Amid coronavirus outbreak, the Prime Minister, Mr. Narendra Modi, announced a special economic package of Rs 20 lakh crore under Atmanirbhar Bharat Abhiyaan. The primary aim of this package is to make the country independent and combating the competition in the global market. It is also helpful in filling the gap between demand and supply of essential goods and services in the present debilitating situation. It gives the upliftment to weaker sections and empowering migrated laborers, who are drastically affected by COVID-19. Below is the note summarises the important measures proposed under the Abhiyaan.
It has divided into below mentioned tranches that have their separate focus areas. Take a look at its break-up:
- Relief measures for MSMEs, NBFCs, HFCs, contractors, real estate, and salaried workers.
- Fund for migrant workers, small farmers, street vendors, and poor people.
- Relief fund for agriculture and allied sectors such as dairy, animal husbandry, and fisheries.
- Package for eight critical industries includes coal, minerals, defense production, airspace management, social infrastructure projects, power distribution companies, atomic energy, and space sector.
Atmanirbhar Bharat Abhiyaan Highlights
India has demonstrated that it can cope up with any problematic situation and uncovers opportunities. The focal point of the Abhiyan is to make the country self-reliant. Let’s understand its highlights:
- Rise in borrowing limits: With the relief package, state governments now have a rise in their borrowing limits. The increase is from 3% to 5% of the gross state domestic product for the annual year 2020-21. In this way, states have extra resources to spend on health care, employment, and infrastructure.
- One Nation One Ration card: This universalization of ration card will enable migrant workers and their families to access public distribution benefits from any Fair Price Shop in the country. They can get the food grains at subsidized rates.
- Privatization of Public Sector Enterprise (PSEs): Under this new PSE policy, the government may likely privatize its public sector enterprises. The purpose of such an initiative is to improve the efficiency and profitability of PSEs.
- Collateral Free Business loan: All businesses such as MSMEs, agriculture, and allied sectors can get collateral-free automatic loans. It gives a financial cushion to several businesses and encourages entrepreneurs to produce maximum goods and services within the country.
Benefits of Atmanirbhar Bharat Abhiyaan
In order to regain the strength of the economy in the global market with self-reliance, the Indian government launched the Atmanirbhar Bharat Abhiyaan. Below are its benefits:
- Liquidity infusion and direct cash transfers into the accounts of laborers and daily-wage earners are helpful for their survival during the lockdown
- Long-term modifications in critical sectors keep them globally competitive and attractive
- Substantial growth in the e-Commerce industry
- Boost in the supply chain logistics industry
- Lots of employment opportunities soon in the country
- Reduction in scarcity for medical supplies and food grains
Therefore, to recoup the economy from the COVID-19 pandemic Atamnirbhar Bharat campaign is crucial. However, apart from the relief package, you can do one more thing to become Atma Nirbhar, and that is to choose the best health insurance policy. Care Health Insurance (Formerly Religare Health Insurance) offers Arogya Sanjeevani Health Policy. It is standard health insurance that gives you basic coverage along with several benefits at a low premium. You do not need to depend on anyone during a medical emergency and afford the best possible medical treatment without any social and financial implications.
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