The document provides an overview of the 20 lakh crore stimulus package announced by the Indian government as part of its Atmanirbhar Bharat Abhiyaan or Self-Reliant India Mission. It discusses that the package includes previous announcements and RBI measures, so the actual new spending will be lower. It also summarizes the key highlights of the five tranches of stimulus measures focused on MSMEs, farmers, food processing, defense, space, minerals, and more. However, it notes that the reliance on credit measures versus direct fiscal spending may not sufficiently boost aggregate demand due to issues in transmission and lack of backward/forward linkages in the economy.
#Atmanirbhar Bharat Abhiyaan# - A Call to the Nation for Self-Reliance; By S...SN Panigrahi, PMP
#Atmanirbhar Bharat Abhiyaan# - A Call to the Nation for Self-Reliance; By SN Panigrahi,
Essenpee Business Solutions,
During a Crisis, Real Leaders Rise and become Visible,
Call for Atmanirbhar Bharat Abhiyan or Self-Reliant India Movement,
Five announcements on the Aatmanirbhar Bharat Abhiyan stimulus package,
MSME in a New Awatar,
Tranche 1: Business including MSMEs (May 13, 2020),
Tranche 2: Poor, including migrants and Farmers (May 14, 2020),
Tranche 3: Agriculture (May 15, 2020),
Tranche 4: New Horizons of Growth (May 16, 2020),
Tranche 5: Government Reforms and Enablers (May 17, 2020),
Cabinet Decisions on 1st June’2020,
Mudra Shishu Loan,
Instilling Hope & Confidence through Mann Ki Baat,
PM Speaking @ CII : 5 Things to Build a Self-reliant India,
Inaugural Address at CII Annual Session 2020,
Vocal for our Local products,
Redefined the Responsibilities of Citizens,
Boycott Videshi (Chinese) Products
The document discusses the Atmanirbhar Bharat Abhiyan or Self-Reliant India Mission launched by the Indian government. It includes an economic stimulus package of Rs. 20 lakh crore to achieve self-reliance. The package aims to boost infrastructure, systems, democracy and demand in India. It will be implemented through 5 tranches focusing on businesses, farmers, agriculture, structural reforms, and government initiatives. The total package is equivalent to 10% of India's GDP and aims to convert the COVID-19 crisis into an opportunity.
The Concept of Atma Nirbhar Bharat New Economic PolicyGopal Agarwal
The document discusses the concept of Atma Nirbhar Bharat or self-reliant India and its new economic policy. It outlines several factors of production that need reforms like land, labor, power availability and costs, logistics connectivity, and ease of doing business. It emphasizes boosting manufacturing especially micro, small and medium enterprises through cluster developments, defense and industrial corridors, and integrating local supply chains globally and regionally. The document also discusses disengaging from China by rethinking trade agreements and import duties, and focusing on new sectors like agriculture, healthcare, and infrastructure to benefit from the Atma Nirbhar Bharat initiative.
The document discusses opportunities for existing MSMEs and new startups in India under the Atma Nirbhar Bharat (Self-Reliant India) initiative. It outlines economic support packages that include automatic collateral-free loans for MSMEs, credit support for street vendors, interest subvention for small business loans, and funds allocated for agriculture infrastructure and food entrepreneurs. New opportunities exist in import substitution, increasing exports, and sectors like healthcare, education technology, organic farming and artisanal businesses. The goal of the initiative is to strengthen local manufacturing and supply chains to transform India into a self-reliant $5 trillion economy by 2025.
The document discusses the impact of Goods and Services Tax (GST) on the Indian economy. GST will reshape India's indirect tax structure by subsuming many indirect taxes into a single tax. This will simplify tax administration and improve ease of doing business. GST is also expected to boost GDP growth and exports by reducing costs, increasing competitiveness, and eliminating tax cascading. Overall, GST will lead to a more unified and formalized Indian market that attracts more investment and trade.
The document discusses India's "Make in India" initiative. It provides background on India's economy and trade balance, noting that India has been running trade deficits. It outlines the key objectives of "Make in India" which include focusing on heavy industries to generate employment, facilitating investment, innovation, skills development and intellectual property protection. Several sectors are highlighted for investment, such as automobiles, thermal power, oil and gas, and pharmaceuticals. Major projects under "Make in India" include the Delhi-Mumbai Industrial Corridor.
#Atmanirbhar Bharat Abhiyaan# - A Call to the Nation for Self-Reliance; By S...SN Panigrahi, PMP
#Atmanirbhar Bharat Abhiyaan# - A Call to the Nation for Self-Reliance; By SN Panigrahi,
Essenpee Business Solutions,
During a Crisis, Real Leaders Rise and become Visible,
Call for Atmanirbhar Bharat Abhiyan or Self-Reliant India Movement,
Five announcements on the Aatmanirbhar Bharat Abhiyan stimulus package,
MSME in a New Awatar,
Tranche 1: Business including MSMEs (May 13, 2020),
Tranche 2: Poor, including migrants and Farmers (May 14, 2020),
Tranche 3: Agriculture (May 15, 2020),
Tranche 4: New Horizons of Growth (May 16, 2020),
Tranche 5: Government Reforms and Enablers (May 17, 2020),
Cabinet Decisions on 1st June’2020,
Mudra Shishu Loan,
Instilling Hope & Confidence through Mann Ki Baat,
PM Speaking @ CII : 5 Things to Build a Self-reliant India,
Inaugural Address at CII Annual Session 2020,
Vocal for our Local products,
Redefined the Responsibilities of Citizens,
Boycott Videshi (Chinese) Products
The document discusses the Atmanirbhar Bharat Abhiyan or Self-Reliant India Mission launched by the Indian government. It includes an economic stimulus package of Rs. 20 lakh crore to achieve self-reliance. The package aims to boost infrastructure, systems, democracy and demand in India. It will be implemented through 5 tranches focusing on businesses, farmers, agriculture, structural reforms, and government initiatives. The total package is equivalent to 10% of India's GDP and aims to convert the COVID-19 crisis into an opportunity.
The Concept of Atma Nirbhar Bharat New Economic PolicyGopal Agarwal
The document discusses the concept of Atma Nirbhar Bharat or self-reliant India and its new economic policy. It outlines several factors of production that need reforms like land, labor, power availability and costs, logistics connectivity, and ease of doing business. It emphasizes boosting manufacturing especially micro, small and medium enterprises through cluster developments, defense and industrial corridors, and integrating local supply chains globally and regionally. The document also discusses disengaging from China by rethinking trade agreements and import duties, and focusing on new sectors like agriculture, healthcare, and infrastructure to benefit from the Atma Nirbhar Bharat initiative.
