Nirmala Sitharaman Press Conference LIVE Updates: Rs 1.46 lakh crore Atmanirbhar boost for 10 sectors in FM’s plan

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Nirmala Sitharaman Press Conference LIVE Updates: Finance Minister Nirmala Sitharaman today said the Indian economy is witnessing a strong recovery after a long and strict lockdown. Addressing a press conference to announce more stimulus measures to boost growth, she said macro-economic indicators are pointing towards recovery. COVID-19 active cases have declined from over 10 lakh to 4.89 lakh with case fatality rate (CFR) at 1.47 per cent, she said. Giving out details of recovery, she said composite purchasing managers index (PMI) rose to 58.9 per cent in October versus 54.6 per cent in the previous month, registering strongest increase in output in close to nine years. Energy consumption growth trended higher in October at 12 per cent year-on-year, while Goods and Services Tax (GST) collections have grown 10 per cent to over Rs 1.05 lakh crore. Daily railway freight tonnage grew by an average 20 per cent year-on-year versus 12 per cent, she said adding bank credit has improved 5.1 per cent.

After several rounds of discussion the government has almost finalised the next stimulus package, the source said, adding that the size of the stimulus could be much lower than the earlier announced amount of Rs 20 lakh crore. The government may announce the reintroduction of the Pradhan Mantri Rojgar Protsahan Yojna in an expanded form, they said. Under this scheme government may give 10 percent subsidy on PF contribution for new employees and the employer, both.

Rs 65,000 crore to be provided for subsidised fertlisers. This will help 140 million farmers: Finance Minister Nirmala Sitharaman.

Rs 1.10 lakh crore platform for infra debt-financing. Rs 6,000 crore equity infusion in NIIF debt platform

Income tax relief for developers and home buyers: The Centre has decided to increase the differential from 10 percent to 20 per cent for the period from the date of announcement of to 30 June 2021 for only primary sale of residential units of value up to Rs 2 crore. Consequential relief up to 20 per cent shall also be allowed to buyers of these units: Finance Minister Nirmala Sitharaman.

Income Tax Relief for Developers and Income Tax Buyers. (Credit: PIB)

Performance security on contracts to be reduced to 3 per cent instead of 5-10 per cent. This will be extended to all ongoing contracts which are free from disputes, to public sector enterprises and  states will be encouraged to adopt the same. Relaxation will be given till 31st December: Finance Minister Nirmala Sitharaman.

(Credits: PIB)

Rs 18,000 crore additional outlay for PM Awas Yojana- urban to be carried out. Rs 18,000 crore will be provided above the Budget estimate. This will help 12 lakh houses to be grounded and 18 lakh will be completed. 78 lakh jobs expected to be created: Finance Minister Nirmala Sitharaman.

The 10 Sectors. (Credit: PIB)

Rs 1.46 lakh crore boost for Aatmanirbhar Manufacturing Production-linked incentive for 10 champion sectors: Finance Minister Nirmala Sitharaman.Advertisementnull

Guaranteed credit for supporting stressed sectors to be utilised for 100 per cent  guaranteed collateral free additional credit at capped interest rates.Tenor of additional credit to be 5 years, including one year moratorium on principal repayment. Scheme available till 31 March, 2021: Finance Minister Nirmala Sitharaman. 

Rs 3 Lakh Crore Existing Emergency Credit Line Guarantee Scheme (Credits:PIB)

Rs 3 lakh crore existing emergency credit line guarantee scheme extended till March 31, 2021: Finance Minister Nirmala Sitharaman.

Organisations hiring new people will get the following benefits

Central Government to provide subsidy for two years at the following scale:
– Establishments employing upto 1,000 employees: Employee’s contribution of 12 per cent and employer’s contribution of 12 per cent totalling 24 per cent wages. 
– Above 1,000 employees: Centre will pay employee’s EPF contribution of 12 per cent.

Atmanirbhar Bharat Rozgar Yojana:Subsidy Support from Central Govt (Credits: PIB)

Atmanirbhar Bharat Rozgar Yojana: Eligibility Criteria (Credits: PIB)

Boost for employment under Aatmanirbhar Bharat Rozgar Yojana

– A new scheme is being launched to incentivise creation of new employment opportunities during the Covid recovery phase. 

Beneficiaries under the scheme will include:

  • Any new employee joining employment in EPFO registered establishments on monthly wages less than Rs 15,000.
  • EPF members drawing monthly wage of less than Rs 15,000 who made exit from jobs during the pandemic from 1st March to 30th September and is employed on or after 1st October

Alert | Nirmala Sitharaman Announces Atmanirbhar Bharat Rozgar Yojana.

