The scheme will cover any new employee joining employment in EPFO-registered establishment on monthly wages less than Rs 15,000.
The scheme would cover establishments registered with EPFO if they add new employees compared to the reference base of employees as in September 2020. However to avail the scheme, operational till June 30, 2021, establishments with up to 50 employees will have to add a minimum of two new employees and those with more than 50 staff, will have to give a minimum of five new jobs.
She further announced that three lakh crore rupees existing emergency credit line guarantee scheme announced as part of the Atma Nirbhar Bharat Abhiyan for the MSME sector has been extended till 31st March of next year. Tenor of additional credit under ECLGS 2.0 to be 5 years, including 1 year of moratorium on principal repayment. Scheme would be available till March 31, 2021.
Addressing the press briefing in New Delhi today, the Minister said, these announcements are in line with the earlier stimulus packages which were announced to effectively deal with the effect of Covid-19 pandemic.
The package also includes an investment of ₹6,000 crore as equity in the National Infrastructure Investment Fund (NIIF), the release of ₹3,000 crore to EXIM Bank to promote project exports under the IDEAS scheme, ₹10,200 crore in additional budget outlay towards capital and industrial expenditure for domestic defence equipment, industrial incentives, industrial infrastructure and green energy and ₹900 crore for the vaccine R&D scheme, Covid Suraksha Mission.
Latest measures included additional funding for real estate developers and contractors, fertilizer subsidies, a new employment scheme and additional spending on the rural jobs scheme among other initiatives. She said that the subsidy will ensure adequate availability of fertilisers to farmers and to enable timely accessibility of fertilisers in the upcoming crop season. He said "recognition of real estate as a core sector, creating ancillary industry demand and employment, and enhanced Pradhan Mantri Awas Yojana - Urban allocation, will boost the housing demand in the country".
She said the move would help start work on 12 lakh houses as well as complete 18 lakh houses. So far, Rs 73,500 crore has been already spent.
It has also been chose to provide an additional outlay of ₹10,000 crore for the PM Garib Kalyan Rozgar Yojana to boost employment in rural areas. It is expected to generate 78 lakh additional jobs and demand for 25 lakh tonnes of steel and 131 lakh tonnes of cement.
Incentives worth Rs 1.46 lakh crore will be given to boost the manufacturing sector with a production-linked incentive for 10 sectors such as mobile manufacturing, electronic components and pharma. Also, "the increase in circle rate and transaction value threshold... will remove a transaction hurdle and save tax, thereby increasing the opportunity for unbridled property purchase activity", he said.
-Decided to increase the differential from 10 percent to 20 percent for the period from the date of the announcements to June 20, 2021 for only primary sale of residential units of value upto Rs 2 crore.