The document discusses opportunities for existing MSMEs and new startups in India under the Atma Nirbhar Bharat (Self-Reliant India) initiative. It outlines economic support packages that include automatic collateral-free loans for MSMEs, credit support for street vendors, interest subvention for small business loans, and funds allocated for agriculture infrastructure and food entrepreneurs. New opportunities exist in import substitution, increasing exports, and sectors like healthcare, education technology, organic farming and artisanal businesses. The goal of the initiative is to strengthen local manufacturing and supply chains to transform India into a self-reliant $5 trillion economy by 2025.
The document discusses the impact of Goods and Services Tax (GST) on the Indian economy. GST will reshape India's indirect tax structure by subsuming many indirect taxes into a single tax. This will simplify tax administration and improve ease of doing business. GST is also expected to boost GDP growth and exports by reducing costs, increasing competitiveness, and eliminating tax cascading. Overall, GST will lead to a more unified and formalized Indian market that attracts more investment and trade.
The document discusses India's "Make in India" initiative. It provides background on India's economy and trade balance, noting that India has been running trade deficits. It outlines the key objectives of "Make in India" which include focusing on heavy industries to generate employment, facilitating investment, innovation, skills development and intellectual property protection. Several sectors are highlighted for investment, such as automobiles, thermal power, oil and gas, and pharmaceuticals. Major projects under "Make in India" include the Delhi-Mumbai Industrial Corridor.
The document summarizes the impact of COVID-19 on the Indian economy. It discusses how various sectors like agriculture, industry, and services were affected. The agriculture sector was less impacted as kharif harvest and rabi sowing were not affected by lockdowns. However, poultry and dairy faced declines in demand and prices. The industry sector saw contractions in eight core industries like coal, crude oil, natural gas, refinery products and electricity. The overall Index of Industrial Production declined by 11.4%. The services sector, which contributes over 50% to India's GDP, was heavily impacted due to lockdowns.
Inclusive growth in India- prospects and challenges Jagriti Rohit
India’s government has made “inclusive growth” a key element of their policy platform, stating as a goal: “Achieving a growth process in which people in different walks in life… feel that they too benefit significantly from the process.” (Ahluwalia, 2007)
The document provides an overview of India's economic planning process since independence in 1947. It discusses the objectives and achievements of each of India's first 12 Five-Year Plans from 1951-2017. The planning process was established to rebuild and develop India's economy following independence, with a focus on industrialization, agriculture, infrastructure, and social development. Key highlights included the establishment of large dams and steel mills, the Green Revolution, nationalization of banks, and recent economic reforms beginning in the early 1990s.
The document outlines the government's budget proposals across 9 pillars including agriculture, rural development, social sector, education, skills and job creation, infrastructure, financial sector reforms, governance, fiscal discipline, and tax reforms. Key highlights include doubling farmers' income, rural employment, health coverage for all, increasing education quality, skill development programs, infrastructure investment, financial stability, ease of doing business, prudent fiscal management, and reducing the tax compliance burden. The document then provides more details on initiatives and allocations for agriculture, rural development, social programs, education, and skill and job creation.
Originally posted on LinkedIn on 17th May 2020- https://www.linkedin.com/feed/update/urn:li:activity:6667787215978029056/
With the 5th and final tranche announced today, we have a fair idea about the composition of the INR 20 trillion Atma Nirbhar Bharat Economic Package.
To summarize, the package is majorly focused on providing easy loans to businesses to meet their short-term requirement for funds.
INR 11.8 Trillion of the package is aimed at infusing liquidity. Also, credit guarantees up to INR 4 Trillion have been announced to incentivize banks to lend money.
Liquidity Infusion & Credit Guarantee together constitute 75% of the package.
Major part of Direct Benefits worth INR 2.3 Trillion has already been utilized in the PM Garib Kalyan Yojana.
INR 40000 crores for additional MGNREGS spending is the only major step that will help in reviving demand.
Government has done enough on the supply-side measures. However, it needs to be complemented with fast pick-up in demand to ensure the economic recovery is fast. We hope that the Government will take more measures to revive demand in the economy.
Government has also announced much needed reforms in many sectors. The benefits will be seen only in the long-term.
Since, this is the final report we have created a comprehensive report for your perusal. Hope you find it useful.
The document discusses the agriculture sector in India. Some key points:
- Agriculture is the backbone of the Indian economy, with around 58% of the population depending on it. India is a major global producer of crops like wheat, rice, fruits and vegetables.
- Agriculture contributes 18% to total exports and 23% to India's GDP. The sector provides food for over 1 billion people and raw materials to many industries.
- Major crops grown in India include rice, wheat, maize, millets, pulses, oilseeds, cotton, jute, sugarcane, tea, coffee, coconut and rubber.
- The agriculture sector plays a crucial role in employment, international trade, rural
The document discusses key aspects of the Indian Union Budget. It defines the budget as an annual financial statement of estimated receipts and expenditures according to the Indian Constitution. It describes how the budget is classified into revenue and capital budgets, with revenue budget covering tax/non-tax revenues and expenditures for services, and capital budget covering receipts from loans and capital expenditures. It also outlines the budget formulation, enactment, execution, and legislative review processes.
Skill India - A Skill Development CampaignBhavesh Singh
This PowerPoint presentation on ''Skill India "" provide us with the basic information related to the campaign started by the Prime Minister of India Narendra Damodardas Modi in a pictorial and unique manner .
Skill India is a campaign launched by Prime Minister Narendra Modi on 15 July 2015 with an aim to train over 40 crore (400 million) people in India in different skills by 2022. It includes various initiatives of the government like "National Skill Development Mission", "National Policy for Skill Development and Entrepreneurship, 2015", "Pradhan Mantri Kaushal Vikas Yojana (PMKVY)" and the "Skill Loan scheme".Skill India campaign was launched by Prime Minister Narendra Modi on 15 July 2015 to train over 40 crore people in India in different skills by 2022.UK has entered into a partnership with India under this programme. Virtual partnerships will be initiated at the school level to enable young people of either country to experience the school system of the other country and develop an understanding of the culture, traditions and social and family systems. A commitment to achieve mutual recognition of UK and Indian qualifications was made.
The Make in India initiative was launched by Prime Minister Modi in 2014 to transform India into a global manufacturing hub. It aims to attract foreign investment and technological expertise in 25 key sectors like automobiles, aviation, pharmaceuticals, and electronics. The initiative simplifies regulations, improves infrastructure through industrial corridors and smart cities, and develops skills to boost manufacturing and job creation in India. It has already received positive responses from companies like Samsung, Airbus, and Huawei who are investing in manufacturing plants in India.
