FM reviews Aatma Nirbhar Bharat package implementation; here's what numbers say

FM reviews Aatma Nirbhar Bharat package implementation; here's what numbers say

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,45,619 crore to more than 89.29 lakh taxpayers between April 1 and December 8.

FM Nirmala Sitharaman has reviewed the implementation of three Aatma Nirbhar Bharat packages FM Nirmala Sitharaman has reviewed the implementation of three Aatma Nirbhar Bharat packages

Finance Minister Nirmala Sitharaman on Sunday reviewed the implementation of three Aatma Nirbhar Bharat packages, which were announced this year to help the economy tide over the COVID-19 crisis.

The Finance Minister had announced the Aatma Nirbhar Bharat Package 1.0 in a series of press conferences from May 13 to May 17. Subsequently, the Aatma Nirbhar Bharat Package 2.0, and 3.0 were announced on October 12, and November 12, 2020, respectively.

Last week, FM Sitharaman met with the secretaries of various ministries and departments to study the progress in the implementation of the packages.

Here's a full detail of the implementation of Aatma Nirbhar packages based on government data:

1. Rs 3 lakh crore collateral-free automatic loans for businesses, including MSMEs

The latest review has shown that as of December 4, the top 23 private sector banks and 31 NBFCs have disbursed Rs 1,58,626 crore to 40,49,489 borrowers. Additional credit amounting to Rs 2,05,563 crore has been sanctioned to 80,93,491 borrowers under the Emergency Credit Line Guarantee Scheme (ECLGS). The government is expecting that 45 lakh units can resume business activity and safeguard jobs through this scheme.

2. Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs

Public Sector Banks (PSBs) have approved the purchase of a portfolio of Rs 27,794 crore and are currently in process of approval/negotiations for Rs 1,400 crore as of December 4.

3. Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD

As per the Centre, Rs 25,000 crore has been disbursed out of this special facility. Balance amount of Rs 5,000 crore under Special Liquidity Facility (SLF) has been allocated to NABARD by RBI for smaller Non-Banking Financial Companies (NBFCs) and Non-Banking Financial Companies-Micro Finance Institutions (NBFCs-MFIs). Further, proposals amounting to Rs 690 crore have been sanctioned to six NBFCs-MFIs out of the balance amount of Rs 5,000 crore.

4. Rs 2 lakh crore concessional credit boost to 2.5 crore farmers through Kisan Credit Cards

In Phase-1, 58.83 lakh Kisan Credit Cards (KCC) with a limit of Rs 46,532 crore had been sanctioned. And, as of December 4, 2020, the government has sanctioned a total number of 110.94 lakh KCC with a KCC limit of Rs1,07,417 crore.

Out of the 110.94 lakh KCCs sanctioned in Phase-2, 92.40 lakh has been done for crop loan, 2.73 lakh for a crop loan with animal husbandry or pisciculture activities, 4.75 lakh for dairy, 46,786 for poultry, cattle and sheep rearing, etc, 15,037 for fisheries and 10.44 lakh cases already having KCC sanctioned by the bank.

5. Income Tax refunds

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,45,619 crore to more than 89.29 lakh taxpayers between April 1 and December 8. Income Tax refunds of Rs 43,274 crore have been issued in 87,29,626 cases and corporate tax refunds of Rs 1,02,345 crore have been issued in 1,99,554 cases.

6. Capital Expenditure: Special assistance for states

Under Aatma Nirbhar Bharat Package, it was announced that Special interest-free 50-year loans will be given to states for capital expenditure of Rs 12,000 crore. Until now, projects amounting to Rs 8,455.61 have been approved, and an amount of Rs 4,227.80 crore has been released to the states as their first instalment.

7. Rs 18,000 crore additional outlay for Pradhan Mantri Awaas Yojana - Urban (PMAY-U)

Rs 18,000 crore will be provided over the Budget Estimates for 2020-21 for Pradhan Mantri Awaas Yojana - Urban (PMAY-U) through additional allocation and Extra Budgetary Resources. This is over and above Rs 8,000 crore allocated already this year.

8. Rs 20,000 crore subordinate debt for stressed MSMEs

The State Bank of India has identified 8,502 accounts and the disbursement process is in progress.

9. Payment to MSMEs

Over Rs 21,000 crore of MSME dues have been paid in the past seven months since May 2020 by the Central Government Agencies and Central Public Sector Enterprises (CPSEs). The highest level of procurement was achieved in October of over Rs 5,100 crore and payment of over Rs 4,100 crore.

10. Rs 1 lakh crore Agri Infrastructure Fund for farm-gate infrastructure for farmers

Until now, the first sanctions of Rs 1,128 crore have been made to over 2,280 farmer societies. The Agri Infrastructure Fund was approved by the Union Cabinet on July 8. The scheme was formally launched by Prime Minister Narendra Modi on August 9, 2020.

11. Rs 20,000 crore for fishermen through Pradhan Mantri Matsya Sampada Yojana (PMMSY)

As of December 9, the Department of Fisheries sanctioned projects worth Rs 2,182 crore.  Another Rs 322 crore for two states and Phase-2 proposals of seven states/UTs are under process.

12. Rs 70,000 crore boost to housing sector and middle-income group (MIG) through the extension of Credit Linked Subsidy Scheme (CLSS)

As of December 8,  a total of 1,04,354 new MIG beneficiaries have received subsidy under the Scheme during 2020-21, taking the aggregate number to 4.29 lakh. The government has extended the CLSS for MIG (Annual income: Rs. 6 - 18 lakh) till March 31, 2021.

13. Rs 40,000 crore increase in allocation for MGNREGS to provide employment boost

Rs 40,000 crore has been received under the first supplementary demand for grants until December 10. A total of 273.84 crore person days have been generated till now which is 49 per cent higher than last year.

14. Rs. 90,000 crore liquidity injection for DISCOMs

As of December 10,  2020, against the liquidity infusion package, Rs. 118,273 crore worth of loans have been sanctioned and Rs. 31,136 crore has already been disbursed. Another release of Rs 30,000 crore to various states is under process.

15. Reforms in coal sector

Ministry of Coal and Coal India Ltd are drawing up a large execution plan for CIL's enhanced target of one billion tonnes coal production by 2023-24 plus coal production from private blocks. As of December 10, seven new rail lines are under implementation with an investment of  Rs 13,775 crore.  In First Mile Connectivity Phase-1, 35 projects for mechanised transfer of 404 MTPA coal with a cost of Rs 12,505 crore under implementation. Tenders for all 35 projects have been issued, and two projects have been commissioned.

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