Atmanirbhar Bharat 3.0 Takes Overall Economic Support To 15% Of GDP: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Thursday announced a third set of measures under the government's Atmanirbhar Bharat package, aimed at rescuing the economy out of a historic contraction caused by the coronavirus pandemic. The latest steps - including incentives on job creation and measures for the ailing economy's key real estate and infrastructure sectors - are estimated to cost the government Rs 2,65,080 crore. That takes the total monetary and fiscal support provided to the economy in its battle against COVID-19 to Rs  29,87,641 crore, a sum that the Finance Minister said is equivalent to roughly 15 per cent of the country's gross domestic product (GDP).
The total stimulus so far includes Reserve Bank of India measures worth Rs 12,71,200 crore. The Atmanirbhar Bharat packages 1.0 and 2.0 were estimated at Rs 1,102,650 crore and Rs 73,000 crore respectively.
The Atmanirbhar Bharat 3.0 stimulus measures included additional funding for realty developers and contractors, subsidies on fertilisers, incentives on employment generation and additional spending on rural jobs.
"A number of indicators are showing that recovery is clearly happening in the economy... The strong recovery is based on the unrelenting reforms that the government has brought in a systematic manner," the Finance Minister said in a media briefing.
Atmanirbhar Bharat 3.0 Details
| Item | Amount (In Crore Rupees) |
|---|---|
| Housing For All - PMAY-Urban | 18,000 |
| Boost for rural employment | 10,000 |
| R&D grant for COVID Suraksha - vaccine development | 900 |
| Industrial infra, industrial incentives, domestic defence equipment | 10,200 |
| Boost for project exports - support for EXIM Bank | 3,000 |
| Boost for Atmanirbhar manufacturing production-linked incentives | 1,45,980 |
| Support for agriculture - fertiliser subsidy | 65,000 |
| Boost for infra - equity infusion in NIIF Debf PF | 6,000 |
| Atmanirbhar Bharat Rozgar Yojana (overall Rs 36,000 crore) | 6,000 |
| Total | 2,65,080 |
| (Source: Ministry of Finance) | |
Summary Of Stimulus Measures Announced So Far
| Item | Amount (In Crore Rupees) |
|---|---|
| Pradhan Mantri Garib Kalyan Package | 1,92,800 |
| Atmanirbharat Bharat Abhiyaan 1.0 | 11,02,650 |
| PMGKP Anna Yojana - extension of five months from July to November | 82,911 |
| Atmanirbhar Bharat Abhiyaan 2.0 (October 12) | 73,000 |
| Sub Total | 17,19,441 |
| Atmanirbhar Bharat 3.0 | 2,65,080 |
| RBI measures | 12,71,200 |
| Total | 29,87,641 |
| (Source: Ministry of Finance) | |
The latest package comes at a time when many economists have called for more stimulus measures to revive the economy, which is headed for its worst annual contraction in more than four decades, saying more needs to be done to create jobs and push demand.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