The document provides an overview and analysis of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme launched by the Indian government. It discusses the background and objectives of PMJDY, which aims to provide universal access to banking facilities and promote financial inclusion. The performance has exceeded expectations with over 12.5 crore accounts opened within the first 9 months. Going forward, stakeholders will need to address operational challenges to strengthen implementation and ensure accounts remain active. The success of PMJDY can help promote inclusive growth in India.
The public distribution system (PDS) in India aims to ensure food security for the country's population through the timely procurement and subsidized distribution of food grains. The PDS is managed jointly by the central and state governments. Food grains are procured by the Food Corporation of India and transported to local fair price shops, where ration cards are used to provide subsidized grains and other items to India's poor and needy populations at an affordable price. However, the system faces limitations like poor identification of beneficiaries and uneven distribution of food grains.
PM-DevINE: New scheme Prime Minister’s Development Initiative for North-East Region (PM-DevINE) launched to fund infrastructure and social development projects in the North-East.
Vibrant Villages Programme: Vibrant Villages Programme for development of Border villages with sparse population, limited connectivity and infrastructure on the northern border.
Sunrise Opportunities: Government contribution to be provided for R&D in Sunrise Opportunities like Artificial Intelligence, Geospatial Systems and Drones, Semiconductor and its eco-system, Space Economy, Genomics and Pharmaceuticals, Green Energy, and Clean Mobility Systems.
The document provides information about the Make in India initiative launched by the Indian government in 2014. It aims to encourage companies to manufacture in India by improving the business climate and supporting sectors like automobiles, biotechnology, defense, electronics and more. It highlights that manufacturing is important for employing India's young workforce and that India imports much of its demand for electronics. The campaign aims to boost skill development, attract foreign investment, and establish India as a global manufacturing hub through various incentives and reforms.
This document outlines a group project on the topic of NITI Aayog, the Indian think tank that replaced the Planning Commission. It provides information on the group members, topics to be covered in the project, background on NITI Aayog including its objectives, formation, leadership, and how it differs from the Planning Commission. It also summarizes the impact of replacing the Planning Commission with NITI Aayog, initiatives taken by NITI Aayog, and concludes that NITI Aayog will enhance cooperative federalism and innovative thinking.
The document summarizes India's infrastructure industry, key findings, sectors, players, and government initiatives. It estimates that over $450 billion will be invested in India's infrastructure by 2012, with transport contributing nearly 6.6% to GDP in 2005-06. The government plans to spend around 9% of GDP on infrastructure by 2012, up from 4.6% in the previous plan period. Public-private partnerships and foreign direct investment are seen as important to developing India's infrastructure needs.
Liberlisation privatisation and globalisation - an apprraisalmadan kumar
The document summarizes India's economic reforms since 1991 known as the New Economic Policy (NEP). It describes the economic crisis prior to 1991 that necessitated reforms, including high fiscal and trade deficits. The NEP introduced liberalization, privatization, and globalization. Key reforms included reducing licensing, opening sectors to FDI, trade liberalization, and greater private sector participation. The goals were to stabilize and grow the economy. Impacts have included increased GDP growth across all sectors, higher FDI inflows, and larger foreign exchange reserves.
The document discusses the meaning and history of privatization in India. It defines privatization as the transfer of ownership of government property or businesses to privately owned entities. Privatization was first introduced in India during the 1980s under Rajiv Gandhi but was accelerated under the government of P.V. Narasimha Rao in 1991. The benefits of privatization for India included reducing the burden on government, modernizing and diversifying state-owned businesses, improving decision making, and attracting more foreign investment and industrial growth. Examples given of privatized industries are oil and telecommunications.
The document discusses India's 'Make in India' initiative to boost manufacturing. It aims to increase manufacturing's contribution to GDP from 15% to 25% by streamlining regulations, improving infrastructure and facilitating business. Key sectors discussed include defense, agriculture, infrastructure, healthcare and a focus on MSMEs which significantly contribute to output, exports and employment in India.
- Prime Minister Modi announced an economic stimulus package of Rs 20 lakh crore (equivalent to 10% of India's GDP) to help the Indian economy recover from the impacts of the COVID-19 pandemic and lockdown.
- The package includes previously announced welfare measures and RBI initiatives, plus more support for MSMEs, incentives for domestic manufacturing, tax benefits, and plans to boost local brands and global supply chain integration.
- The large stimulus aims to overcome an expected economic contraction and ensure small positive growth, but concerns remain around implementation challenges, lack of consultation, unaddressed job losses, and inadequate support for healthcare and migrant workers.
The Prime Minister of India on May 12,2020 launching Aatma Nirbhar Bharat Abhiyaan under which he announcing a special economic package of Rs 20 lakh crore which is equivalent to 10% of India’s GDP. The policy aims to make India self-reliant, empowering the poor, laborers, and migrants who have been majorly affected by COVID-19.
The document summarizes the impact of COVID-19 on the Indian economy. It discusses how various sectors like agriculture, industry, and services were affected. The agriculture sector was less impacted as kharif harvest and rabi sowing were not affected by lockdowns. However, poultry and dairy faced declines in demand and prices. The industry sector saw contractions in eight core industries like coal, crude oil, natural gas, refinery products and electricity. The overall Index of Industrial Production declined by 11.4%. The services sector, which contributes over 50% to India's GDP, was heavily impacted due to lockdowns.
Inclusive growth in India- prospects and challenges Jagriti Rohit
India’s government has made “inclusive growth” a key element of their policy platform, stating as a goal: “Achieving a growth process in which people in different walks in life… feel that they too benefit significantly from the process.” (Ahluwalia, 2007)
The document provides an overview of India's economic planning process since independence in 1947. It discusses the objectives and achievements of each of India's first 12 Five-Year Plans from 1951-2017. The planning process was established to rebuild and develop India's economy following independence, with a focus on industrialization, agriculture, infrastructure, and social development. Key highlights included the establishment of large dams and steel mills, the Green Revolution, nationalization of banks, and recent economic reforms beginning in the early 1990s.
The document outlines the government's budget proposals across 9 pillars including agriculture, rural development, social sector, education, skills and job creation, infrastructure, financial sector reforms, governance, fiscal discipline, and tax reforms. Key highlights include doubling farmers' income, rural employment, health coverage for all, increasing education quality, skill development programs, infrastructure investment, financial stability, ease of doing business, prudent fiscal management, and reducing the tax compliance burden. The document then provides more details on initiatives and allocations for agriculture, rural development, social programs, education, and skill and job creation.
Originally posted on LinkedIn on 17th May 2020- https://www.linkedin.com/feed/update/urn:li:activity:6667787215978029056/
With the 5th and final tranche announced today, we have a fair idea about the composition of the INR 20 trillion Atma Nirbhar Bharat Economic Package.
