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<ul><li>Under the <keyword id="10263868" type="UNKNOWN" weightage="20" keywordseo="atmanirbhar-bharat-rozgar-yojana-scheme">Atmanirbhar Bharat Rozgar Yojana scheme</keyword>, the central government will provide subsidy for new employees in establishments up to 1000 employees.</li><li>The PF amount will be credited upfront in the Aadhaar-seeded EPFO accounts of the eligible new employee, said India’s <keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> Nirmala Sitharaman.</li><li>Here’s the eligibility criteria for companies to avail benefits under this scheme</li></ul>Finance Minister Nirmala Sitharaman in her press conference today (November 12) announced the <keyword id="10263642" type="UNKNOWN" weightage="20" keywordseo="Atmanirbhar-Bharat-Rozgar-Yojana">Atmanirbhar Bharat Rozgar Yojana</keyword> for the benefit of the members of employees provident fund Organization (EPFO). The announcement came as a part of the third stimulus package aimed at helping the COVID hit Indian economy. <div type="Article" hostid="261" msid="79187044" title="Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference" mstype="2" mssubtype="0"></div> The finance minister said under this scheme, every establishment that is registered with the EPFO will be incentivised to hire people who were not registered with EPFO earlier as well as those who lost their jobs between March 1, 2020 to September 30, 2020. Under the scheme, the central government will give a subsidy for new employees for establishments with up to 1000 employees. The PF amount will be credited upfront in the Aadhaar-seeded EPFO accounts of the eligible new employee, Sitharaman said. Who will be benefited by this? <ul><li>Any new employee joining employment in the EPFO registered establishments with monthly wages less than ₹15,000.</li><li>EPFO members drawing monthly wages of less than ₹15,000 who exited employment during COVID pandemic from March 1 to September 30 and had been hired on or after October 1, 2020. </li></ul>Benefits for companies registered with EPFO The central government will give the subsidy for two years in respect of new eligible employees engaged on or after October 1 at the following scale. <ul><li>Establishments employing up to 1,000 employees will get a contribution of 12% of employee wages and 12% as employers contributions, totalling up to 24% of wages. </li><li>And, for establishments employing over 1000 employees, only 12% of wages of the employees will be given. </li></ul>Here’s the eligibility criteria for companies to obtain benefits under this scheme To avail benefits under this scheme, the organisations with fewer than 50 employees will have to hire at least two employees, and those with more than 50 employees will have to hire five or more employees. "A large number of organizations have put off their hiring plans this year because they are wary of taking up fresh monetary commitments. The government's pledge to bear the EPFO contributions of new employees will encourage many organizations to resurrect their recruitment plans,"Vivek Bindra, founder of New Delhi-based Bada Business. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/indian-government-approves-the-pli-scheme-for-10-sectors/articleshow/79172901.cms" data-type="tilCustomLink">Indian government approves the Production Linked Incentive scheme for 10 sectors worth ₹2 lakh crore</a> <a href="https://www.businessinsider.in/business/corporates/news/spicejet-shrink-its-losses-to-112-59-crore-in-the-second-quarter-ended-september-30/articleshow/79172678.cms" data-type="tilCustomLink">Spicejet is losing one rupee where it was losing four thanks to cheaper fuel and cut in rentals</a>

Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees

<ul><li>The Union Cabinet had approved the <keyword id="10403683" type="UNKNOWN" weightage="20" keywordseo="atmanirbhar-bharat-rojgar-yojana">Atmanirbhar Bharat Rojgar Yojana</keyword> at an expenditure of ₹22,810 crore for two years. </li><li>Under this new employment scheme, the government will provide both employee and employer contributions to the retirement fund for new hires for two years.</li><li>This subsidy will be eligible for new employees engaged on or after October 1. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>The Union Minister Santosh Kumar Gangwar at cabinet briefing said the Union Cabinet had approved the Atmanirbhar Bharat <keyword id="638835" type="PERSON" weightage="20" keywordseo="Rojgar-Yojana">Rojgar Yojana</keyword> at an expenditure of ₹1,584 crore for the current financial year. The scheme will cost ₹22,810 crore to the government for the entire period of 2020-2023 and aims to benefit around 58.5 lakh employees in the country. <div type="twitter" handle="PIB_India" handlename="PIB India" image="http://pbs.twimg.com/profile_images/1313803439340548097/jcQYJdhp_normal.jpg" favoritecount="214" retweetcount="65" status="📡LIVE NOW📡#Cabinet briefing by Union Ministers @PrakashJavdekar, @rsprasad and @santoshgangwar… https://t.co/aic3trQbp0" createdat="1607506554000" id="1336605482685886464"></div> Under this new employment scheme, the government will provide both employee and employer contributions to the retirement fund for new hires for two years, Labour Minister Gangwar said. The ministry will notify rules for the scheme soon, which is applicable for enterprises having up to 1000 employees and are creating new jobs. For the enterprises having more than 1000 workers, the reimbursement will be restricted to 12% of the employees contribution only. Who benefits from this scheme? <ul><li>Any new employee joining employment in the EPFO registered establishments with monthly wages less than ₹15,000.</li><li>EPFO members drawing monthly wages of less than ₹15,000 who exited employment during COVID-19 pandemic from March 1 to September 30 and had been hired on or after October 1, 2020. </li></ul>Benefits for companies registered with EPFO The central government will give the subsidy for two years for new eligible employees engaged on or after October 1 at the following scale. <ul><li>Establishments employing up to 1,000 employees will get a contribution of 12% of employee wages and 12% as employers contributions, totalling up to 24% of wages. </li><li>For establishments employing over 1000 employees, only 12% of wages of the employees will be given. </li></ul>Here’s the eligibility criteria for companies to obtain benefits under this scheme To avail of benefits under this scheme, organisations with fewer than 50 employees will have to hire at least two employees. And those with more than 50 employees will have to hire five or more employees. SEE ALSO: <a href="https://www.businessinsider.in/india/news/farmers-protest-talks-between-amit-shah-and-farmer-leaders-fail-sixth-round-of-talks-uncertain/articleshow/79635770.cms" data-type="tilCustomLink">Farmers' protest: Talks between Amit Shah and farmer leaders fail — sixth round of talks uncertain</a> <a href="https://www.businessinsider.in/finance/banks/news/supreme-court-told-that-blanket-waiver-of-moratorium-loans-would-take-6-lakh-crore-and-wipe-out-the-net-worth-of-banks/articleshow/79636002.cms" data-type="tilCustomLink">Supreme Court told that blanket waiver of moratorium loans would take ₹6 lakh crore and wipe out the net worth of banks</a>

Atmanirbhar Bharat Rojgar Yojana — India's new employment scheme will cost the government ₹22,810 crore

Here's the break up of India's $35 billion Diwali stimulus⁠— from income tax relief for home buyers to incentives for formal jobs

