Economy
AatmaNirbhar Bharat 3.0

Relevance IN - Prelims ( AatmaNirbhar Bharat 3.0. - highlights) + Mains ( GS III financial inclusion + economic developments + GS II government policies and interventions)
What's the NEWS

• Union Minister for Finance & Corporate Affairs has announced 12 key measures, as part of Government of India's stimulus to the economy, under AatmaNirbhar Bharat 3.0.
• The net stimulus announced today amounts to ₹ 2.65 Lakh crore.
• The total stimulus announced by the Government and Reserve Bank of India till date, to help the nation tide over the COVID-19 pandemic, works out to ₹ 29.87 lakh crore, which is 15% of national GDP.
• Out of this, stimulus worth 9% of GDP has been provided by the government.

The following are the 12 key announcements under AatmaNirbhar Bharat 3.0-
1) AatmaNirbhar Bharat Rozgar Yojana

• A new scheme to incentivize job creation during COVID-19 recovery has been launched.
• If EPFO-registered establishments take in new employees without EPFO registration or those who lost jobs earlier, the Yojana will benefit these employees.

Beneficiaries / New Employees under the scheme would be:

• any new employee joining employment in EPFO registered establishments on monthly wages less than Rs.15,000
• EPF members drawing monthly wage of less than Rs.15,000 who made exit from employment during COVID Pandemic from 01.03.2020 to 30.09.2020 and is employed on or after 01.10.2020.

Central Govt. will provide subsidy for two years in respect of new eligible employees engaged on or after 01.10.2020 at following scale:

• Establishments employing up to 1000 employees: Employee's contributions (12% of Wages) & Employer's contributions (12% of wages) totalling 24% of wages

Establishments employing more than 1000 employees: Only Employee's EPF contributions (12% of EPF wages)

A Credit guarantee support scheme ECLGS 2.0 is being launched for Healthcare sector and 26 stressed sectors with credit outstanding of above Rs. 50 crore and up to Rd. 500 Crore as on 29.2.2020 stressed due to COVID-19, among other criteria.
Entities will get additional credit up to 20% of outstanding credit with a tenor of five years, including 1 year moratorium on principal repayment. This scheme will be available till 31.3.2021.
3) Production Linked Incentive worth Rs. 1.46 Lakh Crore to 10 champion sectors.

• 10 more Champion Sectors will be covered under the Production Linked Incentives Scheme to help boost competitiveness of domestic manufacturing.
• This will give a big boost to economy, investment, exports and job creation. A total amount of nearly 1.5 Lakh Crore has been earmarked across sectors, for next five years.

• The ten sectors are - Advance Cell Chemistry Battery, Electronic/Technology Products, Automobiles & Auto Components, Pharmaceuticals Drugs, Telecom & Networking Products, Textile Products, Food Products, High Efficiency Solar PV Modules, White Goods (ACs & LED), and Specialty Steel.

4) Rs. 18,000 Crore Additional outlay of for PM Awaas Yojana - Urban

• A sum of Rs 18000 cr is being provided for PMAY- Urban over and above Rs. 8000 Crore already allocated this year.
• This will help ground 12 Lakh houses and complete 18 Lakh houses, create additional 78 Lakh jobs and improve production and sale of steel and cement, resulting in multiplier effect on economy.

5) Support for Construction & Infrastructure - Relaxation of Earnest Deposit Money & Performance Security on Government Tenders

• To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts has been reduced from 5-10% to 3%.
• It will also extend to ongoing contracts and Public Sector Enterprises. EMDfor tenders will be replaced by Bid Security Declaration. The relaxations in the General Financial Rules will be in force till December 31, 2021.

6) Income Tax relief for Developers & Home Buyers

• Differential between circle rate and agreement value in real estate income tax under Section 43 CA of IT Act has been increased from 10% to 20%.
• This is for primary sale of residential units up toRs. 2 Crore (from date of announcement of this scheme, till June 30 2021).
• Consequential Relief up to 20% shall also be allowed to buyers of these units under section 56(2)(x) of IT Act for the said period. The Income Tax relief provides incentive to middle class to buy homes.

7) Platform for Infra Debt Financing

• Government will make Rs.6,000 Crore equity investment in debt platform of National Investment and Infrastructure Fund (NIIF), which will help NIIF provide a debt of Rs. 1.1 Lakh Crore for infrastructure projects by 2025.

8) Support for Agriculture: Rs.65,000 Crore for subsidized fertilizers

• As fertilizer consumption is going up significantly, Rs.65,000 Crore is being provided to ensure increased supply of fertilizers to farmers to enable timely availability of fertilisers in the upcoming crop season.

9) Boost for Rural Employment:

• Additional outlay of Rs.10,000 Crore is being provided for PM Garib Kalyan Rozgar Yojana to provide rural employment. This will help accelerate rural economy.

10) Boost for Project Exports

• Rs.3,000 Crore boost is being provided to EXIM Bank for promoting project exports under Indian Development and Economic Assistance Scheme (IDEAS Scheme). This will help EXIM Bank facilitate Lines of Credit development assistance activities and promote exports from India.

11) Capital and Industrial Stimulus

• Rs.10,200 Crore additional budget stimulus is being provided for capital and industrial expenditure on domestic defence equipment, industrial infrastructure and green energy.
• 12) R&D grant for COVID Vaccine
• Rs.900 Crore is being provided to Department of Biotechnology for Research and Development of Indian COVID Vaccine.

