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The economic stimulus package announced by Finance Minister Nirmala Sitharaman on Thursday was in the works for around three months where in the finance ministry and PMO (Prime Minister's Office) considered several proposals to assuage stressed sectors FM Nirmala Sitharaman Press Conference Live: FM Sitharaman's announced several stimulus measures to revive the ecomony on Thursday, November 12. Among several of them, she announced new subsidies for employers and employees under the Atmanirbhar Bharat Rozgar Yojana Subsidy. The package was in the works for around three months where in the finance ministry and PMO (Prime Minister's Office) considered several proposals to assuage stressed sectors. The recovery plan comes a day after the Union Cabinet cleared a proposal to provide production-linked incentives of around Rs 2 lakh crore ($27 billion) over five years to boost manufacturing and create jobs in the country.
Follow BusinessToday.In for all the latest announcements from FM Sitharaman's presser today:-
2.40 pm: FM Sitharaman economic stimulus 2.0: Major announcements
2.34 pm: FM Nirmala Sitharaman live speech
Rs 900 crores provided for COVID Suraksha Mission for research and development of the Indian COVID vaccine to the Department of Biotechnology: Finance Minister Nirmala Sitharaman.
2.29 pm: Rs 10,200 crore additional budget outlay will be provided towards Capital and industrial expenditure: MoS Finance Anurag Thakur.
Rs 10,200 crore additional budget outlay will be provided towards Capital and industrial expenditure: MoS Finance Anurag Thakur pic.twitter.com/Wm20CPaLEV
ANI (@ANI) November 12, 2020
2.26 pm: FM Sitharaman on export suport scheme
Rs 3,000 crores will be released to EXIM Bank for promotion of project exports through Lines of Credit under IDEAS Scheme. Supported projects cover Railways, power, transmission, road and transport, auto and auto components, sugar projects etc: FM Nirmala Sitharaman.
The govt will release Rs 3,000 crore to EXIM Bank for the promotion of project exports through Lines of Credit under the IDEAS scheme. pic.twitter.com/ySAleqt9DB
NSitharamanOffice (@nsitharamanoffc) November 12, 2020
2.21 pm: FM Sitharaman live speech: Centre's mega rural job push
Finance Minister Nirmala Sitharaman announces additional Rs 10,000 crore fund for rural economy. "An additional outlay of Rs 10,000 crores will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year, to boost rural employment," says FM Sitharaman.
2.16 pm: Economic Stimulus announcement 7: Boost for funding infrastructure
Finance Minister Nirmala Sitharaman announces Rs 6,000 equity infusion to NIIF's debt platform."We are now giving Rs 6000 Crores of Equity to Debt Platform of NIIF (National Infrastructure & Investment Fund) where private equity participation will also come in. NIIF itself has invested Rs 2000 Crores," says Finance Minister Nirmala Sitharman.
We are now giving Rs 6000 Crores of Equity to Debt Platform of NIIF (National Infrastructure & Investment Fund) where private equity participation will also come in. NIIF itself has invested Rs 2000 Crores: Finance Minister Nirmala Sitharaman pic.twitter.com/uQY160LFUx
ANI (@ANI) November 12, 2020
2.13 pm: For primary residential real estate sales, relief on the difference between circle rate & agreement value up to 20% vs 10% earlier. We expect clearance of inventories through this step: FM Nirmala Sitharaman.
2.09 pm: FM Sitharaman press conference: Performance security reduced to 3%
Support for Construction & Infrastructure-Performance security on contract to be reduced to 3% instead of 5%. Earnest Money Deposit will not be required for tenders and will be replaced by Bid Security Declaration. Relaxations will be given till 31st December 2021: FM Sitharaman.
2.07 pm: Rs 18,000 Crores will be provided over and above the budget estimate which was mentioned in the Budget 2020-21 under Pradhan Mantri Awas Yojana. particularly for the urban areas: Finance Minister Nirmala Sitharaman. This extra budgetary resource being provided will help 12 Lakh houses to be grounded & 18 Lakh houses will get completed as a result: Finance Minister Nirmala Sitharaman.
