The Centre and Reserve Bank of India (RBI) have together provided total fiscal stimulus of Rs 29.87 lakh crore since the COVID-19 pandemic began. This amount is 15 percent of India’s gross domestic product (GDP), Finance Minister Nirmala Sitharaman said.
Sitharaman said this after announcing the Atmanirbhar Bharat 3.0 package on November 12, under which 12 measures worth Rs 2.65 lakh crore were listed.
The breakdown given was as follows:
>> Rs 192,800 crore allocated for Pradhan Mantri Garib Kalyan Package (PMGKP)
>> Rs 1,102,650 crore allocated towards Atmanirbhar Bharat Abhiyaan 1.0
>> Rs 82,911 core for PMGKP Anna Yojana (which has been extended for five months till November)
>> Rs 265,080 crore allocated under today’s set of announcements under Atmanirbhar Bharat 3.0
>> Rs 1,271,200 crore from RBI measures announced till October 31, 2020
>> Total is Rs 2,987,641 crore or 15b percent of GDP
Announcements made under Atmanirbhar Bharat 3.0 on November 12 (today):
- Rs 145,980 crore for Atmanirbhar Manufacturing – PLI scheme for 10 champion sectors
- Rs 65,000 crore support for agriculture in form or fertiliser subsidy
- Rs 18,000 crore for Housing for All under PMAY-U
- Rs 10,200 crore for industrial infrastructure, industrial incentives and domestic defence equipment
- Rs 10,000 crore towards boost for rural employment
- Rs 6,000 crore towards equity infusion in NIIF debt PF to boost infrastructure
- Rs 6,000 crore allocated to Atmanirbhar Bharat Rozgar Yojana (total allocation till date is Rs 36,000 crore)
- Rs 3,000 crore towards boost for project exports
- Rs 900 crore as R&D grant for COVID Suraksha i.e Indian vaccine development
Sitharaman further spoke on the economic status, saying there is “strong recovery.”
“Quite a few indicators showing distinct recovery in the economy. Bank credit growth is up 5..1 percent and markets are at a record high. Forex reserves are like never before. The Reserve Bank of India (RBI) will now come out with a monthly report showing a strong growth,” she said.
Sitharaman added that “we could be back to positive growth” as seen in the third quarter itself, adding that “government is maintaining an unrelenting reform pitch.”The finance minister also noted that Moody’s has reassessed its growth numbers to -8.9 percent from -9.6 percent.