India's government <keyword id="21309215" type="General" weightage="20" keywordseo="healthcare-spending" source="keywords">healthcare spending</keyword> appears to be on the rise, but a closer look reveals a concerning trend. While the headline figures might suggest an increase, the reality is a steady decline in health expenditure as a proportion of both the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> and GDP over the past five years (2018-19 to 2023-24). This decline is even starker when adjusted for inflation. In real terms, spending has barely kept pace since 2019-20. As a percentage of the total budget, health spending has shrunk from 2.4% in 2018-19 to just 1.9% in 2023-24. Similarly, the share of GDP allocated to health has fallen from 0.30% to 0.28%, as per a report from the Times of India. <h2>Growing expectations ahead of <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword></h2>As the Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> prepares to present the full budget for the current fiscal on July 23, the expectations from the health sector has only been growing. “The Union Budget 2024-25 is a pivotal moment for India's healthcare sector. Building on the ₹64,180 crores allocated in 2023-24 under the Pradhan Mantri Atmanirbhar Swasth Bharat Yojana, we need enhanced tax incentives and financial support for healthcare startups to catalyze innovation. Significant investments in <keyword id="21226679" type="General" weightage="20" keywordseo="digital-health-infrastructure" source="keywords">digital health infrastructure</keyword>, particularly AI, will improve patient outcomes and operational efficiency,” says Dr Sravani Reddy G, Founder &amp; CEO, Soprav Healthcare Consulting. “Strengthening public-private partnerships will improve healthcare accessibility and quality, leveraging private sector efficiency. Additionally, focused efforts on affordability and access, such as reducing out-of-pocket expenses and improving insurance coverage, are vital for a more equitable healthcare system.” “The healthcare sector in India is on the brink of excellence. There is an increased focus on treating unique patient cases, robotic surgeries, and increasing prominence of AI for accurate diagnosis. To reach the next phase, emphasis must be laid on innovation, research &amp; development, and infrastructure development. These are the foundations for India’s health sector to achieve an international standard of treatment for all,” hopes Joseph Pasangha, Group COO, SPARSH Hospital, Bengaluru. <div type="Article" hostid="261" msid="111730426" title="Pan-India rollout of U-WIN to track routine immunisations likely by Aug end" mstype="2" mssubtype="0"></div> <h2>Health tax not helping enough </h2>This situation is further complicated by the introduction of the <keyword id="22446013" type="General" weightage="20" keywordseo="health-cess" source="keywords">health cess</keyword> in 2018. This tax levy was intended to boost government spending on healthcare, particularly for the underprivileged. However, the collected funds seem to be merely filling the gap created by cuts to regular budgetary allocations for health. In 2022-23, over Rs 18,300 crore of the central government's health spending came from the health cess. Excluding this amount, the actual budgetary allocation for health stands at a concerning Rs 59,840 crore. This is lower than the pre-pandemic level of Rs 66,042 crore allocated in 2019-20, even without adjusting for inflation. <h2>Where's the money going?</h2>The intended purpose of the health cess seems to be falling short. In 2018, health spending accounted for 2.4% of the government's total expenditure. If this ratio had remained constant in 2023-24, the health budget should have been over Rs 1.07 lakh crore. Instead, the revised expenditure, including the health cess, stands at just Rs 83,400 crore. Even the additional allocations for the COVID-19 pandemic (Rs 10,655 crore and Rs 15,955 crore in 2020-21 and 2021-22 respectively) cannot mask the overall decline. When combined with the regular health budget (excluding health cess), the total spending in these years still falls short of what it would have been if the 2.4% share of 2018-19 had been maintained. <h2>More for alternative medicine</h2>While the share allocated to Ayush (Ayurveda, Yoga &amp; Naturopathy, Unani, Siddha and Homeopathy) has seen a significant increase, spending on crucial areas like health research has seen only marginal growth. Additionally, a major portion of research funding goes to the Indian Council of Medical Research, with only a temporary increase during the peak of the pandemic response. The most concerning decrease is in the allocation for health and family welfare, encompassing national programs, the National Health Mission, and health system strengthening. This critical area has seen a substantial decline in its share of both GDP and total budget expenditure, falling from a peak of over 2% in 2017-18 to a mere 1.7% in 2023-24. Excluding the health cess, this figure drops even further to 1.5%. <h2>What this means</h2>This decline in government health spending raises serious concerns about India's commitment to public healthcare, particularly for its most vulnerable populations. Increased investment in health is crucial for a growing nation like India, and a reversal of this downward trend is essential to ensure accessible and quality healthcare for all. The 2024 Interim Health Budget saw a boost in total healthcare expenditure from Rs. 79,221 crore to Rs. 90,171 crore. Experts have opined that The healthcare budget should encompass at least 2.5% of the total budget. But it remains to be seen how the exact picture will turn out to be on July 23. “The 2024-25 budget presents an opportunity to build on past successes while addressing shortcomings, ensuring that India's healthcare system remains resilient, innovative, and patient-centric. This budget can pave the way for a healthier, more equitable future for all," concludes Dr Reddy. (With inputs from TOI) <div type="Article" hostid="261" msid="111689743" title="Union Budget 2024: A handy FAQ guide to decode the upcoming budget" mstype="2" mssubtype="0"></div>

Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline

<ul><li><keyword id="4998506" type="PERSON" weightage="20" keywordseo="pubg">PUBG</keyword> Corporation announced that it will soon be launching <keyword id="6409600" type="UNKNOWN" weightage="20" keywordseo="PUBG-MOBILE">PUBG Mobile</keyword> India, which will be a new game made specifically for the Indian market. </li><li>For the new version of PUBG, the company will set up an Indian subsidiary with a local office in the country and will also hire 100 employees to begin with. </li><li>The company has also said that it will put more focus on privacy and security in India. </li></ul>Popular <keyword id="2148326" type="PERSON" weightage="20" keywordseo="gaming-app">gaming app</keyword> PUBG, which had been banned in India because of its Chinese origins in September under Article 69A of the Information Technology (IT) Act, is all set to make a comeback in India. The company behind the game – PUBG Corporation announced that it will soon be launching PUBG Mobile India, which will be a new game made specifically for the Indian market. PUBG Corporation is a subsidiary of the South Korea-based KRAFTON, Inc. Earlier the company had also signed a partnership with <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-could-return-to-india-riding-on-microsofts-azure-cloud-service/articleshow/79127963.cms">Microsoft Azure’s cloud service</a>. For the new version of PUBG, the company will set up an Indian subsidiary with a local office in the country and will also hire 100 employees to begin with. After being banned in India over suspicions of data being shared with China, the company has said that it will put more focus on privacy and security in India. “The company will conduct regular audits and verifications on the storage systems holding Indian users’ personally identifiable information to reinforce security and ensure that their data is safely managed,” said the company in a statement. To further set up a strong foothold in India, PUBG Corporation also said that it would be investing $100 million to build the country’s gaming environment. “The company also plans to make investments by hosting India-exclusive esports events, which will feature the biggest tournaments, the largest prize pools, and the best tournament productions,” said the statement. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-could-return-to-india-riding-on-microsofts-azure-cloud-service/articleshow/79127963.cms">PUBG Mobile could return to India riding on Microsoft’s Azure cloud service</a> <a href="https://www.businessinsider.in/policy/economy/news/diwali-stimulus-highlights-from-finance-minister-nirmala-sitharaman-press-conference-on-atmanirbhar-bharat-programme/articleshow/79187044.cms">Here's the break up of India's $35 billion Diwali stimulus</a> <a href="https://www.businessinsider.in/finance/news/what-is-atmanirbhar-bharat-rozgar-yojana-scheme-and-what-is-benefits-of-employees-and-companies/articleshow/79188487.cms">What is Atmanirbhar Bharat Rozgar Yojana</a>

PUBG set for a comeback in India – to set up a local office, hire 100 employees and invest $100 million in the Indian market

<ul><li>The Finance Ministry has increased the threshold limit for the difference between the transaction value and the circle rate to 20% from the current 10%. </li><li>This means under a circle rate of ₹1.2 crore, <keyword id="6371902" type="UNKNOWN" weightage="20" keywordseo="home-buyers">home buyers</keyword> can buy a house of upto ₹1.5 crore rather than just ₹1.33 crore to avail the tax benefits.</li><li>This is the second time that the government has revised the limit — the first was in February when the differential was increased from 5% to 10%.</li></ul>With the prices of homes falling and mortgages being lower than ever, the Finance Ministry has announced <keyword id="422910" type="PERSON" weightage="20" keywordseo="income-tax-relief">income tax relief</keyword> for home buyers and developers. “There’s a lot of inventory, we’re told, in the real estate sector,” said Finance Minister Nirmala Sitharaman during today’s press conference on November 12. <div type="Article" hostid="261" msid="79187044" title="$35 billion Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference" mstype="2" mssubtype="0"></div> The government has increased the threshold limit for the difference between the transaction value and the circle rate to 20% from the current 10%. This is the second revision of the limit done by India. The first was in February when the differential was increased from 5% to 10%. What is circle rate and why should I care? Right now, if there is a difference between the cost of the home and the circle rate set by the government. If that difference is more than 10%, any excess income is accounted for as the buyer’s income. Since it comes into the income basket, it is also taxed at the same nominal rates. But going forward, for homes under the price of ₹2 crore, this differential will be increased from 10% to 20% for next seven months, until 30 June 2021. This means that if for instance, if the circle rate is ₹1.2 crore, the price of the home can’t be more ₹1.5 crore for buyers to remain within the 20% differential. Had the limit been 10%, the choice of purchasing a home would be limited to around ₹1.33 crore. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Circle rate (assumed) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Home price (assumed) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2 crore </td></tr></tbody></table> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Existing policy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New policy </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Excess allowed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Taxable amount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹90 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹80 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax (assuming a rate of 30%) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.7 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.4 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Savings </td><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30,000 </td></tr></tbody></table> However, it’s important to note that property prices, circle rates or even demand trends are not uniform across the country. So cities are witnessing better growth which allows for higher prices, while others are lagging behind and will have more to benefit from under the new limit. What’s in it for the developers? It's also a boon for developers, because they can now offer their property at lower rates than the prevailing circle rates. This allows them to monetise any idle assets they haven’t been able to move yet. Clearing their existing inventory in turn allows developers to generate more liquidity to start up new projects or clear liabilities on existing ones. "The <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">income tax</keyword> relief will ensure tremendous liquidity into the market and the measures will incentivize people to buy homes and is a win-win situation for both developers and home buyers. The reduction in bank guarantees for construction activity will also ensure availability of additional liquidity providing major relief to the industry." Lincoln Bennet Rodrigues, Founder and Chairman, Goa-based Bennet &amp; Bernard Group said. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/diwali-stimulus-highlights-from-finance-minister-nirmala-sitharaman-press-conference-on-atmanirbhar-bharat-programme/articleshow/79187044.cms">Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference</a> <a href="https://www.businessinsider.in/policy/economy/news/atmanirbhar-bharat-indian-fm-nirmala-sitharaman-shared-the-progress-of-the-atmanirbhar-abhiyaan/slidelist/79187890.cms">Atmanirbhar Bharat: Indian government’s report card on the implementation of the COVID stimulus so far</a> <a href="https://www.businessinsider.in/finance/news/what-is-atmanirbhar-bharat-rozgar-yojana-scheme-and-what-is-benefits-of-employees-and-companies/articleshow/79188487.cms">Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees</a>

