Government employees can elect to earn cash amounting to leave encashment and 3 times ticket fare to buy items that attract GST of at least 12 percent under the LTC Cash Voucher Scheme

Finance minister declared that all central government employees would get LTC cash voucher and special festival advance schemes

Finance Minister Sitharaman, in an effort to stimulate demand and increase consumer spending in preparation for the next holiday season, have announced Travel (LTC) casheat and special festival schemes for government employees. “We want to encourage these people to boost demand for the benefit of the least fortunate,” said the Finance Minister. The indications are that the savings of government and organised sector employees have increased.

Under the LTC cash voucher system , government servants may opt to receive cash in cash and 3 times ticket fare to purchase items with a GST level of at least 12%.

Also check: Central Government Employees now get LTC advance ahead of 4 months of journey

If central government staff prefer these advantages, the expense would be roughly 5.675 crore. This facility can also be used by workers of PSBs & PSUs, who are subject to a cost of 1.900 crores. The market injection in the economy would amount to approximately 19,000 crores, according to the Finance Minister.

By way of the Advance Scheme Special Festival, the government has also declared that it would restore the advancement for Central Government Employees until 31 March. A pre-loaded Rupay card provides an interest-free advance of € 10 000 and is recoverable in 10 monthly instalments. The demand is expected to reach around 8,000 crore at least.

The press conference of the Finance Minister is taking place when the GDP or gross domestic product of this country contract a record of 23.9% in April-June, when the quarter captured fully the damage caused from the restrictions on coronavirus and is anticipated to decrease by the Reserve Bank of India in total by 9.5% during the current financial year.

Also check: 7th Pay Commission Advances

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Central Government employees have a low-interest house construction advance

Finance Minister Nirmala Sitharaman said the lowering of interest rates will encourage more government employees to buy new houses as they were “a major contributor” to the overall demand.

Also Read: 7th Pay Commission House Building Advance

New Measures to Boost Housing Sector

Relaxation of ECB guidelines for Affordable housing

• ECB guidelines will be relaxed to facilitate financing for home buyers who are eligible under the PMAY, in consultation with RBI.
• This is in addition to the existing norms for ECB for affordable housing.

House Building Advance

• The interest rate on House Building Advance shall be lowered and linked with the 10 Year G Sec Yields.
• Government servants contribute to a major component of demand for houses. This will encourage more government servants to buy new houses

Also Check: Clarifications regarding House Building Advance – HBA

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Smt. Nirmala Sitharaman took over charge as Defence Minister, here today. On her arrival at the Ministry of Defence in South Block, Smt. Sitharaman was received by outgoing Defence Minister Shri Arun Jaitley, Minister of State for Defence Dr. Subhash Bhamre, Defence Secretary Shri Sanjay Mitra, Defence Secretary (Defence Production) Shri AK Gupta, Chairman DRDO & Secretary Department of Defence R&D Dr. S Christopher and other senior officials. Smt Sitharaman is the first full time Woman Defence Minister of India. Immediately after assuming office, the Defence Minister approved a grant of over Rs 13 crore which will be released for 8685 ex-servicemen, widows and dependants out of the Armed Forces Flag Day Fund. She also approved financial assistance out of Raksha Mantri Ex-Servicemen Fund.

PIB

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The “extra push” given to the textiles industry through an incentive package will help create more jobs and push exports, Commerce and Industry Minister Nirmala Sitharaman said today.

“It is a sector where India has gained a lot of advantage … It has a great potential for job creation,” the minister told reporters here.

This “extra push” was given to the sector due to various global developments, she said.

The Union Cabinet yesterday approved a Rs 6,000 crore package for textiles and apparel sector with an aim to create one crore new jobs in three years and attract investments of USD 11 billion while eyeing USD 30 billion in exports.

Textiles exports contribute significantly to the country’s total exports at about USD 17 billion in 2014-15. The sector is witnessing huge competition from small countries like Bangladesh and Vietnam, which have access to developed markets at lower tariffs.

When asked about the impact of Brexit (possible exit of Britain from European Union) on India, Sitharaman said that the government is “watching the situation”.

“We will be observing the developments. It is too early for me to comment (on its impact),” she added.

Talking about the stalled India-EU free trade agreement, the minister said India is waiting for the dates to resume the talks.

“We are waiting for the dates. It is my doubt that if because they are waiting for the outcome of Brexit, they have not yet given the dates as yet. The moment they give the dates, we will be keenly wanting to continue the talks to reach the conclusion at the earliest,” she added.

Launched in June 2007, the negotiations for the proposed agreement have witnessed many hurdles with both sides having major differences on crucial issues like intellectual property rights, duty cut in automobile and spirits, and liberal visa regime.

The pact is aimed at reducing or significantly eliminating tariffs on goods, facilitating trade in services and boosting investments between the two sides.

When asked about Apple Inc’s proposal to open single brand retail stores in the country after announcement of the tweaked FDI policy in the sector, Sitharaman said: “We have announced the policy. We will wait to hear from them”.

The ministry has stated that it will give exemption to foreign firms such as Apple Inc coming with state-of-the-art technology from the mandatory local sourcing norms in the single-brand retail sector for up to three years.

PTI

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