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New stimulus measures to accelerate economic revival: Niti Aayog VC

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Niti Aayog vice chairman Rajiv Kumar has said that the fresh set of stimulus measures announced by the Union Finance Minister Nirmala Sitharaman will not only accelerate the revival of the economy, but also bolster employment opportunities.

On Monday, Sitharaman announced Rs 1.5 lakh crore of additional credit for SMEs, additional funds for the healthcare sector, loans to tourism agencies and guides, and waiver of visa fee for foreign tourists as part of a fresh package to support the pandemic-hit economy.

“Through a seamless facilitation of credit lines, expansion of emergency funds and more, these new extensive schemes announced by FM will not only accelerate the revival of the economy, but also enable a bolstering of employment opportunities,” Kumar tweeted.

To incentivise job creation, Sitharaman committed to paying the employer’s and employee’s share to provident fund (PF) for all new recruitments done till March 2022. Previously, the government paid Rs 902 crore for 21.42 lakh beneficiaries of 79,577 establishments.

Together with the previously announced Rs 93,869 crore spending on providing free foodgrains to the poor till November and additional Rs 14,775 crore fertiliser subsidy, the stimulus package — mostly made up of government guarantee to banks and microfinance institutions for loans they extend to Covid-hit sectors — totalled Rs 6.29 lakh crore.