Union Finance Minister Nirmala Sitharaman has announced more stimulus measures to boost growth. It comes a day after the the Union Cabinet approved a ?2 lakh crore production-linked incentive (PLI) package to boost demand in the country.
For primary residential real estate sales, relief on the difference between circle rate & agreement value up to 20% vs 10% earlier has been provided. Other measures include:
-Income tax relief for developers and home buyers.
-Support for Construction & Infrastructure-Performance security on contract to be reduced to 3% instead of 5%. Earnest Money Deposit will not be required for tenders and will be replaced by Bid Security Declaration. Relaxations will be given till 31st December 2021.
-This extra budgetary resource being provided will help 12 Lakh houses to be grounded & 18 Lakh houses will get completed as a result.
- ?18,000 crore will be provided over and above the budget estimate which was mentioned in the Budget 2020-21 under Pradhan Mantri Awas Yojana. particularly for the urban areas.
- ?1.46 lakh crore boost for Aatmanirbhar Manufacturing Production-linked incentive for 10 champion sectors.
-Guaranteed credit support for 26 stressed sectors identified by the Kamath Committee. Original ECLGS had one year of moratorium and 4 years of repayment, the new scheme will have 1-year moratorium and 5 years of repayment.
--The existing Emergency Credit Line Guarantee Scheme extended till 31st March 2021.
-If new employees of requisite number are recruited from October 1, 2020 to June 30, 2021, the establishments will be covered for the next two years