India offers income tax relief for home buyers and developers to boost new property sales

PSU bank employees wage revision finalised after three years of waiting — only a ₹1,100 increase in salary for officers

While the Indian economy was already reeling under the slowdown, the coronavirus blow just made it worse. And, now all eyes are on the Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> today on February 1, as she tables the budget for the next fiscal year in the Lok Sabha. <ol><li>What is the budget for COVID support? Finance Minister Nirmala Sitharaman allocates Rs. 27.1 lakh crore for COVID support.</li><li>What is the health care budget? FM Nirmala Sitharaman allocates Rs. 2,34,846 crore for health care for FY 2021-22.</li><li>What is the budget for Railways for FY 2021-22? FM allocates Rs. 1.10 lakh crore for Railways for FY 2021-22.</li><li>What is the Power sector budget for FY 2021-22? Rs. 3.05 lakh crore have been allocated for power sector by FM Sitharaman during the Union Budget 2021 session.</li><li>What is the budget for Swachh Bharat Abhiyan? Rs. 1.42 lakh crore have been allocated for Swachh Bharat Abhiyan 2.0 by FM Nirmala Sitharaman announced during Union Budget 2021 session.</li><li>What is the budget for Atmanirbhar Health Yojana? FM announces Atmanirbhar Health Yojana with an outlay of ₹64,180 crore over 6 years.</li><li>What is the Infrastructure budget for FY 2021-22? FM Sitharaman allocates Rs. 20,000 crore for Infrastructure for the fiscal year 2021-22.</li><li>What is the capital expenditure for FY 2021-22? The government has increased the capital expenditure from Rs. 4.39 lakh crore last year to Rs. 5.54 lakh crore for FY 2021-22.</li><li>What is the budget for Jal Jeevan Mission? FM Sitharamn allocates Rs. 2.87 lakh crore to Jal Jeevan mission for FY 2021-22.</li><li>What is the Defence budget for FY 2021-22? For FY 2021-21, Rs. 4.78 lakh crore have been allocated for the defence ministry.</li><li>What are the changes in Income Tax slabs for FY 2021-22? Budget 2021 does not lay down any change in income tax slabs.</li></ol><table><tbody><tr><td>Income</td><td>Old Tax Regime Rate</td><td>Old Tax Regime Rate</td></tr><tr><td>Up to ₹2.5 lakh</td><td>Nil</td><td>Nil</td></tr><tr><td>₹2.5 lakh to ₹5 lakh</td><td>5%</td><td>5%</td></tr><tr><td>₹5 lakh to ₹7.5 lakh</td><td>20%</td><td>10%</td></tr><tr><td>₹7.5 lakh to ₹10 lakh</td><td>20%</td><td>15%</td></tr><tr><td>₹10 lakh to ₹12.5 lakh</td><td>30%</td><td>20%</td></tr><tr><td>₹12.5 lakh to ₹15 lakh</td><td>30%</td><td>25%</td></tr><tr><td>Above ₹15 lakh</td><td>30%</td><td>30%</td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-budget-2021-updates-and-highlights-from-nirmala-sitharaman-speech/articleshow/80624564.cms" data-type="tilCustomLink">Union Budget 2021 highlights: Migrant and gig workers to get minimum wages, social security</a> <a href="https://www.businessinsider.in/budget/news/india-union-budget-2021-live-news-and-highlights/liveblog/80621593.cms" data-type="tilCustomLink">Budget 2021 Live Updates : A big jump in health budget, higher foreign investment in insurance and special emphasis on agriculture feature in Sitharaman's speech</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2021-updates-and-key-highlights/slidelist/80625069.cms" data-type="tilCustomLink">Checkout India’s budget 2021 key Highlights</a>

