Hello friends, Today I’m going to explain the topic "Special Economic Package or AatmaNirbhar Bharat: 3rd Phase"
You can read my previous Blogs on Special Economic Package
The Union Finance Minister Smt Nirmala Sitharaman announced the 3rd Phase of the Economic Relief Package following the Public Address of the Prime Minister on 12th May 2020. The Prime Minister, announced a special economic package of around Rs 20 lakh crores, amounting to 10% of India’s GDP during his speech to Spur growth, and to build "AatmaNirbhar Bharat"
- 8 for Agriculture Infrastructure
- 3 for Governance Reforms
1. Farming Infrastructure
- To strengthen the farming infrastructure, a Fund of Rs 1 Lakh crore is created to finance Agriculture Infrastructure Projects at farm gate and aggregation points.
- This facility will aide Agriculture Cooperative societies, Aggregators, Farmer producer organizations, Agricultural entrepreneurs, and Start-ups. This is expected to give impetus to the Postharvest Management Infrastructure.
- Fund will be created immediately.
- The scheme promotes the vision of Hon. PM Narendra Modi: ‘Vocal for Local with Global outreach’
- Fund of Rs 10k crores will be created for the benefit of Micro Food Enterprises to help them modernize production techniques.
- Existing Micro food enterprises, Farmer Producer Organisations, Self Help Groups, and Organizations to be held
- Cluster-based approach (e.g. Mango in UP, Kesar in J&K, Bamboo shoots in North-East, Chilli in Andhra Pradesh, Tapioca in Tamil Nadu, etc.)
- Expected outcomes: Improved health and safety standards, integration with retail markets, improved incomes
- It will also help in reaching untapped export markets in view of improved health consciousness.
- Rs 20,000 crores for Fishermen through Pradhan Mantri Matsya Sampada Yojana (PMMSY)
- Rs 11,000 Cr for activities in Marine, Inland fisheries and Aquaculture
- Rs. 9000 Cr for Infrastructure – Fishing Harbours, Cold chain, Markets, etc.
- It will lead to Additional Fish Production of 70 lakh tonnes over 5 years.
- Employment to over 55 lakh persons; double exports to Rs 1,00,000 Cr.
- Focus on Islands, Himalayan States, North-east, and Aspirational Districts.
- Cage culture, seaweed farming, ornamental fishery, as well as fishing vessels, Traceability, Laboratory Network will be the key focus.
- Animal Husbandry Infrastructure Development Fund of Rs. 15,000 crore will be set up.
- Propose to encourage private investment in Dairy Processing, value addition and cattle feed Infrastructure
- Incentives to be given for strengthening plants for the export of niche products.
- Promotion of Herbal Cultivation Fund of Rs. 4000 crore will be set up.
- A network of regional mandis for Medicinal Plants will be created along the banks of river Ganga.
- National Medicinal Plants Board (NMPB) has helped 2.25 lakh hectare area under cultivation of medicinal plants
- National Animal Disease Control Programme for Foot and Mouth Disease (FMD) and Brucellosis launched with a total outlay of Rs. 13,343 crores.
- It ensures 100% vaccination of cattle, buffalo, sheep, goat, and pig population (total 53 crore animals) for Foot and Mouth Disease (FMD) and for brucellosis.
- Beekeeping initiatives Fund of Rs 500 crores will be set up.
- A scheme for building infrastructure for development, marketing, storage, and capacity building in bee breeding will be implemented.
- Infrastructure expansion related to Integrated Beekeeping Development Centres, Collection, Marketing and Storage Centres, Postharvest & value Addition facilities, etc.
- Development of quality nucleus stock and bee breeders. This will lead to an increase in income for 2 lakh beekeepers and quality honey to consumers.
- From ‘TOP’ to TOTAL of Find of Rs 500 crores will be set up.
- Tomato, Onion, and Potato to all fruits and vegetables and subsidy for transport and storage for supply to deficient markets will be made available.
- 50% subsidy on transport from surplus to imperfect markets and 50% subsidy on storage, including cold storages.
- Distress sale and reduction of the price of perishable fruits and vegetables at the farm level needs to be prevented.
9. Amendments to the Essential Commodities Act
- This Act has been in existence since 1955. This law is very important as it was promulgated when food shortages were common. Farmers are now producing in abundance but export is not allowed.
- Agriculture foodstuff including cereals, edible oils, oilseeds, pulses, potato, and onions to deregulate.
- Stock limits to be imposed under very exceptional circumstances like national calamities, famine with the surge in prices.
- No such stock boundary shall apply to processors or value chain participants, subject to their installed size or to any exporter subjected to the export demand.
- Established capacity or to any exporter subjected to export demand.
- Farmers bound to sell agriculture produce only to Licensees in APMCs and Such restriction of sale is not there for any industrial produce
- Results in Hindrances in the free flow of Agricultural Produce, Fragmentation of Markets, Supply Chain, and Less price realization for farmers.
- A Central law will be formulated to provide – (i) Adequate choices to farmer to sell produce at attractive price (ii) Barrier-free Inter-State Trade (iii) Framework for e-trading of agriculture produce.
- Farmers lack an enforceable standard mechanism for predictable prices of crops at the time of sowing and Private sector investment in the provision of inputs and knowhow in the agriculture sector hindered
- The facilitative legal framework will be created to enable farmers for engaging with processors, aggregators, large retailers, exporters, etc. in a fair and transparent manner.
- Risk mitigation for farmers assured returns and quality standardization shall form an integral part of the framework.
Thanks for reading friends, I will bring more such interesting topics related to Taxation & Updates regarding COVID-19 Impact on various Business Sector as well as Tax implications or Tax Announcements due to COVID-19
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