Wednesday, October 28, 2020

Business

Festive stimulus: Govt to launch LTC Cash scheme, special advance to employees

IANS | October 12, 2020 02:01 PM

NEW DELHI:Centre on Monday announced a slew of schemes to trigger economic revival via stimulus measures.
Most of these initiatives were targeted to restore spending and demand during and after the festive season.
Speaking at a press conference, Finance Minister Nirmala Sitharaman said that the Centre will launch ‘LTC Cash Voucher Scheme' and ‘Special Festival Advance Scheme'.

Accordingly, the Centre expects Rs 28, 000 crore worth of additional demand generation from LTC scheme.

Sitharaman said if private sector also comes forwards with similar offering, another Rs 28, 000 crore of demand would be generated.

The Finance Minister also announced a special festival advance of Rs 10, 000 for all gazetted and non gazetted officers. This scheme, she explained is being revived and will be one time only.

In addition, the Centre is ready to give a thrust to capital expenditure, she said.

As per the measure, a special 50-year interest free loan to state governments will be provided for capital expenditure for Rs 12, 000 crore.

Besides, the Centre's Capital expenditures budget also increased by Rs 25, 000 crore this year and go with Rs 4, 13, 000 crore already provided in the budget.

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