In Bhubaneswar, the Prime Minister chaired a meeting to review the relief and rehabilitation measures being undertaken.

The Prime Minister was briefed that maximum damage due to Cyclone Yaas happened in Odisha, and some parts of West Bengal and Jharkhand have also been affected.

Shri Modi announced a financial assistance of Rs 1000 crore for immediate relief activities. Rs 500 crore would be immediately given to Odisha. Another Rs 500 crores has been announced for West Bengal and Jharkhand, which will be released on the basis of the damage. The Union Government will deploy an Inter-Ministerial Team to visit the states to assess the extent of damage, based on which further assistance will be given.

Prime Minister assured the people of Odisha, West Bengal and Jharkhand that the Union Government would closely work with the State Governments at this difficult time, extend all possible assistance for restoration and rebuilding of the infrastructure in the affected areas.

Prime Minister expressed his complete solidarity with all those who suffered due to the cyclone and expressed deep sorrow to the families who have lost their kin during the calamity.

He announced an ex-gratia of Rs. 2 lakh to the next of kin of the deceased and Rs. 50,000 to the seriously injured in the cyclone.

PM said that we have to continue the focus towards more scientific management of disasters. As the frequency and impact of cyclonic systems are increasing in the Arabian Sea and the Bay of Bengal, communication systems, mitigation efforts and preparedness have to undergo a major change. He also spoke about the importance of building trust among people for better cooperation in relief efforts.

PM Modi appreciated the preparedness and disaster management activities by the Government of Odisha which has resulted in minimal loss of lives. He also noted that the state has embarked on long term mitigation efforts for dealing with such natural disasters.

He also mentioned that Disaster Mitigation has been given emphasis by the Finance Commission too by provisioning for mitigation funds to the tune of Rs. 30,000 crore.

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The Modi government  doubled the tax exemption limit on price differential between the circle rate and the agreement value to 20%, a key component of the new Rs 2.65 lakh crore economic stimulus package that also includes easy working capital to loans to 26 sectors hit by the Covid-19 pandemic, and incentives to companies to hire more people.

Finance minister Nirmala Sitharaman announced 12 measures under the third tranche of the government’s efforts to boost the economy. This includes the Rs 1.46 lakh crore production-linked incentive (PLI) for 10 sectors that was announced on Wednesday.

The Prime Minister Shri Narendra Modi has said that  Aatmnirbhar Bharat package is a continuation of the government’s effort to help all sections of the society.

In a tweet Shri Narendra Modi said ” Today’s Aatmanirbhar Bharat Package continues our efforts to help all sections of society. These initiatives will help in creating jobs, alleviate stressed sectors, ensure liquidity, boost manufacturing, energise real-estate sector & support farmers.

Finance minister said  that including the Rs 2,65,080 crore package announced Thursday, the quantum of total stimulus announced by India is Rs 29,87,641 crore, including the monetary measures taken by the Reserve Bank of India (RBI) – or around 15% of the gross domestic product (GDP). Minus the RBI’s monetary measures, the size of the stimulus is 9% of the GDP, she added.

The finance minister also pointed to recent indicators on the economy’s revival, including the composite Purchase Managers Index that came in at 58.9 in October, and credit carting firm Moody’s assessment that the Indian economy would shrink by 8.9% in calendar year 2020, better than its previous estimate of a 9.6% decline. To be sure, the Reserve Bank of India’s (RBI) Nowcast report projected that the Indian economy could have contract 8.6% in the next three months ended September.

Among the announcements on Thursday, the one on employment generation involves the government paying out both the employee and employer contributions of employees hired on or after October 1, 2020, for a period of two years under certain conditions (the monthly salary should be less than Rs 15,000 and the company should have up to 1,000 employees). For companies with more than 1,000 employees, the government will pay out the employee contribution only. The scheme, Aatmanirbhar Bharat Rozgar Yojana, is aimed at incentivising job creation.

Speaking about the income-tax (I-T) relief to home buyers and developers, Sitharaman said: “There are quite a lot of [unsold] inventories we are told in the real estate sector… at the moment what is prevailing is the differential between the circle rate and the agreement value… you get relief. Now, what we have decided is to increase the differential between from 10% to 20% for the period from the date of this announcement to 30 June 2021 for only primary sale… and the necessary amendment in the I-T Act will be done in the due course.”

The finance minister said the decision on the price differential for homes will help to clear unsold inventories.

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