Finance Minister Nirmala Sitharaman today announced a new scheme called Atmanirbhar Bharat Rozgar and announced that the home buyers will get incentives to rescue the economy out of historic contraction caused by the ongoing pandemic. This is aimed at fuelling a rebound in the ailing economy. The finance minister also said that the country‘s economy is seeing a strong recovery.
What is stimulus 3.0?
Stimulus 3.0 is a targeted and comprehensive package to stimulate growth and economic recovery. This will be a booster for the Indian economy that is being hit by the COVID-19 pandemic situation.
It was also announced that the Atmanirbhar Bharat Rozgar scheme Will come into force from first October and will continue till June 30 next year. This will create more jobs New new employment opportunities that will benefit the crores of workers.
Under this scheme, the employment generation incentives will cover almost all the companies registered under the Employees Provident Fund Organisation. The scheme is expected to cover 65% of employees and 95% of establishments in the formal sector.
Our finance minister in the media briefing also doubled the differential between circle rate (stamp duty value) and agreement value (purchase value) from 10% to 20% for the sale of residential houses up to Rs.2 crores. This clearly means that the buyers will get a tax relief of up to 20% under the income tax act. Our finance Minister also added that the income tax relief will be available till June 30, 2021.