Atmanirbhar Bharat Package 3.0

Atmanirbhar Bharat Package 3.0

State of Economy – Strong Recovery

• COVID active cases decline from over 10 lakh to 4.89 lakh active cases with Case Fatality Rate (CFR) at 1.47 percent

• Composite Purchase Managers Index (PMI) rose to 58.9 in Oct vs. 54.6 last month, registering the strongest increase in output in close to nine years

• Energy consumption growth trended higher in October at 12% YoY

• GST collections for October grossed Rs 1.05 lakh crore – 10% YoY

• Daily railway freight tonnage grew by an average of 20% YoY vs. 12% in the previous week.

• Bank credit YoY growth improved by 5.1% on 23rd October ’20.

• Markets at a record high, record market capitalization, FPIs net investments +ve, Forex Reserves – USD 560 billion

• FDI inflows Apr-August at USD 35.37 billion – 13 % rise YoY

• RBI predicts a strong likelihood of the Indian economy returning to positive growth in Q3:2020- 21, ahead by a quarter of the earlier forecast.

• Prominent economists have suggested that the rebound is not only due to pent up demand, but also strong economic growth.

Atmanirbhar Bharat Abhiyaan 1.0 – Progress on some key items

One Nation – One Ration Card:

• Inter-State Portability: 28 States/UTs have been brought under the national portability of ration cards with effect from September 1, 2020;

• Now covers 68.6 Crore beneficiaries who now have an option to lift their food grains from any FPS of choice in any of these 28 States/UTs.

• Intra-State portability is also enabled in these 28 States/UTs, about 1.5 Crore monthly transactions.

PM Street Vendor’s AtmaNirbharNidhi (PM SVANidhi):

• 26.62 lakh loan applications received

• 13.78 lakh loans totaling Rs 1373.33 cr sanctioned.

Work on Portal for migrant workers commenced.

• Credit boost to 2.5 crore farmers through Kisan Credit Cards: So far 183.14 lakh applications have been received; banks have issued KCC for 157.44 lakh eligible farmers and sanctioned a limit of Rs 1,43,262 crores in two phases

• Pradhan Mantri Matsya Sampada Yojana (PMMSY): Proposals from Twenty-one (21) States sanctioned at a total cost of Rs. 1681.32 crores

• Additional Emergency Working Capital Funding for farmers through NABARD: Rs. 25,000 crore has been disbursed out of this special facility.

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