International
17^th ASEAN India Summit

Relevance IN - Prelims ( summit highlights) + Mains ( GS II India and its neighbourhood- relations. Bilateral, regional and global groupings and agreements involving India and/or affecting India's interests

What's the NEWS

• Prime Minister participated in the 17thASEAN-India Summit at the invitation of H.E. Nguyen Xuan Phuc, Prime Minister of Vietnam, the current Chair of ASEAN.
• The Summit, which saw the participation of all ten ASEAN Member States, was conducted in virtual format.

Summit Highlights

• ASEAN is central to India's Indo-Pacific Vision and contributes to Security And Growth for All in the Region (SAGAR).
• Prime Minister announced a contribution of US$ 1 million to the COVID-19 ASEAN Response Fund.
• India offered US$ 1 billion Line of Credit to support ASEAN connectivity.
• The ASEAN leaders acknowledged India's contribution towards promoting peace and stability in the region and welcomed India's support to ASEAN centrality.
• The Leaders also welcomed the adoption of the new ASEAN-India Plan of Action for 2021-2025.
• The Association of Southeast Asian Nations (ASEAN) is one of the most significant groups in the region.
• Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia are its members.
• India, the US, China, Japan and Australia are its dialogue partners.
• Vietnam Prime Minister Nguyen Xuan Phuc co-chaired the meet.
• The leaders will discuss ways to further strengthen ASEAN-India engagement and in this context will note the adoption of ASEAN-India Plan of Action (2021-2025).

Prelims Factoids
Ayurveda Day
Relevance IN - Prelims ( about Ayurveda Day)
What's the NEWS

• Prime Minister extended greetings to the nation on the occasion of Ayurveda Day

Know! about Ayurveda Day

• The PM inaugurated the Institute of Teaching and Research in Ayurveda (ITRA) at Jamnagar in Gujarat and National Institute of Ayurveda (NIA) at Jaipur in Rajasthan
• This year's celebration will focus on the potential role of Ayurveda in the management of the Covid-19 pandemic.
• These institutions are expected to play "global leadership roles" in the growth and development of Ayurveda in the 21st century, the statement added.
• This year's celebration will focus on the potential role of Ayurveda in the management of the Covid-19 pandemic.
• The nation has been celebrating Ayurveda Day on November 13 since 2016 to commemorate Dhanwantri, revered as a god of the traditional Indian medicine.

Defence
Mission Sagar - II
Relevance IN - Prelims ( about Mission Sagar) + Mains ( GS II bilateral relations)

What's the NEWS

• In continuation of the ongoing humanitarian mission ‘Sagar-II', Indian Naval Ship Airavat arrived at Port of Djibouti, Djibouti on 10 November 2020.
• The Government of India is providing assistance to Friendly Foreign Countries to overcome natural calamities and COVID-19 pandemic, and towards the same INS Airavat is carrying food aid for the people of Djibouti.

Know! about Mission SAGAR

• The Mission Sagar-II is aligned with Prime Minister's vision of SAGAR (Security and Growth for All in the Region) and reiterates India's position as a dependable partner in Indian Ocean Region (IOR) with Indian Navy as the first responder in the maritime domain.
• The mission also highlights the importance accorded by India to relations with her maritime neighbours and further strengthens the existing bond.
• The Indian Navy is progressing this mission in close coordination with the Ministries of Defence and External Affairs, and other agencies of the Government of India.

Governance
Doorstep Service for submission of Digital Life Certificate through Postman launched

Relevance IN - Prelims ( about Doorstep Service for submission of Digital Life Certificate through Postman") + Mains ( GS II governance + government policies and interventions )
What's the NEWS

• India Post Payments Bank, IPPB of Department of Posts & Meity have successfully launched the initiative of the Department of Pension & Pensioners' Welfare: "Doorstep Service for submission of Digital Life Certificate through Postman".

Know! more about the newly launched facility

• The facility to submit life certificate online through Jeevan Pramaan Portal was launched by the Hon'ble Prime Minister in November, 2014 with the objective to provide a convenient and transparent facility to pensioners for submission of Life Certificate.
• In order to make this facility available across the country, DoPPW roped in the India Post Payments Bank (IPPB) and utilise its huge network of Postmen and Gramin Dak Sevaks in providing doorstep facility to pensioners for submission of life certificate digitally.
• IPPB has customized its Bank software and dovetailed the same with Jeevan Pramaan software of Ministry of Electronics & Information Technology (MeitY) and UIDAI, to provide DLC services at the doorstep of Pensioners.
• This facility shall be in addition to other facilities such as withdrawal of money from bank account etc. while sitting at home.
• IPPB is utilising its national network of more than 1,36,000 access points in Post Offices and more than 1,89,000 Postmen & Gramin Dak Sevaks with smart phones and biometric devices to provide Doorstep Banking Services.
• As a result a huge number of pensioners across the country shall be able to avail doorstep service through Postmen/ Gramin Dak Sevak, without visiting to bank branch or standing in a queue outside the bank branches.
• In order to avail "doorstep service for submission of DLC" through IPPB, pensioners can get detailed information on ippbonline.com.
• It is a chargeable service and will be available to all Central Government Pensioners across the country irrespective of the fact their pension accounts are in different bank.

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