PM Modi Aatm Nirbhar Abhiyan Announcement
In his address, the Prime Minister gave a pledge to the people of the country to be self-reliant or Aatm Nirbhar. In this Aatm Nirbhar Bharat Abhiyan, Prime Minister’s Aatm Nirbhar Abhiyan means to reduce India’s dependence on other countries of the world.
Being self-reliant India or Aatm Nirbhar India means manufacturing better products, increasing employment opportunities, increasing exports than imports, better opportunities for industries and creating infrastructure, etc.
To make a self-reliant India, the Prime Minister emphasized strengthening the five basic elements – Economy, Infrastructure, System, Demography, and Demand.
Narendra Modi said that being self-reliant does not mean being ‘self-centered’. This means that to be self-reliant, we do not have to boycott other countries, but by strengthening our economy, we have to bring prosperity and peace through development.
Aatm Nirbhar Bharat Abhiyan Economic Package
Prime Minister Narendra Modi has announced an economic package of 20 lakh crores to make the Aatm Nirbhar Abhiyan campaign a success. Finance Minister Nirmala Sitharaman conveyed the details related to the use of this package to the people through a press conference.
There has been a lockdown in the country for almost two months due to the outbreak of Coronavirus. Due to this lockdown, lakhs of people have lost their jobs. Small and big industries have closed, poor people are also facing trouble in living. This economic and relief package of Rs 20 lakh crore will be used to get all these people out of this crisis.
Most of the economic package of Rs 20 lakh crore has been done to provide relief to the poor, laborers, small and medium industries (MSMEs) and promote their development.
Some part of the economic package will be given as aid in fighting the Corona crisis and the rest will be spent on basic works necessary for overall development. The Economic Package will provide immediate assistance to those people who have suffered the most due to the lockdown caused by the coronavirus.
Finance Minister Nirmala Sitaraman has given detailed information about how the entire package will be spent. He has made different announcements for MSME, farmers, laborers, and other citizens.
MSME Economic Package Announcement
Medium and Small Industries (MSMEs) are the most important link in the economy of any country. MSMEs provide employment to about 12 crore people in our country. At this time these industries have been hit the most by the Corona crisis.
In the economic package of Rs 20 lakh crore, 16 different announcements have been made to bring the medium and small industries back on the path of development.
- Rs 3 lakh crore collateral-free automatic loans for businesses including MSMEs
- For MSMEs Rs. 20000 crore subordinated debt
- Rs. 50000 crore equity infusion through fund of MSMEs
- A new definition of MSMEs and increase in investment limit
- Global tender is up to Rs 200 crore
- Other interventions like marketing, liquidity, e-market for SMEs
- 2500 crore EPF support for business and workers for 3 more months
- EPF contribution cut for 3 months for business and workers
- The amount of contribution under EPF was reduced for traders and workers for 3 months, on which the government kept a budget of Rs 6750 crores.
- 30000 crores liquidity facility for NBFCS/HC/MFIs
- Rs 45000 crore partial credit guarantee scheme for NBFCs
- Rs 90000 cr liquidity injection for DISCOM
- Relief to contractors by all central agencies
- Advancing the registration and completion date of real estate projects under RERA
- Rs 50000 crore liquidity through TDS/TCS deduction
- other tax measures
Economic Package Announcement for Poor Farmers, Laborers, and Migrants
Finance Minister Sitharaman has made many announcements to provide assistance to the workers, farmers, and migrant laborers who have been badly affected due to Covid-19.
- Provided direct support to farmers and rural economy after COVID-19
- Help for migrant and urban poor during lockdown
- MGNREGS support to return migrants
- Recognized benefits to workers through changes in labor codes or labor regulations
- Free food supply to migrants for 2 months
- Facility to get a ration of your share by going to any part of India through One Nation One Ration Card and to develop necessary technology for this
- Construction of low rent residential complexes for migrant workers / urban poor
- Rs 1500 crore for Mudra Shishu loan
- Rs 5000 crore special credit facility for street vendors (handlers, street vendors)
- 70000 crores to boost housing sector and middle-income group through expansion of CLSS
- Providing 6000 crore jobs using CAMPA fund
- Additional emergency working capital funding of Rs 30000 crore for farmers through NABARD
- Increase in loan limit to 2.5 crore farmers through Kisan Credit Card
PM Modi Economic Package Benefits
The main objective of the economic package announced by the Prime Minister is to provide financial assistance to small and medium industries, workers, laborers, farmers. The people who will benefit the most from the Aatm Nirbhar Bharat economic package are:
- Poor farmers
- Migrant laborers living away from home
- Low paid workers in organized and unorganized sector
- Small and medium scale industries
- Domestic and cottage industries
- Sheepherder, tenant, other small business owners
Who Benefits From PM Modi Economic Package?
- A benefit to 10 crore laborers
- Benefits to people associated with more than 3 crore industries
- Benefits to 12 crore employees working in MSME
- Direct financial assistance to common citizens
- Benefits to the people of the small, medium, cottage, and home industries
- Benefits to people associated with textiles, hotels, and real estate
- Increase in profit to farmers through Kisan Samman Nidhi Scheme
PM Modi Aatm Nirbhar Bharat Abhiyaan Success
While calling for PM Aatm Nirbhar Bharat Abhiyan, the Prime Minister talked about its five basic elements – Economy, Infrastructure, System, Demography, and Demand. Through these five points, we understand how self-reliant planning can be made successful.
- Economy: For the development of any country, the development of its economy is most important. To make the economy strong, we have to start more and more businesses, create employment opportunities, manufacture high-quality products. To strengthen the economy, we have to prepare for all-around development in which education, health, business, the standard of living, social security will have to be improved in many areas.
- Infrastructure: To strengthen the infrastructure of our country, we have to build better roads and highways, inter-state connectivity, development of transport resources, construction of factories, and development of industrial technology.
- System: For the development of any country, it is very important to have a better administrative and political system. If there is corruption in our system, lack of transparency, weak law and order, then we will never be able to become a better nation.
- Demography: Reasons like continuous increase in population, social and economic inequality, religious and caste conflict also reduce the speed of development. Therefore, if we want to make the Aatm Nirbhar Bharat Abhiyan successful, then we have to improve the demography of our country.
- Demand & Supply: The difference between demand and supply increases inflation, due to which inflation increases and our dependence on other countries increases. We can balance demand and supply by manufacturing better products, promoting scientific and technological research, and self-employment.
Government’s Steps For Aatm Nirbhar Abhiyan
Although the government has not put forth any outline yet, on the basis of the Prime Minister’s address, it can be estimated what steps the government is going to take under the Aatm Nirbhar Bharat scheme.
- Simplicity and clarity in the laws of business establishment and operation
- Promoting Make In India
- Developing a good farming system
- Creating investment opportunities
- Creating better opportunities for service and product business
- Transparency and strengthening of supply chain systems
- Creating a system to tackle corruption
- Strengthening basic infrastructure
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