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Tuesday, 13 October 2020

10,000 take, 30,000 costs; Govt launches Festival Bonanza to boost economy, find out how this announcement will boost the market during the festive season

Bhaskar Explaner:10,000 take, 30,000 costs; Govt launches Festival Bonanza to boost economy, find out how this announcement will boost the market during the festive season




The government will give a central employee an advance of Rs 10,000 by card, but he will have to buy an item of Rs 30,000 with 12% GST.

Finance Minister provides one-time festival loan of Rs 10,000 to central employees
Under the LTC Cash Voucher Scheme you will get money for the purchase of the required items and no tax will be charged.

12,000 crore interest free loans to state governments for 50 years, incentives to reformers
An increase of Rs 25,000 crore in the central government's capital expenditure budget


Finance Minister Nirmala Sitaram on Monday made four big announcements to boost the economy, which has been sluggish due to the Corona virus epidemic. Sitaram said if the demand from these four packages increases, it will benefit the economy affected by the Corona virus epidemic and also relieve those who are waiting for demand in the market to continue trading. Let's understand who will get what under this announcement and how the economy will get a boost.

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Four announcements to increase demand by Rs 1.05 lakh crore
1. Rs. 68,000 crore package to
central employees at a one-time festival of Rs 10,000: Rs. Demand for Rs 12,000 crore could increase.
Under LTC Cash Voucher Scheme, exemption in purchase of any goods with tax of 12% or more and also tax exemption: Rs. Demand for Rs 56,000 crore could increase.

2. To increase capital expenditure, Rs. The Rs 37,000 crore package provides
interest-free loans of Rs 12,000 crore to state governments for the next 50 years, an
increase of Rs 25,000 crore in the central government's capex budget.



What is a One Time Special Festival Loan
: One Time Interest Free Loan of Rs. 10,000 to all Central Government Employees.
How many people will get: One crore central employees will get benefit. More people will benefit if the state government implements.
How to get: Will be given as a prepaid card.
How to repay the loan : The loan has to be repaid in 10 installments.
What is the condition: By March 31, 2021, Rs 10,000 will have to be spent. With this amount any goods can be purchased from any shop.
How much profit will the economy get: A total of Rs. Demand for Rs 12,000 crore could increase. A total of Rs 4,000 crore will be spent on central employees. If the state government also implements the scheme, an additional demand of Rs 8,000 crore will arise.

It will cost Rs 2.94 lakh to get Rs 1.34 lakh.

What is Leave Travel Compensation (LTC) Cash Voucher Scheme
Scheme: Those who do not want to travel due to Corona virus epidemic can take LTC money With this amount you can buy the goods of your choice. Under this you will also get leave encashment and you can also purchase up to three times of travel allowance.


Prerequisite: Only goods subject to 12% or more GST can be purchased.
Second condition: Must be purchased before 31st March 2021.
Third condition: Purchase in digital mode only.
Fourth condition: GST can be purchased only from a registered trader.
Fifth condition: GST invoice of purchase will be required.
What's the benefit: No tax on purchases.
How to take advantage:You have to show GST invoice to get compensation.
Why it is beneficial: In the 4 year block to be completed in the year 2021, if LTC is not taken advantage of, it will lapse. The cash voucher scheme will encourage government employees to take advantage of LTC and buy goods for their family.
Who will benefit: Central employees, employees of government banks and employees of central government companies.
How much the economy will benefit: The economy could generate around Rs 56,000 crore in demand. It will cost Rs 5,675 crore on central employees. Employees of government banks (PSBs) and government companies (PSEs) will spend Rs 1,900 crore. The finance minister said the central government would demand a total of Rs 19,000 crore from PSB and PSE in the economy under the scheme. State governments and private sector employees can also implement the scheme. State governments can generate Rs 9,000 crore in demand from employees in the economy. The economy could demand at least Rs 28,000 crore from the private sector.

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What is interest free loan announcement for state governments to increase capex : States will get interest free loan of Rs 12,000 crore.
Payment facility till date: 50 years.
Who will get: Rs 200 crore each from 8 northeastern states. 450 crore to Uttarakhand and Himachal Pradesh. The remaining states have a total of Rs 7,500 crore, according to the Finance Commission's devolution share. Out of the 4 amendments mentioned in the self-reliant package, 3 implementing states will be given an additional Rs. 2000 crore will be provided.
Condition: The loan must be paid by 31st March 2021.
Deadline: 50% loan will be given initially, the remaining 50% will be given after its use.

Read in Gujarati news 

What will be the increase of Rs 25,000 crore in the central government's capex budget : Rs. 4.13 lakh crore in the capital expenditure budget of Rs. 25,000 crore increase.
Where will this amount be spent: This amount will be spent on roads, defense, water supply, urban development and capital equipment.
What will benefit: Economic growth. Domestic manufacturing will gain momentum.

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