Union Budget 2021 FAQs: Checkout funds allocation in different sectors

<ul><li>As a third wave of <keyword id="8763838" type="PERSON" weightage="20" keywordseo="covid-19">COVID-19</keyword> is expected by many, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s Finance Minister announces a series of relief packages. </li><li>A loan guarantee scheme of ₹1 trillion for COVID-19 affected sectors like <keyword id="6354525" type="UNKNOWN" weightage="20" keywordseo="healthcare">healthcare</keyword>. </li><li>Dedicates ₹50,000 crore to <keyword id="54598" type="PERSON" weightage="20" keywordseo="Healthcare-sector">healthcare sector</keyword> and remaining ₹60,000 crore to other affected sectors. </li></ul>India’s <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> has announced an array of relief measures for COVID-19 affected sectors, as the country is going through economic distress. To start with, <keyword id="679937" type="COMPANY" weightage="20" keywordseo="Sitharaman">Sitharaman</keyword> announced a ₹1 trillion loan guarantee scheme for COVID-19 affected sectors like healthcare. Out of ₹1 trillion, the healthcare sector will receive ₹50,000 crore which will be utilised to scale up medical infrastructure in the country targeting underserved areas. It announced an additional ₹1.5 trillion to the Emergency Credit Line Guarantee Scheme (ECLGS). This scheme is aimed to provide 100% guaranteed coverage to the banks, non-banking financial companies (NBFCs) and other lending institutions for extending emergency credit to micro, small and medium enterprises (MSMEs) and business entities that have suffered due to the COVID-19 pandemic and are struggling to meet their working capital requirements. Further, it has launched a credit guarantee scheme wherein micro finance institutions (MFIs) will facilitate loans to 25 lakh small borrowers for a tenure of three years. All borrowers including defaulters upto 89 days will be eligible. Most importantly, the government will back scheduled commercial banks for providing loans to NBFCs-MFIs. For badly affected sectors like tourism, the government has initiated a revival plan. It has announced plans to extend financial support to 11,000 registered tourist guides. According to Sitharaman, working capital will be provided to people in the tourism sector to kickstart businesses impacted due to the pandemic. Moving on, Sitharaman announced free tourist visas to the first 5 lakh tourists coming into India. The scheme will be applicable till March 31, 2022 or till 5 lakh visas are issued. Here are other key highlights from the Finance Minister’s press conference: <ul><li>The EPF support to employers and employees under Atma Nirbhar Bharat Rozgar Yojana has been extended till March 31, 2022. The government incentivises employers by contributing employers’ and employees' share payable into Employees’ Provident Fund Organisation (EPFO) scheme. This encourages employers from various sectors to hire more workers</li><li>Also, the government has extended Pradhan Mantri Gareeb Kalyan Anna Yojana (PMGKAY) scheme till November 2021, wherein it distributes food grains free of cost. The scheme was started in March 2020.</li><li>On increasing fears of an impending third wave to affect children, Sitharaman announced a new scheme focused on availability of paediatric care/paediatric beds in the short term.</li><li>North Eastern Regional Agricultural Marketing Corporation (NERAMAC) will be provided with a relief package of ₹77.45 crore for financial restructuring and infusion of funds. The aim is to enhance agricultural procurement and marketing facilities in the northeast of India.</li><li>To boost digitisation among gram panchayats, the government is said to provide an additional ₹19,041 crore for BharatNet. The idea is to enable broadband connectivity to all inhabited villages.</li></ul>See Also - <a href="https://www.businessinsider.in/business/startups/news/tiger-global-overtakes-sequoia-as-the-top-investor-in-indian-unicorns-in-2021-cracks-15-deals-this-year-so-far/articleshow/83912624.cms">Tiger Global overtakes Sequoia as the top investor in Indian unicorns in 2021</a> <a href="https://www.businessinsider.in/stock-market/news/kims-ipo-listed-in-stock-market-at-over-20-premium/articleshow/83912694.cms">KIMS IPO: Stock listed at over 20% premium, loses initial gains after soaring to ₹1059 per share</a>

Finance Minister Nirmala Sitharaman announces over ₹1 trillion loan guarantee scheme for COVID-19 affected sectors such as healthcare