Press Release on Measures Carried out by Government. (Credits: PIB)

Under liquidity injection for discoms, Rs 118,273 cr worth of loans have been sanctioned to 17 states: Finance Minister Nirmala Sitharaman.

Rs 25,000 crore has been disbursed through NABARD for additional emergency working capital funding for farmers: Finance Minister Nirmala Sitharaman.

Press Release on Measures Carried out by Government. (Credits: PIB)

Under PM street vendor’s AtmaNirbharNidhi 26.62 lakh loan applications have been received. 13.78 lakh loans totalling Rs 1373.33 crore sanctioned in 30 states and 6 UTs. About 157.44 lakh eligible farmers have received Kisan Credit Cards and sanctioned a limit of Rs 1,43,262 crore in two phases: Finance Minister Nirmala Sitharaman.

Press Release on Measures Carried out by Government. (Credits: PIB)

Work on portal for migrant workers has commenced: Finance Minister Nirmala Sitharaman

Inter state portability of ration cards was carried out with effect from September 1, 2020. It now covers 68.6 crore beneficiaries who have have an option to lift their food grains from any FPS of choice in any of these 28 states. Inter state portability is also enabled in these 28 states, about 1.5 cr monthly transactions: Finance Minister Nirmala Sitharaman.

Press Release on Measures Carried out by Finance Ministry. (Credits: PIB)

Few Measures Related to Stimulus Will be Announced: Finance Minister Nirmala Sitharaman | Union Finance Minister Nirmala Sitharaman says the government will announce a few measures related to the stimulus.

Press Release by Finance Ministry: (Credits to PIB)13:06 (IST)

Strong recovery of of economy has been evident. PMI rose to 58.9 in October. Strongest increase in output in close to 9 years. Energy consumption growth trended higher in October at 12% YoY. RBI has predicted a strong likelihood of Indian economy returning to positive growth in third quarter itself, ahead by a quarter of the earlier forecast. Prominent economists have suggested that the rebound is not only due to pent up demand, but also strong economic growth: Finance Minister Nirmala Sitharaman.13:05 (IST)

Finance Minister Nirmala Sitharaman: Strong recovery is being seen, while Covid-19 cases have fallen. In the last few days we have observed that recoveries are happening in different sectors.

Also, foreign direct investment (FDI) inflows in April-August at USD 35.37 billion has seen a 13 per cent rise on a year-on-year basis. RBI has predicted a strong likelihood of Indian economy returning to positive growth in Q3 2020-21, ahead by a quarter from the earlier forecast, she said adding prominent economists have suggested that the rebound is not only due to pent up demand but also due to strong economic growth. A Reuters report, citing sources had said Prime Minister Narendra Modi, Sitharaman and other top officials would finalise the plan on Thursday. The financial stimulus package may be announced before Diwali – on Thursday or Friday, a top finance ministry source told News18. It will be focused mainly on employment generation and incentives for stressed sectors, the source added.

Another source stated that the upcoming package may announce the Emergency credit line Scheme part-2. Under this scheme the government likely to provide collateral free credit. Similarly, some special incentives for specific sectors may be part of this package, the source added. 

This would be the government’s third stimulus package after the Covid-19 outbreak.

The government on Wednesday approved a Production-Linked Incentive (PLI) scheme for ten key sectors, including telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period. The scheme is meant to help encourage domestic manufacturing, reduce imports and generate employment as the government works to bolster economic growth. The financial outlay for the new scheme will be Rs 1,45,980 crore.

The Cabinet had also decided to extend the viability gap funding scheme to social infrastructure sectors. The scheme is currently available only for projects concerning economic infrastructure.

The PLI scheme, Sitharaman had said, would provide encouragement to the critical sunrise sectors by ensuring necessary support from the government in addition to creating jobs and linking India to global value chain.

An RBI official said Wednesday that India’s GDP is likely to contract by 8.6 per cent for the July-September period, which meant the country would enter into a recession for the first time in history in the first half of this fiscal with two successive quarters of negative growth due to the coronavirus pandemic.

Researchers have used the ‘nowcasting’ method to arrive at the estimates ahead of the official release of data and their views in an article in RBI’s monthly bulletin released on Wednesday do not constitute the central bank’s views.

The pandemic-induced lockdowns had led to a steep contraction of 23.9 per cent in the GDP for the April-June quarter as compared to the same period a year ago.

The RBI estimated that the economy would contract by 9.5 per cent for the full fiscal year. “India has entered a technical recession in the first half of 2020-21 for the first time in its history with Q2 2020-21 likely to record the second successive quarter of GDP contraction,” as per the article titled ‘Economic Activity Index’, authored by Pankaj Kumar of the Monetary Policy Department.

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