on various sectors, and the overall progress made in addressing the economic challenges exacerbated by the pandemic. By offering a detailed examination of the initiatives undertaken, the analysis report served as a vital tool for assessing the effectiveness of the economic package and identifying areas for further improvement and intervention.
The economic package under the Aatma Nirbhar Bharat Abhiyaan represented a pivotal step towards revitalizing the economy, fostering self-reliance, and bolstering resilience in the face of unprecedented challenges. The strategic allocation of resources, coupled with the rigorous monitoring and review mechanisms, aimed to optimize the impact of the economic measures and support the recovery and growth of key sectors vital to India’s economic landscape. As the nation navigated through the complexities of the pandemic, the economic package stood as a beacon of hope and a catalyst for economic rejuvenation, reflecting the government’s unwavering commitment to safeguarding the well-being and prosperity of its citizens.
Atmanirbhar Bharat Package 3.0
- The government’s decision to disallow global tenders in Government procurement tenders up to Rs 200 crore signifies a significant step towards promoting domestic industries and fostering self-reliance in line with the vision of Aatma Nirbhar Bharat. This move not only provides a level playing field for local businesses but also stimulates economic growth and job creation within the country.
- In addition to the restriction on global tenders, various relief measures have been extended to contractors to alleviate the financial burden and ensure continuity of infrastructure projects. These measures aim to support the construction industry and facilitate the timely completion of key projects essential for economic development and public welfare.
- The provision of Rs 3 lakh crore collateral-free automatic loans for businesses, including Micro, Small, and Medium Enterprises (MSMEs), is a crucial initiative to provide financial assistance and stability to businesses impacted by the economic downturn. This measure is designed to enable businesses to sustain operations, retain employees, and navigate through the challenges posed by the pandemic.
- The introduction of the Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for Non-Banking Financial Companies (NBFCs) aims to enhance liquidity and credit flow to the financial sector, thereby supporting lending activities and facilitating access to credit for businesses and individuals. This scheme plays a vital role in stabilizing the financial ecosystem and ensuring the smooth functioning of the credit market.
- The allocation of Rs 30,000 crore for additional emergency working capital funding for farmers through the National Bank for Agriculture and Rural Development (NABARD) underscores the government’s commitment to safeguarding the agricultural sector and supporting the livelihoods of farmers during these challenging times. This funding is instrumental in ensuring the continuity of agricultural activities and mitigating the impact of disruptions on farmers’ incomes.
- The reduction of Rs 50,000 crore liquidity through Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) rates provides immediate relief to businesses by enhancing their cash flow and liquidity position. This measure aims to ease financial constraints on businesses and enable them to meet operational expenses and sustain their operations during the economic slowdown.
- The implementation of other direct tax measures and the enhancement of Ease of Doing Business through Insolvency and Bankruptcy Code (IBC) related measures further contribute to creating a conducive business environment, promoting investment, and fostering entrepreneurship in the country. These measures are essential for enhancing the competitiveness of Indian businesses and attracting investments for economic growth and development.
- The Rs 30,000 crore Special Liquidity Scheme for NBFCs (Non-Banking Financial Companies), Housing Finance Companies (HFCs), and Microfinance Institutions (MFIs) is a targeted initiative to address liquidity constraints in the financial sector and facilitate the flow of credit to critical sectors of the economy. This scheme plays a vital role in ensuring the stability and resilience of the financial system and supporting the recovery and growth of the economy.
- The comprehensive set of economic measures and relief packages introduced by the government demonstrates a proactive and strategic approach to addressing the economic challenges posed by the COVID-19 pandemic. These initiatives are aimed at revitalizing key sectors, supporting businesses, ensuring financial stability, and fostering sustainable economic growth, thereby laying the foundation for a resilient and self-reliant economy in the post-pandemic era.