The last few days were a power booster for the Indian Economy. finance minister Nirmala Sitaraman has announced 5 tranches of Economic Aid in order to boost the Indian Economy. Let’s take an overview of all the Economic Packages that have been announced by the finance minister.
Atmanirbhar Bharat Package 1
In the very first announcement, the total amount was approx 6 lakh crore. In this package focus areas were MSME, Reduction in TDS, liquidity injection, etc.
If we talk about MSME(Micro Small Medium Enterprises) it provides nearly 120 million jobs and it contributes around 30% of the GDP. Through this announcement those who are linked with the MSME sector can easily get loans at fewer interest rates. This will ultimately boost the MSME sector and enhance the economy.
Other important sectors going through financial stress will get a huge relief from the economic package announced.
Atmanirbhar Bharat Package 2
The total amount for this package is 3,10,000 cr and focus areas to offer relief to urban poor, migrant, street vendors, Mudra shishu loans.
Since the lockdown has been announced, many laborers, street vendors suffered worst because they are daily wage earners. In order to help them in this Horrifying situation the Government has offered easy loans and jobs in their near area. Direct fund transfer into the account of daily wage worker are being carried out to provide support in this financial crisis.
Atmanirbhar Bharat Package 3
In this third tranche of this economic aid the key focus areas are agriculture, Food Micro Enterprises, PM Matasya sampada yojna. Around 45% of the Indian population is directly on indirectly linked to agriculture. The contribution to GDP is approximately 18%.
Direct fund transfers into the account of farmers through the PM-Kisan Samman scheme has already being done by the Government in lockdown 1. To provide easy loans to peasant, food micro-enterprises this economic aid will be helpful to continue their agricultural activity.
Atmanirbhar Bharat Package 4 and 5
Most of the workers and laborers have no source of income. In order to provide a job in their near area government announced financial aid of approx 4 crores for MGNRENS and approx 8000 crores for funding viability crap in the 4tha nd 5th tranches of economic aid.
Before these announcement government had already announced approx 1 lakh 90 crore economic aid through Pradhan MANTRI Garib Kalyan Package.
In this package Direct fund transfers economic losses compensation etc were included. 15thousands crore was announced earlier to nurture the health infrastructure and for rapid testing facilities.
All theses economic aid will definitly improve the financial structureof the country. with all these economic aid government is trying to cover all the sector and pirticularty poor and weaker sections of the society