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Atmanirbhar Bharat LARRDIS 1 Reference Division MEMBERS REFERENCE SERVICE LARRDIS LOK SABHA SECRETARIAT NEW DELHI REFERENCE NOTE For the use of Members of Parliament NOT FOR PUBLICATION No.1/RN/Ref/January/2021 ATMANIRBHAR BHARAT Prepared by Pradeep Kumar, Research Officer, supervised by Dr. Tushar Kant, Joint Director, under the guidance of Shri Naushad Alam, Director and Smt. Kalpana Sharma, Additional Secretary . The Reference Note is for personal use of the Members in the discharge of their Parliamentary duties, and is not for publication. This Service is not to be quoted as the source of information as it is based on the sources indicated at the end/in the context. LARRDIS 2 Reference Division ATMANIRBHAR BHARAT India’s lockdown to maintain social distancing to minimize the transmission of the Covid19 pandemic has brought the challenges caused by global supply chain disruptions into sharp focus. The world also saw the danger of relying on one country. The government has responded to this by launching the 'Atmanirbhar' (self-reliant) programme to make India a nerve centre of global supply chain. Atmanirbhar Bharat is the vision of the Prime Minister of making India a self-reliant nation. The present paper discusses key highlights of Atma Nirbhar Bharat Packages and their implementation. Introduction The Corona Virus outbreak in China has led to large-scale shortage of inventory in the domestic market. The closure of factories in China affected Indian industries, which import components, intermediaries and raw- materials from China like the pharmaceutical, electronics and automobile industries. According to a news report, in India, before the Pandemic, certain industries were more and more dependent on Chinese imports and were under severe risk. For example, in pharmaceuticals sector (China supplies almost 70 per cent of active pharmaceutical ingredients (API) requirement for the industry); automobiles (10-30 per cent of the raw materials and base components were imported from China); chemicals and textiles. The renewable energy sector was relying on China for 80 per cent of the sector’s requirement of solar panels. Besides, several micro, small and medium enterprises (MSMEs) were dependant on Chinese imports. The disruptions due to bans on travel, closure of borders, closure of businesses, and lockdowns had a ripple effect on global trade flows1. Thus, due to the interdependence and complex nature of global supply chains, the pandemic caused widespread disruption in socio-economic sphere. There is a strong opinion to diversify supply chains from a geographic perspective to reduce supply-side risk from one country. It was felt that multiple sources of key commodities or strategic components should be identified and there must be protocols to activate alternative sources of supply in short notice. On 12 May 2020, Prime Minister Shri Narendra Modi announced a special comprehensive economic package to fight the COVID-19 pandemic in India. He gave a clarion call for Aatma Nirbhar Bharat Abhiyan or a Self-Reliant India Movement. Prime Minister outlined five pillars of Aatma Nirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand. The Atmanirbhar Bharat Abhiyan aims at making the country self-reliant and to focus on local manufacturing, local market and local supply chains. It focuses on preparing the country for tough competition in global supply chains, enhance the ease of doing business, empower MSMEs, 1 Covid-19 exposes Indian industry’s supply chain vulnerabilities, thehindubusinessline.com/opinion/covid-19-exposes-indian-industrys-supply-chain-vulnerabilities/article31224928.ece LARRDIS 3 Reference Division attract investments including FDI and strengthen the policies for Make in India. It also aims at supporting agriculture and fisheries reforms and enhancing agriculture and animal husbandry infrastructure. It also contains measures to boost liquidity support for MSMEs, DISCOMS, NBFCs and other businesses. The Atma Nirbhar Bharat Package covers a wide section of sectors and members of society, including migrant labourers, middle class and entrepreneurs. AatmaNirbhar Bharat Package 2 Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman presented the details of the AatmaNirbhar Bharat Package 1.0 in a series of press conferences from 13 to 17 May 2020. Subsequently, the Finance Minister announced AatmaNirbhar Bharat Package 2.0 on 12 October and AatmaNirbhar Bharat Package 3.0 on 12th November 2020. AatmaNirbhar Bharat Package 1.0 Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs, HFCs and MFIs to do fresh lending to MSMEs and individuals Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs Rs 3 lakh crore Collateral-Free Automatic Loans for Businesses, including MSMEs Rs 90,000 crore liquidity injection for DISCOMs Rs 5000 crore credit facility for Street Vendors 70,000 crore boost to housing sector through extension of Credit Linked Subsidy Scheme under PMAY(Urban) Rs 2 lakh crore concessional credit to 2.5 crore farmers under Kisan Credit Card shceme. Rs 40,000 crore for MGNREGS to provide employment. Rs 20,000 crore for PM Matsya Sampada Yojana Rs 1 lakh crore for Agri Infrastructure Fund for farmers AatmaNirbhar Bharat Package 2.0 Leave Travel Concession (LTC) Cash Voucher Scheme Special Festival Advance Scheme Special Assistance to the States: The Central Government will issue a special interest-free 50-year loan to States of Rs. 12,000 crore Capital Expenditure. AatmaNirbhar Bharat Package 3.0 AatmaNirbhar Bharat Rozgar Yojana: A new scheme to incentivize job creation during COVID-19 recovery has been launched. 