Ashok Sodani, a chartered accountant, has prepared the full details of the package for the readers of Bhaskar.
We have found in our analysis that the government has announced a total package of Rs 20.97 lakh crore. Of this, only Rs 3.15 lakh crore will be spent in the name of direct relief. It is 1.58% of the country's GDP. The remaining package of Rs 17.82 lakh crore has been provided by the government in the form of liquidity or loans. It will be returned to the government with interest in the coming years.
Part of a package of Rs 3.15 lakh crore direct relief to the common man
1.70 lakh crore PM poor welfare package
3 thousand crore allocated by the government in EPF
Housing and food for foreign workers worth Rs 4,000 crore
Rs 2,000 crore on interest subsidy on currency infant loans
70 thousand crore for interest subsidy on housing loans under CLSS
10 thousand crore on the formalization scheme of micro food enterprise
1 thousand crore on transport and storage of fruits and vegetables
40 thousand crore for additional employment under MGNREGA
10 thousand crore equity assistance in MSME
20 thousand crore on development of marine and fisheries infrastructure in the country
15 thousand crore in animal husbandry schemes
4 thousand crore to promote herbal farming
500 crore for bee keeping
Rs 8,000 crore for viability gap funding
15 thousand crore for emergency response and health system
Tax cuts have reduced revenue by Rs 8,000 crore since March 22. How will the government's package improve the economy? Analyze it in five parts
First part-
Under schemes that directly benefit consumers, the government has provided Rs. 2.99 lakh crore schemes have been announced.
1.70 lakh crore PM poor welfare package
These various benefits under PM Poor Welfare Package such as insurance cover for health workers, 3 kg wheat and 1 kg pulses for 3 months, direct money transfer to farmers and women, free gas, Rs 1000 assistance to senior citizens and poor widows, government in Employees Provident Fund Will deposit money
The government will provide Rs 3,000 crore in EPF
In a business with less than 100 workers, Rs. For those earning less than Rs 15,000, the government will provide 24% of their monthly income. Their money will be deposited in the PF account for 3 months from July 20. This will benefit small businesses.
MNREGA wage Rs. 182 to Rs. 202.
Rs 4,000 crore will be spent on accommodation and meals for migrant workers.
Rs 2,000 crore on interest subsidy on currency infant loans
The cost of repayment of loan taken under Mudra Shishu Loan Yojana, interest on tourist worker interest subsidy and provision of food items is 2%. It was given earlier and it cost Rs. Less than 50,000.
70 thousand crore for interest subsidy on housing loans under CLSS
Under this scheme, an annual amount of Rs. The government provides 3% to 4% subsidy for loans to those earning less than Rs 18 lakh. The scheme has been extended till March 31, 2021. Rs. 6,000 crore subsidy is expected. The government hopes that this will save Rs. 70 thousand crore will be invested.
10 thousand crore on the formalization scheme of micro food enterprise
The scheme will be launched to support 2 lakh micro food enterprises (food processing / packaging etc.) so that they can be technically upgraded and achieve FASSAI food standards. Branding and marketing can be done.
1 thousand crore on transport and storage of fruits and vegetables
Transport and storage of fruits and vegetables will be subsidized.
40 thousand crore for additional employment under MNREGA
The government has decided to provide an additional Rs 40 lakh crore under the MGNREGA scheme. This is expected to provide 300 crore working days and boost the rural economy.
Second part-
Announced a package of Rs 9.06 lakh crore to help banks, NBFCs and other financial institutions increase the lending capacity of the business class.
RBI disburses Rs 8.01 lakh crore for banks / NBFCs / NABARDs / SIDBs / NHBs / mutual funds
The government will not provide cash directly, but the move will allow banks and financial institutions to provide more credit for business, home loans, auto loans, personal loans and consumer durables.
The government will guarantee 100% of the loans taken by these financial institutions. There will be no immediate cash impact on the government. But this will give more credit for business, home loans, auto loans, personal loans and consumer durables.
Partial Credit Guarantee Scheme for NBFCs of Rs 45,000 crore
The government will provide 20% fund guarantee for the loan taken by NBFC. The government will not be affected by the rapid liquidity flow.
30 thousand crore for rural banks by NABARD
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NABARD will assist the farmer in getting loans for tractors, seeds and other necessities through rural cooperative banks and regional rural banks.