To summarize, the package is majorly focused on providing easy loans to businesses to meet their short-term requirement for funds.
INR 11.8 Trillion of the package is aimed at infusing liquidity. Also, credit guarantees up to INR 4 Trillion have been announced to incentivize banks to lend money.
Liquidity Infusion & Credit Guarantee together constitute 75% of the package.
Major part of Direct Benefits worth INR 2.3 Trillion has already been utilized in the PM Garib Kalyan Yojana.
INR 40000 crores for additional MGNREGS spending is the only major step that will help in reviving demand.
Government has done enough on the supply-side measures. However, it needs to be complemented with fast pick-up in demand to ensure the economic recovery is fast. We hope that the Government will take more measures to revive demand in the economy.
Government has also announced much needed reforms in many sectors. The benefits will be seen only in the long-term.
Since, this is the final report we have created a comprehensive report for your perusal. Hope you find it useful.
The document discusses the agriculture sector in India. Some key points:
- Agriculture is the backbone of the Indian economy, with around 58% of the population depending on it. India is a major global producer of crops like wheat, rice, fruits and vegetables.
- Agriculture contributes 18% to total exports and 23% to India's GDP. The sector provides food for over 1 billion people and raw materials to many industries.
- Major crops grown in India include rice, wheat, maize, millets, pulses, oilseeds, cotton, jute, sugarcane, tea, coffee, coconut and rubber.
- The agriculture sector plays a crucial role in employment, international trade, rural
The document discusses key aspects of the Indian Union Budget. It defines the budget as an annual financial statement of estimated receipts and expenditures according to the Indian Constitution. It describes how the budget is classified into revenue and capital budgets, with revenue budget covering tax/non-tax revenues and expenditures for services, and capital budget covering receipts from loans and capital expenditures. It also outlines the budget formulation, enactment, execution, and legislative review processes.
Skill India - A Skill Development CampaignBhavesh Singh
This PowerPoint presentation on ''Skill India "" provide us with the basic information related to the campaign started by the Prime Minister of India Narendra Damodardas Modi in a pictorial and unique manner .
Skill India is a campaign launched by Prime Minister Narendra Modi on 15 July 2015 with an aim to train over 40 crore (400 million) people in India in different skills by 2022. It includes various initiatives of the government like "National Skill Development Mission", "National Policy for Skill Development and Entrepreneurship, 2015", "Pradhan Mantri Kaushal Vikas Yojana (PMKVY)" and the "Skill Loan scheme".Skill India campaign was launched by Prime Minister Narendra Modi on 15 July 2015 to train over 40 crore people in India in different skills by 2022.UK has entered into a partnership with India under this programme. Virtual partnerships will be initiated at the school level to enable young people of either country to experience the school system of the other country and develop an understanding of the culture, traditions and social and family systems. A commitment to achieve mutual recognition of UK and Indian qualifications was made.
The Make in India initiative was launched by Prime Minister Modi in 2014 to transform India into a global manufacturing hub. It aims to attract foreign investment and technological expertise in 25 key sectors like automobiles, aviation, pharmaceuticals, and electronics. The initiative simplifies regulations, improves infrastructure through industrial corridors and smart cities, and develops skills to boost manufacturing and job creation in India. It has already received positive responses from companies like Samsung, Airbus, and Huawei who are investing in manufacturing plants in India.
The document provides an overview and analysis of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme launched by the Indian government. It discusses the background and objectives of PMJDY, which aims to provide universal access to banking facilities and promote financial inclusion. The performance has exceeded expectations with over 12.5 crore accounts opened within the first 9 months. Going forward, stakeholders will need to address operational challenges to strengthen implementation and ensure accounts remain active. The success of PMJDY can help promote inclusive growth in India.
The public distribution system (PDS) in India aims to ensure food security for the country's population through the timely procurement and subsidized distribution of food grains. The PDS is managed jointly by the central and state governments. Food grains are procured by the Food Corporation of India and transported to local fair price shops, where ration cards are used to provide subsidized grains and other items to India's poor and needy populations at an affordable price. However, the system faces limitations like poor identification of beneficiaries and uneven distribution of food grains.
PM-DevINE: New scheme Prime Minister’s Development Initiative for North-East Region (PM-DevINE) launched to fund infrastructure and social development projects in the North-East.
Vibrant Villages Programme: Vibrant Villages Programme for development of Border villages with sparse population, limited connectivity and infrastructure on the northern border.
Sunrise Opportunities: Government contribution to be provided for R&D in Sunrise Opportunities like Artificial Intelligence, Geospatial Systems and Drones, Semiconductor and its eco-system, Space Economy, Genomics and Pharmaceuticals, Green Energy, and Clean Mobility Systems.
The document provides information about the Make in India initiative launched by the Indian government in 2014. It aims to encourage companies to manufacture in India by improving the business climate and supporting sectors like automobiles, biotechnology, defense, electronics and more. It highlights that manufacturing is important for employing India's young workforce and that India imports much of its demand for electronics. The campaign aims to boost skill development, attract foreign investment, and establish India as a global manufacturing hub through various incentives and reforms.
This document outlines a group project on the topic of NITI Aayog, the Indian think tank that replaced the Planning Commission. It provides information on the group members, topics to be covered in the project, background on NITI Aayog including its objectives, formation, leadership, and how it differs from the Planning Commission. It also summarizes the impact of replacing the Planning Commission with NITI Aayog, initiatives taken by NITI Aayog, and concludes that NITI Aayog will enhance cooperative federalism and innovative thinking.
The document summarizes India's infrastructure industry, key findings, sectors, players, and government initiatives. It estimates that over $450 billion will be invested in India's infrastructure by 2012, with transport contributing nearly 6.6% to GDP in 2005-06. The government plans to spend around 9% of GDP on infrastructure by 2012, up from 4.6% in the previous plan period. Public-private partnerships and foreign direct investment are seen as important to developing India's infrastructure needs.
Liberlisation privatisation and globalisation - an apprraisalmadan kumar
The document summarizes India's economic reforms since 1991 known as the New Economic Policy (NEP). It describes the economic crisis prior to 1991 that necessitated reforms, including high fiscal and trade deficits. The NEP introduced liberalization, privatization, and globalization. Key reforms included reducing licensing, opening sectors to FDI, trade liberalization, and greater private sector participation. The goals were to stabilize and grow the economy. Impacts have included increased GDP growth across all sectors, higher FDI inflows, and larger foreign exchange reserves.
