To boost the economy, Rs. 1.5 lakh crore GST collection could increase by 10% to Rs. 1.05 lakh crore
"The country is now coming out of the recession caused by Corona and the country's economy is recovering," Finance Minister Nirmala Sitaram said. "Looking at the figures, GST collection in October increased by 10% over the previous year to Rs. 1.05 lakh crore. Similarly, the PMI index has improved to રોકાણ 35.37 billion during April-August. In addition, the government has provided an additional Rs. 18000 crore which will help in the construction of 12 lakh new houses.
The central government may once again announce a relief package. According to sources, the government may give a package of Rs 1.5 lakh crore to the country before Diwali. Finance Minister Sitharaman will hold a press conference this afternoon. The government on Wednesday announced a grant of Rs 1.46 lakh crore under Production Linked Incentives (PIL).
Under Intra State Portability, 1.5 crore monthly transactions have been made under it. 26.62 lakh loan applications have been received under Pradhan Mantri Sheri Vendors Yojana. Out of this, Rs 1,373.22 crore has been sanctioned in 30 states and 6 Union Territories under loan applications of Rs 13.78 lakh. So far, 183 lakh applications have been received under Kisan Credit Card. Banks have issued Kisan credit cards to 150 lakh farmers under this scheme. The bank has sanctioned Rs 1,43,262 crore in two phases. A total of Rs 1,681.32 crore has been sanctioned by 21 states under the Pradhan Mantri Matsya Sampada Yojana. In addition, NABARD has distributed an additional Rs 25,000 crore to farmers. This is Emergency Working Capital Funding
The focus will be on troubled areas
According to reports, the government will focus on troubled areas. Through this he will try to revive the economy. The Cabinet in its meeting on Wednesday approved the implementation of Production Linked Incentives (PIL) in 10 sectors. 1.46 lakh crore will be provided in the next 5 years under PIL. According to sources, the sectors that have received maximum incentives of Rs 57,000 crore could be the auto parts and automobile sector.
Focus on increasing domestic production
Other areas that will benefit include advanced cell chemistry, batteries, pharma, food products and white goods. Under the scheme, the central government will encourage companies to produce more and also export them. Last month, Rajiv Kumar, vice-chairman of the policy commission, announced that the government would introduce manufacturing-linked incentives to support the domestic manufacturing sector.
The focus will be on two issues
The relief package will focus on two issues. The first is that there may be important announcements in the relief package on how to provide employment to more and more people. For this, the government can announce a 10% subsidy in the provident fund. Kamat can arrange emergency credit for all 26 sectors under pressure and difficulty by the committee. Different reliefs can be given for different area.
Important announcements of the Finance Minister
The finance minister has announced new reliefs and incentives to help the country meet the recovery of Kovid-19. Any relief given by the central government since May 2020 is also being reviewed. Sitaram said that foreign exchange has reached 5 560 billion. He said GST collection had reached Rs 1.05 lakh crore in October. FDI during April-August stood at 35 35.37 billion, an annual growth of 13%. Leading economists have suggested that the recovery will come not only from demand but also from strong economic growth. He said the PMI reached above 58.9 in October. It was at 54.6 in September. There are some signs of improvement in power consumption and strong market performance. The last 10-15 days have seen economic recovery. Progress is being made in some areas under Swanirbhar Bharat Abhiyan-1. One Nation One Ration Card is a pioneer in this. It was implemented from September 1. So far 68.6 crore people have availed of this scheme.
Self-reliant Bharat Rozgar Yojana launched for job creation, additional Rs 18,000 crore to be used under Pradhan Mantri Awas Yojana: Nirmala Sitharaman
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