Quick Summary
Finance Minister announces measures of Rs 73,000 crore to stimulate consumer spending before end of this Financial Year in fight against COVID-19 Cash payment and leave encashment in lieu of one LTC during 2018-21 according to entitlement Special Festival Advance Scheme revived as a one-time measure for both Gazetted and non-Gazetted employees Special interest free 50-year loans to States for capital expenditure for Rs. 12,000 crore Additional budget of Rs. 25,000 crore, in addition
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FAQ :
The total value of the stimulus package announced is Rs 73,000 crore.
The main objectives are to stimulate consumer spending and fight the economic slowdown caused by the COVID-19 pandemic.
This scheme allows central government employees to receive cash payment in lieu of LTC not availed during 2018-21. They must purchase goods or services attracting GST of 12% or more from a GST-registered vendor digitally before March 31, 2021.
This is a one-time revival of the scheme, offering an interest-free advance of Rs 10,000 to gazetted and non-gazetted central government employees, to be spent by March 31, 2021, and repaid in up to 10 instalments.
States are being offered Rs 12,000 crore in special interest-free 50-year loans for capital expenditure.
Yes, an additional budget of Rs 25,000 crore is being provided for capital expenditure on projects like roads, defence, water supply, and urban development.
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