The document discusses the meaning and history of privatization in India. It defines privatization as the transfer of ownership of government property or businesses to privately owned entities. Privatization was first introduced in India during the 1980s under Rajiv Gandhi but was accelerated under the government of P.V. Narasimha Rao in 1991. The benefits of privatization for India included reducing the burden on government, modernizing and diversifying state-owned businesses, improving decision making, and attracting more foreign investment and industrial growth. Examples given of privatized industries are oil and telecommunications.
The document discusses India's 'Make in India' initiative to boost manufacturing. It aims to increase manufacturing's contribution to GDP from 15% to 25% by streamlining regulations, improving infrastructure and facilitating business. Key sectors discussed include defense, agriculture, infrastructure, healthcare and a focus on MSMEs which significantly contribute to output, exports and employment in India.
- Prime Minister Modi announced an economic stimulus package of Rs 20 lakh crore (equivalent to 10% of India's GDP) to help the Indian economy recover from the impacts of the COVID-19 pandemic and lockdown.
- The package includes previously announced welfare measures and RBI initiatives, plus more support for MSMEs, incentives for domestic manufacturing, tax benefits, and plans to boost local brands and global supply chain integration.
- The large stimulus aims to overcome an expected economic contraction and ensure small positive growth, but concerns remain around implementation challenges, lack of consultation, unaddressed job losses, and inadequate support for healthcare and migrant workers.
The Prime Minister of India on May 12,2020 launching Aatma Nirbhar Bharat Abhiyaan under which he announcing a special economic package of Rs 20 lakh crore which is equivalent to 10% of India’s GDP. The policy aims to make India self-reliant, empowering the poor, laborers, and migrants who have been majorly affected by COVID-19.
Decoding The 20 Lakh Crore Stimulus PackageMUKUNDSHARMA37
The document summarizes Prime Minister Modi's Rs. 20 lakh crore stimulus package announced to rescue India's economy during the COVID-19 pandemic. It was announced in 5 tranches focusing on different aspects of the economy, including MSMEs, farmers, food enterprises, infrastructure, and job creation. While the overall package is valued at over 10% of India's GDP, the actual fiscal spending is estimated to be less than Rs. 2.5 lakh crore or around 1% of GDP, as many proposals focus on easing liquidity and credit instead of direct cash outlay. The package aims to help affected sectors plan recovery and balance expenditure with revenue to avoid worsening the fiscal deficit.
The document summarizes the 20 lakh crore stimulus package announced by Prime Minister Modi on May 12th. It discusses key points of the package:
- The package totals 20 lakh crore rupees (equivalent to 10% of India's GDP) including previous relief measures.
- The first tranche focused on MSMEs, providing 3 lakh crore in collateral-free loans and 50,000 crore equity infusion.
- Subsequent tranches provided support for migrant workers, street vendors, agriculture, coal/defence/space sectors and MGNREGA jobs.
- However, the actual fiscal cost will be lower as many measures ease liquidity instead of being direct
Decoding of government of india 20 lakhs crore packageRajivRoy28
The follwing article decodes Government of India Announcement regarding COVID 19 Economic Package its vision/purpose, its intended usage, its implication in Indian circuit.
The document summarizes India's 20 lakh crore economic stimulus package announced by Prime Minister Modi on May 12, 2020 in response to the economic impacts of the COVID-19 pandemic. The key points are:
- The 20 lakh crore (INR 20 trillion or 10% of GDP) package aims to boost the economy, promote local manufacturing, and make India self-reliant.
- It includes monetary measures by the RBI worth 8 lakh crores and earlier fiscal measures totaling 1.92 lakh crores.
- The remaining amount is spread across 5 tranches providing support to MSMEs, migrants, agriculture, reforms, and state governments.
- However,
The document summarizes the details of India's Rs 20 lakh crore COVID-19 stimulus package announced by Prime Minister Modi. It includes previously announced steps and tax cuts for small businesses and incentives for domestic growth. The package amounts to around 10% of India's GDP, among the highest relief packages in the world. It aims to support various sectors of the economy hurt by the pandemic and lockdown. The summary provides a breakdown of spending across multiple tranches focused on MSMEs, farmers, housing, street vendors, and structural reforms with the goal of restarting the economy. However, some note the package fails to adequately address concerns of migrant workers, job losses, healthcare system strengthening, and lack of stakeholder consultation.
Decode Government of India 20 Lakh crore COVID PackageAaron Andrade
The announcements made by the Finance Minister Nirmala Sitharaman on Sunday concluded the relief measures undertaken in five tranches by the government as part of the economic package announced by PM Modi for ‘Atmanirbhar Bharat’. The minister, towards the end of her speech, also provided a tranche-wise complete break-up of the stimulus
Here is a short overview of 20 lakh crore economic relief package introduced by the government of India under Aatmanirbhar Bharat to revive the economy from the effects of COVID-19.
GOI announces Rs 20 lakh crore package to revive the economy during the pande...KishanVerma31
The Indian government announced a Rs 20 lakh crore (US$266 billion) stimulus package to revive the economy during the COVID-19 pandemic. The package includes previously announced relief measures and focuses on tax breaks for small businesses and incentives for domestic manufacturing. At 10% of India's GDP, it is one of the largest economic relief packages in the world. The measures aim to make India more self-reliant by boosting local production, reforming land, labor and financial laws, and developing infrastructure and technology.
The document summarizes key announcements from the Finance Minister regarding economic relief packages in India. It discusses measures to support MSMEs, including collateral-free loans worth Rs. 3 lakh crores and equity support. Definitions of MSMEs were also revised. Support was also announced for farmers, migrant workers, street vendors, NBFCs, and Discoms. The 'One Nation, One Ration Card' scheme was highlighted to allow national portability of ration cards.
The document provides an analysis of the Interim Union Budget 2019-20 presented by the Indian government. It discusses key highlights and proposals related to direct and indirect taxes. Some key points include increasing the standard tax deduction for salary income from Rs. 40,000 to Rs. 50,000. The tax exemption on notional rent is extended to a second self-occupied house. The TDS threshold for interest income from bank deposits is increased from Rs. 10,000 to Rs. 40,000. Overall, the budget aims to provide tax relief to individual taxpayers and increase spending on agriculture, infrastructure, healthcare and other social sectors.
The document summarizes India's 20 lakh crore economic stimulus package announced by Prime Minister Modi on May 12, 2020. It provides details on the objectives of making India self-reliant and boosting the economy through five pillars. The breakdown shows most of the stimulus came from RBI measures like liquidity injections rather than new government spending, which accounts for only around 1.5 lakh crore of the total. While the funds have been used efficiently so far, the conclusion argues that additional government expenditure could have been higher given the scale of the pandemic's economic impact in India.
