Rs 27 lakh crore as part of Atmanirbhar package provided as fiscal stimulus by centre: Santosh Gangwar

Collateral free loans under Mudra Yojana upto Rs 10 lakh have been extended to micro and small business enterprises and to individuals to facilitate them to expand business activities.

The Minister of State for Labour and Employment Santosh Kumar Gangwar this week on Wednesday said that the central government has been providing fiscal stimulus of more than Rs 27 lakh crore as part of the Atmanirbhar package.

Gangwar in a written reply to a question in Rajya Sabha said the government is increasing public expenditure on various schemes which are run by the Ministry of Micro, Small and Medium Enterprises, Ministry of Rural Development and Ministry of Housing and Urban Affairs.

The Aatmanirbhar Bharat Rozgar Yojana Scheme launched to incentivise employers for the creation of new employment with social security benefits and restoration of loss of employment during the Covid-19 pandemic.

In this scheme, the Government of India is bearing the cost for a period of two years both the employees’ share around 12 percent of wages and employers share 12 percent of wages contribution payable or only the employees shares which depends on employment strength of the employees provident fund organisation (EPFO) registered establishments.

Further under the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) the centre is incentivising employers for the creation of new employment with social security benefits by paying the employer’s full contribution i.e. 12 percent towards EPF and EPS looks for a period of three years to the new employees through EPFO.

Mudra Yojana initiated by the central government facilitates self-employment. Collateral loans are provided upto Rs 10 lakhs extended to micro and small enterprises and to individuals to enable them to set-up or expand their business activities.