Centre providing fiscal stimulus of Rs 27 lakh crore as part of Aatmanirbhar package: Gangwar
Mar 11, 2021
New Delhi [India], March 11 : The Minister of State for Labour and Employment Santosh Kumar Gangwar on Wednesday said that the Centre is providing fiscal stimulus of more than Rs 27 lakh crore as part of the Aatmanirbhar financial package.
In a written reply to a question in Rajya Sabha today, Gangwar said that the government increasing public expenditure on various schemes run by the Ministry of Micro, Small and Medium Enterprises, Ministry of Rural Development and Ministry of Housing and Urban Affairs.
Furthermore, the Aatmanirbhar Bharat Rozgar Yojna (ABRY) Scheme has been launched to incentivise employers for the creation of new employment along with social security benefits and restoration of loss of employment during the COVID-19 pandemic.
Under ABRY, the Government of India is bearing for a period of two years, both the employees' share (12 per cent of wages) and employers' share (12 per cent of wages) of contribution payable or only the employees' share, depending on employment strength of the Employees' Provident Fund Organisation (EPFO) registered establishments.
Under Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), the Centre is incentivising employers for the creation of new employment with social security benefits by paying the employer's full contribution i.e. 12 per cent towards EPF and EPS both (as admissible from time to time) for a period of three years to the new employees through EPFO.
Gangwar further informed that the Pradhan Mantri Mudra Yojana (PMMY) has been initiated by the Centre inter alia, for facilitating self-employment. Under the PMMY, collateral-free loans upto Rs 10 lakh, are extended to micro/small business enterprises and to individuals to enable them to set up or expand their business activities.
Besides these, flagship programmes of the Government such as Make in India, Digital India, Swachh Bharat Mission, Smart City Mission, Atal Mission for Rejuvenation and Urban Transformation, Housing for All, Infrastructure development and Industrial corridors have the potential to generate productive employment opportunities.