New Delhi, Feb 1 () The government on Monday proposed a budget outlay of Rs 2,23,846 crore for health and well being in 2021-2022, an increase of 137 per cent from the previous year, with Rs 35,000 crore earmarked for COVID-19 vaccine in the upcoming fiscal. Presenting the budget, Finance Minister Nirmala Sitharaman positioned health and well being as one of the 6 crucial pillars of 'Atmanirbhar Bharat' (Self-reliant India). "Health and well being have formed the topmost priority of the Union Government during the ongoing COVID-19 health crisis. It is the foremost of the six crucial pillars that form foundation of the Union Budget," she said. "I have provided Rs 35,000 crores for COVID-19 vaccine in BE 2021-22. I am committed to provide further funds if required," she said. Underscoring the significant importance of health and well being for the growth and development of the country, the budget allocation for the same has been increased to Rs 2,23,846 crore in budget estimate 2021-22 as against this year's budget estimate of Rs 94,452 crore. In the Union budget, Rs 71268.77 crore has been allocated to the Ministry of Health and Family Welfare, as against Rs 65,011.8 crore allocated in 2020-2021. However, later the budget was revised and increased to 78866 crore because of COVID-19. The minister also announced that a new centrally sponsored scheme, Prime Minister Atmanirbhar Swasth Bharat Yojana, will be launched with an outlay of about 64,180 crore over 6 years. This will develop capacities of primary, secondary, and tertiary care health systems, strengthen existing national institutions, and create new institutions, to cater to detection and cure of new and emerging diseases.This will be in addition to the National Health Mission. The main interventions under the scheme include support for 17,788 rural and 11,024 urban health and wellness centres, setting up integrated public health labs in all districts and 3382 block public health units in 11 states, establishing critical care hospital blocks in 602 districts and 12 central institutions, strengthening of the National Centre for Disease Control (NCDC), its 5 regional branches and 20 metropolitan health surveillance units. It also includes expansion of integrated health information portal to all states/UTs to connect all public health labs, operationalisation of 17 new public health units and strengthening of 33 existing public health units at Points of Entry, that is at 32 airports, 11 seaports and 7 land crossings, setting up of 15 health emergency operation centres and 2 mobile hospitals; and setting up of a national institution for one Health, a regional research platform for WHO South East Asia Region, 9 Bio-Safety Level III laboratories and 4 regional National Institutes for Virology. An allocation of Rs 2663.00 crore has also been made to the Department of Health Research in the 2021-22 budget. The Ministry of AYUSH has been allocated Rs 2970.30 for the next fiscal as against Rs 2,122.08 crore proposed for 2020-2021 fiscal. The pneumococcal vaccine, a Made in India product, is limited to only 5 states at present. It will now be rolled out across the country. "It Will avert more than 50,000 child deaths annually," she said. Investment in health infrastructure in budget 2021-22 has increased substantially, Sitharaman said. "Progressively, as institutions absorb more, we shall commit more," she said. PLB PLB DV DV