Analysing the impact stimulus package Sanika Yadav
The document summarizes and analyzes India's 20 lakh crore economic stimulus package announced by Prime Minister Modi. It breaks down the spending categories and amounts. It also provides perspectives from economists who say the actual fiscal impact is lower than advertised and more should have been done to boost demand. Corporate experts note that much of the package focuses on credit and liquidity rather than direct fiscal stimulus.
The document discusses the Atmanirbhar Bharat Abhiyaan, or Self-Reliant India Movement, launched by the Indian government. It aims to make India more self-reliant by focusing on local manufacturers and reducing imports. This will strengthen the economy and trade balance by lowering the trade deficit. The government announced a stimulus package of 20 lakh crore rupees and reforms to boost key sectors like agriculture, MSMEs, power and defense. However, there are challenges around ensuring demand, and financing the large fiscal deficit caused by the package.
Decoding the 20 lakh crore stimulus packageabhishekc1234
Covid-19 pandemic has been deadly all over the globe and has made its mark on India too. In order to fight it head on, our Prime Minister made a huge announcement of Aatmanirbhar package Abhiyan (ABA) on 12 may 2020 of ₹20 Lakh Crore. This research study has been written by me where I decode the package in detail; discuss its usefulness and its impact on the nation.
The Union Budget for 2017-18 pledged relief for rural India, middle class taxpayers and small and medium-sized companies in the Union Budget 2017-18, saying the government would spend thousands of crores to double farmers' incomes, upgrade infrastructure and provide affordable housing. While unveiling the budget the Hon’ble Finance Minister emphasised that the budget is built on three pillars “Transform, Energise and Clean India”, that is, TEC India. This agenda of TEC India seeks to transform the quality of governance and quality of life of the citizens of India, energise various sections of society, especially the youth and the vulnerable sections of the society and enable them to unleash their true potential. The emphasis of TEC India is also to clean the country from the evils of corruption, black money, and non-transparent political funding. The main focus of the Budget has been to boost government expenditure in order to increase growth, and to muster employment generation.
The Finance Minister said the Indian economy was doing well despite global trends of slowing growth in other emerging economies. He also delivered a big relief to foreign portfolio investors by exempting them from indirect transfer provisions. The centre’s budget size has been pegged at Rs. 21.47 lakh crore, with an increase of 25.47 per cent in capital expenditure. As regards fiscal consolidation, the FM has targeted fiscal deficit of 3.2 per cent for 2017-18 as against earlier target of 3 per cent. For agriculture and rural sector, Mr Jaitley has increased the allocation by 24 per cent to Rs. 1.87 lakh crore for 2017-18. In the case of infrastructure, the planned public investment stood at massive Rs. 3.96 lakh crore.
We have developed an analysis of the budget, which includes opinion pieces from eminent economists and experts.
DECODING THE 20 LAKH CRORE STIMULUS PACKAGERamitHasija1
The document summarizes the key aspects of the 20 lakh crore stimulus package announced by the Indian government in 5 tranches. The first tranche focused on MSMEs and included Rs 3 lakh crore in collateral-free loans. The second tranche catered to migrant workers and street vendors with programs like 'one nation one ration card'. The third tranche strengthened the agriculture sector with funds for infrastructure, fisheries and food enterprises. The fourth and fifth tranches included reforms in coal, defense production and support for MGNREGA, PSUs and MSMEs. The conclusion emphasizes the importance of self-reliance, local manufacturing and boosting supply over demand.
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তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
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1. Overview of (20 lakh crore package)
Made by: PurusharthKumar
Enroll No: A70006418054
Course: BBA-General
Sem: 5th
Topic: Decoding20 lakh crore package of Atmanirbhar Abhiyaan
2. Overview
Atmanirbhar Bharat Abhiyaan or Self-reliant India campaign is the
vision of new India envisaged by the Hon'ble Prime Minister Shri
Narendra Modi. On 12 May 2020, our PM raised a clarion call to the
nation giving a kick start to the Atmanirbhar Bharat Abhiyaan (Self-
reliant India campaign) and announced the Special economic and
comprehensive package of INR 20 lakh crores - equivalent to 10% of
India’s GDP – to fight COVID-19 pandemic in India.
The aim is to make the country and its citizens independent and self-
reliant in all senses. He further outlined five pillars of Aatma Nirbhar
Bharat – Economy, Infrastructure, System, Vibrant Demography and
Demand. Finance Minister further announces Government Reforms
and Enablers across Seven Sectors under Aatmanirbhar Bharat
Abhiyaan.
The government took several bold reforms such as Supply Chain Reforms
for Agriculture, Rational Tax Systems, Simple & Clear Laws, Capable
Human Resource and Strong Financial System.
3. The announcements made by the Finance Minister Nirmala Sitharaman
concluded the relief measures undertaken in five tranches by the
government as part of the economic package announced by PM Modi for
‘Atmanirbhar Bharat’. The minister, also provided a tranche-wise complete
break-up of the stimulus. Importantly, the overall package which stood at
Rs 20,97,053 crore, included the Rs 1.92 lakh crore stimulus from measures
announced by Modi recently such as the Pradhan Matri Garib Kalyan
Package worth Rs 1.7 lakh crore. A big chunk, in fact the largest, worth Rs
8.01 lakh crore of the economic package belonged to the various measures
by the Reserve Bank of India in February, March and April this year to inject
liquidity.
4. A self reliant Indiawith 5 pillars
Part-1: MSME focused package & EPF
contribution reduced
Part-2:Package for Poor, Including migrants
and farmers
Part-3: Package for agriculture Fisheries and
Food Processing Sectors
Part-4: New Horizons of Growth
Part-5: Government Reforms
5.
6. First tranche – Rs 5,94,550 crore
The first set of relief measures announced by Nirmala Sitharaman
focused on enabling the Indian economy’s backbone – MSMEs that
employ around 11 crore people and have a GDP share of
approximately 29 per cent. Out of the 16 announcements made by
the minister, six were dedicated to the MSME segment to infuse
liquidity. This included Rs 3 lakh crore collateral-free loans and Rs
50,000 crore equity infusion for MSMEs through Fund of Funds.
Liquidity relief measures worth Rs 30,000 crore were also
announced for NBFCs, HFCs etc. and Rs 90,000 crore for power
distribution companies. The minister also advised states and
regulatory authorities for extending the registration and completion
date of real estate projects under RERA to de-stress developers and
ensure completion of projects for homebuyers to get their booked
houses on time.
