Recently when everyone was in the joy of Diwali week, Finance minister Nirmala Sitharaman announced multiple schemes for the businesses to take part in their happiness. Now businesses will get multiple benefits from the government of India. The finance minister announced a package of 2.65 lakh crores to stimulate Atma Nirbhar Bharat 3.0, where the main targets are MSMEs, housing, stretched, and farm sectors. Amid 10 PLI schemes, 5 more industries are included in the package that will consist of 12.7 lakh crores. It will attract the investors to put their money in the production of goods in India where the Indian market can increase the export of goods. Also, the government has supported the private and public sector by sharing the maximum 24% PF for the employees. The government will directly support every employer in the share of PF, which will enhance manufacturing in India. Every decision is taken under Atmanirbhar Bharat 3.0 package to increase production in India. Let's discuss the departments where the schemes are going to apply.
The incentives for housing relief are in two forms that come under the Atma Nirbhar Bharat. One is an Income tax benefit, and the other is higher incentives for Pradhan Mantri Awas Yojna. The tax is reduced to 3 percent where owners directly enjoy the relaxation. The application of the tax reduction will be limited to the value of 2 crores. It will help the owners to solve the unsold inventory, and it will differentiate the circle value and agreement value. Under the PMAY, the housing sectors will get the incentives of 18000 crores, of which the Finance ministry already sanctions 8000 crores.
The government announced to boost up the companies with the employee share of 1000 employees. The employees that are hired between October 1, 2020, and June 30, 2021, will get the 24 % PF in which the government will share a 12 % PF amount to include in their accounts. The job sectors will get a boost, and it will promote Atma Nirbhar Rozgar Yojana.
The government has decided to include the healthcare services in the stressed services, and all these sectors will get credit from the government. It will directly give benefits to the MSMEs and other healthcare sectors. The government has exceeded 3 lakh crores for these industries, which can create a good impact on the export of goods.
The government has decided to support the manufacturing industry by offering them multiple incentives for the manufacturing of goods in India. It will enhance the number of products in India where businesses will get a direct advantage in the manufacturing of multiple things.
The government has decided to infuse 6000 crores in NIIF as the equity, which will enhance other projects and attract investors to invest more in the Indian market. There are some expectations by the government that the infra project financing is going to touch the 1.10 lakh crore mark by 2025.
Also, 65000 crores are reserved for farmers for the fertilizers and other needs. The farmers can enjoy these services for every crop season, which will allow them to grow more without any problem.
There is the amount of 3000 crores for EXIM bank that can be used for the project promotion that will come under the line of credit by the IDEAS scheme. The government is providing direct benefits to the businesses, which will help the economy to reach the target by the end of 2025.
For construction and infrastructures, the government is reducing the security from 5-10% to 3%, which is crucial to enhance the working capital of construction. It will entertain the contractors and other services to unblock the previous capitals to promote the construction services in the country.
Multiple schemes will foster the economy of India, which can help the businesses to create more resources for the promotion of Atma Nirbhar Bharat. It will enhance export services and enhance the manufacturing sectors.