2 https://pib.gov.in/PressReleasePage.aspx?PRID=1680343 LARRDIS 4 Reference Division Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals (loans for business purposes), has been extended till March 31, 2021. Production Linked Incentive worth ₹ 1.46 Lakh Crore to 10 champion sectors. 10 more Champion Sectors will be covered under the Production Linked Incentives Scheme to help boost competitiveness of domestic manufacturing. Rs. 18,000 Crore Additional outlay of for PM Awaas Yojana - Urban: It will help ground 12 Lakh houses and complete 18 Lakh houses, create additional 78 Lakh jobs. Support for Construction & Infrastructure – Relaxation of Earnest Deposit Money & Performance Security on Government Tenders: has been reduced from 5-10% to 3%. Platform for Infra Debt Financing: Rs. 6,000 Crore equity investment in debt platform of National Investment and Infrastructure Fund (NIIF), which will help NIIF provide a debt of Rs. 1.1 Lakh Crore for infrastructure projects by 2025. Support for Agriculture: Rs. 65,000 Crore for subsidized fertilizers: to ensure increased supply of fertilizers to farmers to enable timely availability of fertilisers Boost for Rural Employment: Additional outlay of Rs. 10,000 Crore is being provided for PM Garib Kalyan Rozgar Yojana to provide rural employment. Boost for Project Exports: Rs. 3,000 Crore boost is being provided to EXIM Bank for promoting project exports Capital and Industrial Stimulus: Rs. 10,200 Crore additional budget for capital and industrial expenditure on domestic defence equipment, industrial infrastructure and green energy. R&D grant for COVID Vaccine: Rs. 900 Crore is being provided to Department of Biotechnology for Research and Development of Indian COVID Vaccine. Implementation of Aatma Nirbhar Bharat Packages The progress of implementation is being reviewed and monitored regularly, almost on a daily basis. Key elements of the progress made so far in implementing the ongoing Schemes of the Aatma Nirbhar Bharat Packages are: Rs 3 lakh crore Collateral-free Automatic Loans for Businesses, including MSMEs: As on 04.12.2020, under an Emergency Credit Line Guarantee Scheme (ECLGS), additional credit amounting to Rs. 2,05,563 crore has been sanctioned to 80,93,491 borrowers, while an amount of Rs. 1,58,626 crore has been disbursed to 40,49,489 borrowers. Total Eligible Loan Sanctioned Loan Distributed Accounts No. of Accounts Total Accounts 1,39,79,948 80,93,491 40,49,489 Amount (In Rs Total Amounts 3,18,826 (20% of 2,05,563 1,58,626 crore) outstanding) It is expected that 45 lakh units can resume business activity and safeguard jobs through this scheme. Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs: LARRDIS 5 Reference Division As on 04.12.2020, Public Sector Banks (PSBs) have approved purchase of portfolio of Rs. 27,794 crore and are currently in process of approval/negotiations for Rs. 1,400 crore. Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD: Rs 2 lakh crore Concessional credit boost to 2.5 crore farmers through Kisan Credit Cards: Special drive to provide concessional credit to PM-KISAN beneficiaries by Kisan Credit Cards. In Phase I, 58.83 lakh KCC cards with KCC limit of Rs. 46,532 crore had been sanctioned. Application Received KCC Cards Issued Pending Application 76.82 Lakhs 58.83 Lakhs Nil In Phase II, (As on 04.12.2020), a total number of 110.94 lakh KCC with KCC limit of Rs. 1,07,417 crore has been sanctioned. Application sanctioned Application KCC(crop KCC(crop loan) Animal Husbandry Activities Fisheries Grand Total received loan) with AH or Fisheries Activities Dairy Poultry, Cattle & Sheep rearing etc 1,18,61,207 92,40,154 2,72,703 4,75,314 46,786 15,037 1,10,94,276 Out of this 110.94 lakh KCC sanctioned in Phase II, 92.40 lakh has been done for crop loan, 2.73 lakh for crop loan with AH or fisheries activities, 4.75 lakh for dairy, 46,786 for poultry, cattle & sheep rearing, etc, 15,037 for fisheries and 10.44 lakh cases already having KCC sanctioned by bank. Income Tax Refunds Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,45,619 crore to more than 89.29 lakh taxpayers between 1st April 2020 and 8th December 2020.
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