ECONOMIC STIMULUS

Source: PIB, PTI, The Hindu, The Indian Express, DD News, Lok Sabha Channel, All India Radio
 
ECONOMIC STIMULUS
Union Finance Minister announced two sets of measures to generate consumer demand and boost capital spending in the economy.
 
1. Under Leave Travel Concession (LTC) Cash Voucher Scheme, the Government has decided to give cash payment to employees in lieu of one LTC during 2018-21, in which full payment on Leave encashment and tax- free payment of LTC fare in 3 flat-rate slabs depending on the class of entitlement will be given.
 
2. Special Festival Advance Scheme which was meant for non-gazetted government employees is being revived as a one-time measure, for gazetted employees too. All central govt. employees can now get an interest-free advance of Rs. 10,000, in the form of a prepaid RuPay Card, to be spent by March 31, 2021.
 
3. Capital Expenditure Boost for States: A special interest-free 50-year loan to states is being issued, for ₹ 12,000 crore capital expenditure (the interest-free loans given to states are to be spent by March 31, 2021):
₹ 200 crores each for 8 North East States
₹ 450 crores each Uttarakhand, Himachal
₹ 7,500 crores for remaining states, as per share of Finance Commission’s devolution

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