7. Second tranche – Rs 3,10,000crore
Nirmala Sitharaman’s second tranche of measures catered to migrant
workers and street vendors. The minister introduced ‘one nation one
ration card’ to allow migrant workers to buy ration from any depot in
the country. A special credit facility of Rs 5,000 crore was announced to
support around 50 lakh street vendors who will have access to an initial
Rs 10,000 working capital. The minister also said that close to Rs 2 lakh
crore will be given to farmers through Kisan credit cards while 2.5 crore
farmers, including fishermen and animal husbandry farmers, would be
able to get institutional credit at a concessional rate. The government
allowed states to fund the food and shelter facilities to migrant workers
from the disaster response fund that would cost Rs 11,000 crore to the
centre.
8. Thirdtranche – Rs 1,50,000 crore
The third tranche of the measures worth Rs 1.5 lakh crore focused on
the agriculture and allied sectors including dairy, animal husbandry
and fisheries as the government announced steps to strengthen the
overall farm sector. Sitharaman announced Rs 1 lakh crore agriculture
infrastructure fund for farm-gate infrastructure including using it for
setting up cold chains and post-harvest management infrastructure.
Other key announcements made by the minister included Rs 20,000 to
be provided to fishermen through Pradhan Mantri Matsya Sampada
Yojana, and Rs 10,000 crore to formalize micro food enterprises. “This
will be a cluster-based approach, with which, local value-added
products can reach global markets,” the minister had said. Rs 4,000
crore for herbal cultivation, a Rs 15,000 crore Animal Husbandry
Infrastructure Development Fund, Rs 500 crore for bee-keeping related
infrastructure development were other packages announced by the
minister.
9. Fourth andfifth tranches – Rs 48,100 crore
The fourth instalment of the Rs 20 lakh crore package comprised of
reforms for sectors including coal, minerals, defence production, air
space management, airports, MRO, distribution companies in UTs,
space sector, and atomic energy. Sitharaman announced easing
utilization of the Indian air space to reduce air travel cost and
commercial mining in the coal sector and privatizing discoms in
metros to streamline their functions for better accountability. She
talked about private participation in the space sector along with
coming up with a policy for private players.
Additional Rs 40,000 crore were allocated for the Mahatma Gandhi
National Rural Employment Guarantee Act (MGNREGA) for job
creation in India’s hinterland. The government had earlier allocated Rs
61,000 crore in the budget for this financial year. Sitharaman also
announced the formulation of a new Public Sector Enterprises Policy
that would allow for consolidation of the PSU firms in strategic sectors.
10. Is this a new package?
Not entirely. While the PM did not give the details, he
did specify that this calculation of Rs 20 lakh crore
includes what the government has already announced
and the steps taken by the Reserve Bank of India
(RBI). This means the total amount of additional
money — that is over and above what the government
would have spent even in the absence of a Covid crisis
— will not be Rs 20 lakh crore. It would be
substantially less.
11. Why?
That is on the grounds that the PM has incorporated the activities of
RBI, India's national bank, as a feature of the legislature's "financial"
bundle, despite the fact that solitary the administration controls the
financial strategy and not the RBI (which controls the 'money related'
approach). Government consumption and RBI's activities are neither
the equivalent nor would they be able to be included this way. No place
on the planet is this done, explains Prof NR Bhanumurthy of NIPFP.
For example, when the US is said to have reported a relief bundle of $3
trillion (Rs 225 lakh crore), it just alludes to the cash that will be spent
by the administration — and it has nothing to do with what the Federal
Reserve (US national bank) may have done.
12. So will the actual amountspent by the governmentbe less than Rs 20 lakh
crore? If so, by how much?
An unpleasant gauge proposes that the RBI's choices have given extra liquidity
of Rs 5-6 lakh crore since the beginning of the Covid-19 emergency. Add this to
the Rs 1.7 lakh crore of the main financial alleviation bundle reported by the
Center on March 26. Together, the two as of now represent 40% of the Rs 20-
lakh crore bundle. That leaves a compelling measure of Rs 12 lakh crore.
Be that as it may, in the event that the administration is incorporating RBI's
liquidity choices in the estimation, at that point the genuine crisp spending by
the legislature could be significantly lower than Rs 12 lakh crore.
That is on the grounds that RBI has been coming out with long haul bond
purchasing activities (long haul repo activity or LTRO, to inject liquidity into
the financial framework) worth Rs 1 lakh crore at a time.
On the off chance that, for the good of argument, RBI comes out with another
LTRO of Rs 1 lakh crore, at that point the general monetary assistance falls by a
similar sum.
13. Why shouldn’t RBI’s package be included in the overall
package?
That’s because direct expenditure by a government — either by way of
wage subsidy or direct benefit transfer or payment of salaries or
payment for construction of a new hospital etc — immediately and
necessarily stimulates the economy. In other words, that money
necessarily reaches the people — either as someone’s salary or
someone’s purchase.
But credit easing by the RBI — that is, making more money available to
the banks so that they can lend to the broader economy — is not like
government expenditure. That’s because, especially in times of crisis,
banks may take that money from RBI and elsewhere and, instead of
lending it, park it back with the RBI.
This is exactly what is happening right now. At the last count, Indian
banks had parked Rs 8.5 lakh crore with the central bank. So in terms
of calculations, RBI has given a stimulus of Rs 6 lakh crore. But the
reality is that it has received an even bigger amount back from the
banks.
14. Analysts are hopeful that Prime Minister Narendra Modi’s Atma
Nirbhar Bharat programme will be a bigger success than ‘Make in India’
to boost India’s manufacturing.
This time around, with ‘Atma Nirbhar’ (self-reliance), there is a
targeted focus on specific sectors — defence, pharmaceuticals, and
electronics sectors are most likely to reap the benefits.
Six years after ‘Make in India’, analysts are hoping that the Atma
Nirbhar Bharat programme will have more material impact on
the country’s manufacturing sector. With the ‘Make in India’
programme in 2014, the Narendra Modi government was pushing
for a one-size-fits-all solution across 25 sectors.
“None of the key parameters suggest any material improvement in the
performance of the manufacturing sector over the last six years,” said a
report by Citi Research highlighting the inefficiency of Make-in-India.
The share of value-added by the manufacturing sector to the country’s
overall production has remained stagnant between 17 per cent and 18
per cent over the last decade.
Focusing on specific sectors and pushing for local products to replace
imports is the government’s new strategy.
Electronics, pharmaceuticals and labour-intensive industries may be
the biggest beneficiaries of Atma Nirbhar Bharat.
15. With Atma Nirbhar Bharat, analysts see the policy focus shifting from exports
and attracting shifts of supply chains to providing fiscal incentives and putting
in import restrictions instead. Most companies are anyway going to adopt a
‘China plus 1’ strategy rather than entirely move out of China.