2.03 pm: Fresh economic stimulus
FM Sitharaman announces Rs 18,000 crore additional fund for urban realty. 18 lakh houses to be completed with additional fund which will also help in generating jobs in the housing sector.
2.00 pm: FM launches credit guarantee support scheme for stressed sectors
We are launching credit guarantee support scheme for healthcare sector and 26 sectors stressed due to #COVID19. Entities will get additional credit up to 20% of outstanding credit, repayment can be done in five years' time (1 year moratorium + 4 years repayment): FM Sitharaman.
We are launching credit guarantee support scheme for healthcare sector and 26 sectors stressed due to #COVID19. Entities will get additional credit up to 20% of outstanding credit, repayment can be done in five years' time (1 year moratorium + 4 years repayment): FM Sitharaman pic.twitter.com/WkBAVzfjHB
ANI (@ANI) November 12, 2020
1.56 pm: Nirmala Sitharaman Press Conference live speech: 26 stressed sectors to get credit support
Guaranteed credit support for 26 stressed sectors identified by the Kamath Committee. Original ECLGS had one year of moratorium and 4 years of repayment, the new scheme will have 1-year moratorium and 5 years of repayment: FM Sitharaman
1.54 pm: If new employees of requisite number are recruited from October 1, 2020 to June 30, 2021, the establishments will be covered for the next two years: Finance Minister Nirmala Sitharaman
1.51 pm: Credit Line scheme extended till March 2021, says FM Nirmala Sitharaman
1.47 pm: Atma Nirbhar Bharat Rozgar Yojana
Aatmanirbhar Bharat Rozgar Yojana being launched to incentivise creation of new employment opportunities during #COVID19 recovery. Every EPFO registered orgs - if they take in new employees or those who had lost jobs b/1 March 1 & Sept 30 - these employees will get benefits: FM Sitharaman.
Aatmanirbhar Bharat Rozgar Yojana being launched to incentivise creation of new employment opportunities during #COVID19 recovery. Every EPFO registered orgs - if they take in new employees or those who had lost jobs b/1 March 1 & Sept 30 - these employees will get benefits: FM pic.twitter.com/OB8xlTNkZf
ANI (@ANI) November 12, 2020
1.42 pm: FM Sitharaman live speech
Up till today about Rs 8300 Crores have been disbursed to the beneficiaries. There are about 1,52,899 establishments which are covering 1,21,069 odd beneficiaries under PM Rozgar Protsahan Yojana: FM Nirmala Sitharaman.
1.39 pm: Nirmala Sitharaman Press Conference LIVE Update
Establishments registering with EPFO after the commencement of Scheme to get subsidy for all new employees. Scheme to be operation till 30th June, 2021: FM Sitharaman.
Establishments registering with EPFO after the commencement of Scheme to get subsidy for all new employees. Scheme to be operation till 30th June, 2021: FM Sitharaman https://t.co/jpftmZOr8Y pic.twitter.com/30J0JP7jyZ
ANI (@ANI) November 12, 2020
1.36 pm: FM Sitharaman launches new job scheme
Finance Ministery launched new job scheme called Atma Nirbhar Rozgar Yojana to create jobs in the country. The new scheme will be effective from October 1, 2020.
1.33 pm: Income Tax refunds have already been given by the government: FM Sitharaman
1,32,800 crores in refunds to 39.7 lakh assesses have been given by government, says FM Nirmala Sitharaman.
1.32 pm: Finance Minister Nirmala Sitharaman press conference
SBI Utsav cards being distributed, under the festival advance scheme announced on 12th Oct. 11 states sanctioned Rs 3,621 crores as an interest-free loan towards capital expenditure: FM Sitharaman
1.29 pm: FM Nirmala Sitharaman live speech
Under the Emergency Credit Liquidity Guarantee Scheme, a total amount of Rs 2.05 lakh crores has been sanctioned to 61 lakh borrowers, out of which Rs 1.52 lakh crores has been disbursed: FM Nirmala Sitharaman.
