new Delhi. Finance Minister Nirmala Sitharaman has given a big gift to government employees before the festive season Dussehra and Diwali. Sitharaman has made some announcements to encourage consumer demand ahead of the festive season. He said that Kovid-19 has made a deep impact on the country’s economy. In order to increase demand, he announced Special Festival Advance Scheme and Travel Leave Allowance (LTC) Cash Voucher Scheme on Monday.
The Finance Minister said in a press conference held here that government employees will be given advance money to spend towards increasing the demand in the economy. He said that additional consumer demand of Rs 36 thousand crores could arise due to advance funding for LTC and festivals. Apart from this, additional capital expenditure to the states can generate consumer demand of about Rs 37 thousand crore. Simaraman said that by March 2021, a total consumer demand of 73 thousand crore rupees could be created.
Sitharaman said that if the private sector also gave relief to its employees, the total demand in the economy could cross Rs 1 lakh crore. The Special Festival Advance Scheme announced by the Central Government is available for the next six months. Under this scheme, the central government will give a special festival of 10 thousand rupees in advance to all its employees to encourage demand in the economy. But this amount will have to be spent by 31 March 2021, which will be given as a prepaid RuPay card. After spending, employees can deposit this amount in 10 installments.
The Finance Minister said that 4 thousand crore rupees will be spent on the Special Festival Advance Scheme. He said that if the states also come forward, additional consumer demand of Rs 8000 crore could be created. Along with this, the central government has announced an interest-free loan of Rs 12 thousand crore for 50 years for the states. Under this, a provision of Rs 1,600 crore has been made for the northeastern states and Rs 900 crore for Uttarakhand and Himachal.
Nirmala Sitharaman said that a provision of Rs 7,500 crore has been made under this scheme for other states, which will be given to the states as per the recommendation of the Finance Commission. Apart from this, the remaining amount of Rs 2,000 crore will be given to those states which will implement at least three reforms out of the four announcements made under the Self-Reliant India Scheme. He said that this entire loan will be given before 31 March 2021, which will be in addition to the loan already available to the states. The Finance Minister said that in addition to the capital expenditure of the Central Government fixed in the budget this year, the government will give additional 25 thousand crores, which can be spent in roads, defense infrastructure, water supply, urban development.
Also read this news: CM Kejriwal arrives in Jantar-Mantar in support of agitation for agrarian reforms
Also read this news: The most dangerous missile ‘Nirbhay’ test finished in just 8 minutes