Exports will remain the key focus, as in any developing economy. However, the
fundamental difference between ‘Make in India’ and Atma Nirbhar is the
realisation that India can’t control what the world will buy and therefore, it
should focus on its strengths instead of playing in areas where the global
competition is intense.
The border tensions in Ladakh gave India the political impetus it needed to put
its plans in place, starting with putting a cap on Chinese investment into India.
Let’s take pharmaceuticals, for instance. “Out of India’s total bulk drug imports
are 63 per cent of total pharma imports and for some medical equipment the
import dependency could be as high as 86 per cent,” said the Citi Research
report. The government has marked the pharmaceutical sector among the 10
‘champion’ sectors and as a part of this, India is looking for international
companies that would like to move their manufacturing base to the country.
16. Exports still remain an integral part of Atma Nirbhar Bharat. However, rising
global protectionism, reneging on bilateral foreign trade agreements, and the
expiry of India’s most prominent export incentive scheme — Merchandise
Export Incentive Scheme (MEIS) — indicate that the push on exports is
weakening.
Margins is where value addition kicks in. It’s not enough for exports to grow,
they also need to bring more value in order to have a beneficial effect on the
economy. Otherwise, some sectors may grow at scale but they won’t necessarily
add to the profit bottom line.
The foundation for this was laid out ahead of the budget earlier this year, in
India’s annual Economic Survey. The Survey went on to say that while the
short- to medium-term objective is the large-scale expansion of assembly
activities by making use of imported parts and components, giving a boost to
domestic manufacturing of parts and components (upgrading within global
value chains) should be the long-term objective.
So far, pharmaceuticals, defence manufacturing and electronics have been
given incentives to make more value-added products in India. Going forward,
labour-intensive sectors like leather, textiles and food processing are likely to
see similar thrust, according to Citi Research.
17. One of the few success stories of Indian manufacturing is the
electronics goods production. During the last couple of years, exports
have doubled to $11.8 billion in 2020 from $6.4 billion in 2018. However,
though the volume of production may have increased, concerns were
raised over value addition.
“A domestic electronics component manufacturing ecosystem had to
be developed to reduce dependence on imports and fiscal incentives
are planned to develop that ecosystem,” said Citi’s report.
The idea has definitely improved from Make in India to Atma Nirbhar,
whether the results will be better is something to be seen in a few years
from now.
18. Impact of this Stimulus Package
Primary Sector: The measures (reforms to amend ECA, APMC,
Contract framing, etc) announced for the agricultural and allied
sectors are particularly transformative.
These reforms are steps towards the One Nation One
Market objective and help India become the food factory of the
world.
These would finally help in achieving the goal of a self-sustainable
rural economy.
Also, the MGNREGA infusion of Rs 40,000 crore may help in
alleviating the distress of migrants when they return to their villages.
19. Secondary Sector: Given the importance of MSMEs for Indian
economy, the Rs 3 lakh crore collateral-free loan facility for
MSMEs under the package will help this finance-starved sector and
thereby provide a kickstart to the dismal state of the economy.
Also, as the MSME sector is the second largest employment generating
sector in India, this step will help to sustain the labour intensive
industries and thereby help in leveraging India’s comparative
advantage.
Additionally, limiting imports of weapons and increasing the limit of
foreign direct investment in defence from 49% to 74% will give a much-
needed boost to the production in the Ordnance Factory Board, while
reducing India’s huge defence import bill.
20. Tertiary Sector: The government has adopted a balanced
approach in addressing concerns across sectors. For
example:
The newly launched PM e-Vidya programme for multi-
mode access to digital online education provides a uniform
learning platform for the whole nation, which shall enable
schools and universities to stream courses online without
further loss of teaching hours.
Public expenditure on health will be increased by investing
in grass root health institutions and ramping up health and
wellness centres in rural and urban areas.
21. AssociatedChallenges
Issues Related to Liquidity: The package of Rs 20 lakh crore
comprises both fiscal and monetary measures, the latter being in the
nature of credit guarantees and liquidity infusions into banks and other
financial sector institutions rather than the economy per se.
Majority of the package is liquidity measures that are supposed to
be transmitted by RBI to Banks and Banks to Citizens. This
transmission wouldn’t be as smooth owing to inefficient
transmission of monetary policy.
Lack of Demand: The lockdown has lowered aggregate demand, and a
fiscal stimulus is needed. However, the package, by relying
overwhelmingly on credit infusion to boost the economy, has failed to
recognise that investment will pick up only when people across income
segments have money to spend.
Lack of Backward and Forward Linkages: Unless the rest of the
domestic economy is revived, the MSME sector may face a shortage of
demand, and its production may soon sputter to a close.
22. Burgeoning Fiscal Deficit: Government claims that the
stimulus package is around 10% of India’s GDP. However,
financing it would be difficult as the government is worried
about containing the fiscal deficit.
Difficulty in Mobilising Finances: The government seeks a
disinvestment to mobilise the finances for the plan.
However, the majority of Indian industries are already a bit
debt-laden to take up the stake in PSUs.
Further, it is difficult to borrow the foriegn markets, as rupee
with respect to dollar is all time low.
23. Steps To Be Taken
Enhancing Demand: The economic package for the country emerging
out of the lockdown requires a stimulus enhancing demand across the
economy.
The best way for this is to spend on greenfiled infrastructure.
Infrastructure spending uniquely creates structures that raise
productivity and extends spending power to the section of the
population most affected by the lockdown, namely daily wage
labourers.
Mobilising Finances: For financing of the stimulus package, India’s
foreign reserves stand at an all-time high which could be strategically
used to finance its needs.
The rest may have to come from privatisation, taxation, loans and
more international aid.
Holistic Reforms: Any stimulus package will fail to reflect the trickle-
down effect, until and unless it is backed by reforms in various sectors.
Thus, Atma nirbhar plan also encompasses the unfinished agenda
of holistic reforms which may include reforms in Civil services,
Education,Skill and Labour, etc.
24. Conclusion:
The economic crisis triggered by Covid-19 pandemic is much like the
1991 economic crisis, which was a harbinger of a paradigm shift via
liberalisation, privatisation and globalisation. The post-Covid-19 era
may usher in unprecedented opportunities provided the
implementation deficit is adequately addressed.
The Atmanirbhar Bharat Package is a monumental effort to help
Indians and the Indian economy tackle the COVID-19 scourge and lays
the groundwork for India to become a $5 Tn economy by 2025.
Conclude that self-reliance will prepare the country for tough
competition in the global supply chain, and it is important that the
country wins this competition. The package will also focus on
empowering the poor, laborers, migrants, etc., both from organized
and unorganized sectors.