Briefing the media, Finance Minister Nirmala Sitharaman announced Sovereign India 3.0. “The package includes Rs 900 crore for the development of Covid-19 vaccines and will be allocated to the Department of Biotechnology under the Covid-19 Protection Mission for the development and research of Covid-19 vaccines.”
Similarly, under the Atmanirbhar Bharat scheme, the government has announced Rs 25,000 crore financial packages for farmers through NABARD and will be providing up to two years of provident fund to those who have lost their jobs due the Coronoavirus , viewing to give a boost to the country’s economy, said FM Nirmala Sitharaman.
The goal of the Atmanirbhar Bharat scheme is to enable more employees to join the EPFO and reap the benefits. Employees who have not previously registered for the EPFO and whose pay is less than Rs 15,000 will benefit from the scheme. Those who did not have jobs from August to September, but later joined the EPF will also benefit from the scheme.
For two years, the government will provide a full 24 percent subsidy to EPF for newly hired employees. It will take effect on October 1. In an institution with more than 1,000 employees, the government will subsidize 12 percent of the new employees’ EPF for two years.
Adding to this, the Finance Minister said “India has seen a huge potential for agricultural development through its 158.6 lakh Kisan credit cards. After its success in the first phase, the NDA government has provided portability of ration cards to the benefit of 4.6 crore people.”
Various programs have been announced in the package for employees engaged in the unorganized sector, along with increased employment in the organized sector.
Further, large-scale financial incentives have been announced for the development of the small and medium-sized industries as a whole for the growth of the civil aviation, hospitality and tourism industries.
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