Govt earmarks Rs 35,000 crore for COVID-19 vaccine in Union Budget

<ul><li>Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> addressed the nation as the <keyword id="6363932" type="ORGANIZATION" weightage="20" keywordseo="confederation-of-indian-industry">Confederation of Indian Industry</keyword> (<keyword id="6358345" type="ORGANIZATION" weightage="20" keywordseo="cii">CII</keyword>) celebrated its 125th anniversary. </li><li>“India will get its growth back,” said Modi expressing the importance of Atmanirbhar Bharat. </li><li>Here are the highlights from his speech.</li></ul>“India will get its growth back. There are a lot of expectations from India globally,” Prime Minister Narendra Modi said during his virtual address to members of the Confederation of Indian Industry (CII). The government organisation was celebrating its 125 year anniversary. This is PM Modi’s first speech since Unlock 1. He said he believes the capabilities and crisis management of the country. “Unlock-1 has opened up a major part of the economy. A lot more will open up after June 8. The journey of getting growth back has already begun. During the lockdown, not only did India safeguard its physical resources but also its human resources,” said PM Modi. He reasserted the importance of Atmanirbhar Bharat — self-reliant India. “The government will take whatever decisions are necessary. Some of those include measures that will help the country in the long run,” he said. Here are the top highlights from the speech: <ul><li>This is the biggest strength of human beings that they know how to make their way out of a difficult situation. Today, while we have to take strict steps to fight the virus, we also have to take care of the economy. </li><li>On one hand, we have to take care of the lives of the citizens of this country, whereas we also have to stabilise and speed up the economy of this country. </li><li>I would go beyond “getting growth back”. Yes, we will definitely get our growth back. </li><li>I have faith in India’s capabilities and crisis management. I have faith in India’s talent and technology. I have India’s innovation and intellect. I have faith in India’s farmers, MSMEs Entrepreneurs. </li><li>MSME sector as well, lakhs of units, are the economic engine for the country. They contribute up to 30% to the GDP. ₹200,000 crore of global tenders have been abolished to promote smaller players. MSMEs will be the fuel going forward. </li><li>Coronavirus may have slowed down our speed, but today India has entered the ‘un-lock” phase, leaving the lockdown behind. A large part of the economy is opened in unlock-phase one. </li><li>Today, India is able to do all this because we took the right steps at the right time. If we compare India with other countries we will get to know how widespread was the effect of lockdown in India. </li><li>One of our first priorities is to re-strengthen our economy. For this, the government is taking decisions that are required immediately. Whereas, we are also making decisions that will help the country in the long run. </li><li>Pradhan Mantri Garib Kalyan Yojana has immediately helped the poor of the country. Till date, 74 crore beneficiaries were delivered free ration. </li><li>The poor have also been accorded more than ₹53 crore in financial assistance — including migrant workers, women and senior citizens. </li><li>During the lockdown, the government has distributed 8 crore gas cylinders</li><li>50 lakh employees in the private sector have been given 24% EPF contribution in their accounts by the government culminating to a total of ₹800 crore. </li><li>The government has benefited everyone including women, disabled people, elderly, and labourers. During the lockdown, the government has delivered more than 8 crore gas cylinders to the poor. </li><li>India requires 5 things to be on the path of rapid economic development: Intent, Inclusion, Investment, Infrastructure and Innovation. You will get a glimpse of all these in the bold decisions taken by the government recently.</li><li>Reforms are not random, scattered decisions; they are systemic, planned, integrated, inter-connected and futuristic processes. Reforms mean taking decisions and ensuring that they reach their logical conclusion whether that is IBC, bank mergers, GST or tax assessment. </li><li>More than all of this, the strategic sectors are also being opened up to private players. Whether it’s space, atomic energy — the possibilities are endless now.</li><li>Whether it’s mining, energy, or research and technology — every sector creates opportunities for the industry.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/lemon-tree-hotels-share-price-jumps-by-5-as-it-looks-to-raise-funds-after-80-fall-in-profit/articleshow/76148464.cms">Lemon Tree Hotels share price jumps by 5% as it looks to raise funds after 80% fall in profit</a> <a href="https://www.businessinsider.in/defense/news/china-is-a-bully-says-us-representative-on-india-china-border-issue/articleshow/76147159.cms">China is a ‘bully’ says US Representative on India-China border issue</a> <a href="https://www.businessinsider.in/india/news/india-coronavirus-news-and-updates-for-june-2-2020/articleshow/76149118.cms">India records more than 8,000 cases for the third straight day— over all tally inches closer to 2 lakh</a>

You Searched For "Atmanirbhar Bharat Rozgar Yojana" and got 12 results

Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees

Navdeep Yadav

Atmanirbhar Bharat Rojgar Yojana — India's new employment scheme will cost the government ₹22,810 crore

BI India Bureau

Here's the break up of India's $35 billion Diwali stimulus⁠— from income tax relief for home buyers to incentives for formal jobs

Sriram Iyer

Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline

Ashmita Gupta

PUBG set for a comeback in India – to set up a local office, hire 100 employees and invest $100 million in the Indian market

Sanchita Dash

India offers income tax relief for home buyers and developers to boost new property sales

Prabhjote Gill

PSU bank employees wage revision finalised after three years of waiting — only a ₹1,100 increase in salary for officers

Prabhjote Gill

Union Budget 2021 FAQs: Checkout funds allocation in different sectors

BI India Bureau

Finance Minister Nirmala Sitharaman announces over ₹1 trillion loan guarantee scheme for COVID-19 affected sectors such as healthcare

Bhakti Makwana

Govt earmarks Rs 35,000 crore for COVID-19 vaccine in Union Budget

PTI

‘India will get its growth back’, says a confident PM Modi in an address to top industry leaders

BI India Bureau

Here’s how the advertising and marketing industry reacted to Union Budget 2021

BI India Partner

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