Union Minister Nirmala Sitharaman introduces various schemes to boost consumer & capital demand worth Rs 73000 crore by 31 March 2021

Union Minister Nirmala Sitharaman introduces various schemes to boost consumer & capital demand worth Rs 73000 crore by 31 March 2021. Union Minister for Finance, Nirmala Sitharaman announced major schemes at 43rd GST Council meeting to improve consumer & capital demand through virtual mode. As per the finance ministry, the consumer & capital demand estimated to cost Rs 73,000 crore by 31 March 2021.

New Schemes:

Interest-free 50-year loan to states worth Rs 12,000 crore:

Under this, States can use this loan amount for spending only on capital projects with an objective to improve economy. This Interest Free loan will be given to states as follows:

  • North-Eastern States – Rs 1,600 crore
  • Uttrakhand and Himachal Pradesh – Rs 900 crore
  • For remaining states – Rs 7,500 crore
  • Rs 2,000 crore will be given to states that fulfill pre-stated reforms.

Additional capital expenditure of Rs 25,000 crore:

  • This additional money will be for spending on roads, defence infrastructure, water supply and urban development, defence infrastructure and domestically produced capital equipment.

LTC Cash Voucher Scheme Special Festival Advance Scheme:

  • Under this scheme government will give the entitled fare as cash vouchers, which employees could use to make purchases of their choice. This should be spent by March 31, 2021.

Special Festival Advance Scheme:

  • Using this scheme, non-gazetted government employees able to get interest-free advance of Rs. 10,000, in the form of a prepaid RuPay Card.
  • The one-time disbursement of Special Festival Advance Scheme is likely to amount to Rs. 4,000 crore.

Related Questions:

  • Who is the Chairman of GST Council? – Finance Minister
  • What Kind of Tax is GST? – Indirect Tax
  • Around, how many countries in the world adopted GST? – 160
  • GST Comes under which amendment bill? – 122
  • Under which act GST was introduced? – 101
  • What is the constituency of FM Nirmala Sitharaman? – Rajya Sabha(Karnataka)

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