The covid19 pandemic has brought the lives of people to a standstill, globally.With countries in lockdown, businesses shut and individuals confined to their homes with fear – things haven’t looked so gloomy in the past.
India with the massive lockdown restrictions was one of the stringiest in the world.Aftera total of 50 days in lockdown, the honorable prime minister for India, Narendra Modi appeared on national television to announce the way ahead for the country and fellow Indians.
He released his vision and strategy of ‘Atmanirbhar Bharat’ (Self Reliant India) movement.The five pillars that form core of this strategy are – ‘Economy, Infrastructure, System, Vibrant Demography and Demand’.
Acting on the call of PM, the Finance Minister Nirmala Sitharaman announced the Aatma Nirbhar Bharat Abhiyaan economic stimulus package amounting to a total of ₹20 lakh crore to combat coronavirus.
The relief measures and reform initiatives were announced in 5 tranches/ parts addressing the concerns of various sectors such as MSME, NBFC, Mining, Migrants, Real estate, Labour, Education, Liquidity, Laws etc.,
Here is the detailed breakup of the entire the Aatma Nirbhar Bharat Abhiyaan 20 lakh crore economic package.
Stimulus from Earlier measures: ₹1,92,000 crore
Revenue lost due to tax concessions announced since March 22: ₹7,800 crore
PM Garib Kalyan Package: ₹1,70,000 crore
PM’s announcement for health sector: ₹15,000 crore
Stimulus Announcements Part-1: ₹5,94,550 crore
The 1st part of measures were announced on May 13, 2020 with focus on MSMEs, NBFC`s, EPF support, TDS/ TCS reductions etc., Atmanirbhar Bharat Economic Package Set 1 Highlights [PDF download]
Emergency working capital facility for businesses including MSMEs: ₹3 lakh crore
Subordinate debt for stressed MSMEs: ₹20,000 crore
Fund of fund for MSMEs: ₹50,000 crore
EPF support for businesses and workers: ₹2,800 crore
Reduction in EPF rates: ₹6,750 crore
Special liquidity scheme for NBFCs, HFCs and MGIS: ₹30,000 crore
Partial credit guarantee scheme 2.0 for liabilities of NBFCs and MFIs: ₹45,000 crore
DISCOMS: ₹90,000 crore reduction in TDS/TCS rates: ₹50,000 crore
Stimulus Announcements Part-2: ₹3,10,000 crore
The 2nd tranche of announcements made on May 14, 2020 covered the relief measures benefiting migrants, small farmers, street vendors etc. Atmanirbhar Bharat Economic Package Set 2 Highlights [PDF download]
Free food grain supply for migrant workers for 2 months: ₹3,500 crore
Interest subvention for MUDRA Shishu loans: ₹1,500 crore
Special credit facility for street vendors: ₹5,000 crore
Housing CLSS-MIG: ₹70,000 crore
Additional emergency WCF through NABARD: ₹30,000 crore
Additional credit through KCC: ₹2 lakh crore
Stimulus Announcements Part 3: ₹1,50,000 crore
The 3rd part of economic package details were released by FM on May 15, 2020 relating to the strengthening of infrastructure and storage facilities, governance & administrative reforms
Atmanirbhar Bharat Economic Package Set 3: Agriculture [PDF download]
Micro Food Enterprises (MFE): ₹10,000 crore
PM Matsya Sampada Yojana: ₹20,000 crore
TOP to TOTAL: ₹500 crore
Agri infra fund: ₹1 lakh crore
Animal husbandry infra development fund: ₹15,000 crore
Promotion of herbal cultivation: ₹4,000 crore
Beekeeping initiative: ₹500 crore
Stimulus announcements Part 4 & 5: ₹48,100 crore
The fourth and fifth part of the economic measures mostly dealt with structural reforms in varied sectors such as minerals, defence production, space exploration, MGNREGA, Health, Education etc.,
Atmanirbhar Bharat Economic Package Set 4: Growth & Reforms [PDF download]
Atmanirbhar Bharat Economic Package Set 5: Government Reforms and Enablers [PDF download]
Viability gap funding: ₹8,100 crore
Additional MGNREGS: ₹40,000 crore
RBI measures: ₹8,01,603 crore
Economic Stimulus Package Total : ₹20,97,053 crore