1.26 pm: Rs 25,000 crores has been disbursed to farmers from Additional Emergency Working Capital Funding through NABARD, says Finance Minister Nirmala Sitharaman.
1.24 pm: Credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, Rs 1.4 lakh crores has been distributed to farmers: FM Sitharaman.
1.23 pm: Rs 7,227 crores disbursed under the Special Liquidity Scheme for NBFCs/HFC says FM Nirmala Sitharaman.
1.22 pm: Nirmala Sitharaman's progress report on Atma Nirbhar Bharat scheme
There has been progress on Atma Nirbhar Bharat programme, says FM Sitharaman
1.19 pm: Nirmala Sitharaman press conference
Under PM's Street Vendor AtmaNirbharNidhi- 26.62 lakh loan applications received, 13.78 lakh loans totalling Rs. 1373.33 crore sanctioned in 30 states and 6 UTs, says FM Sitharaman.
1.16 pm: Nirmala Sitharaman presser
There has been very good progress on 'One Nation-One Ration Card' in 28 states covering 68.8 crore beneficiaries: FM Nirmala Sitharaman,
There has been very good progress on 'One Nation-One Ration Card' in 28 states covering 68.8 crore beneficiaries: FM Nirmala Sitharaman pic.twitter.com/mikMWruFbv
ANI (@ANI) November 12, 2020
1.13 pm: FM Nirmala Sitharaman live speech
RBI has predicted a strong likelihood of the Indian economy returning to positive growth in Q3:2020-21, ahead by a quarter of the earlier forecast, says FM Sitharaman.
1.07 pm: FM Sitharaman presser: Indian economy witnessing active recovery
Finance Minister Nirmala Sitharaman says that strong signs of economic recovery are visible in the economy now. Listing several areas where green shots are palpable, FM Sitharaman said higher GST collections, strong market performance, and increasing energy consumption are some of the positive indicators. The finance minister says several economists are now writing how the economic recovery has been strong and are not just owing to pent up demand.
1.04 pm: FM Sitharaman begins media address
Fresh economic stimulus package on cards.
1.00 pm: Domestic markets ahead of Nirmala Sitharaman's press conference
Sensex and Nifty were trading lower by 300 points and 80 points ahead of FM Sitharaman's announcement.
12.57 pm: Finance Minister Press conference to begin shortly
Ahead of FM Sitharaman's announcement, a team of RBI economists has said that India has entered a "technical recession" in the first half of FY21 for the first time in history. The team of economists comprising Michael Patra, RBI's deputy governor in charge of monetary policy, stated that the country's economy is going to contract 8.6% in the July-September quarter. The central bank has 'nowcast' that the GDP for the July-September quarter is set for an 8.6% contraction.
12.48 pm: Nirmala Sitharaman live speech: Focus on Hospitality, Aviation, and services sector
The economic stimulus package likely to be announced by FM Sitharaman today is also expected to focus on the above three sectors that have been battered by the coronavirus pandemic. All these sectors have been reaching out to the Centre for help, but the government decided that incentives would be announced for them after easing of COVID-19 pandemic curbs. The Centre is said to be working on a credit support scheme for these sectors and is also expected to help bring their operation costs down as well as ease the cash crunch they are presently facing.
12.39 pm: Centre's stimulus package: What's in it for MSMEs?
The MSME sector is expected to get some benefit as it is a huge employment generator, and incentivising it will amount to boosting jobs thereby generating more income. According to sources, the likely announcements today by FM Sitharaman could comprise replacing the existing credit guarantee scheme with a new type of credit guarantee. The Centre has for long been considering a proposal for providing support to MSMEs towards EPFO contributions for a limited period of time. This may be announced today as part of the fresh economic stimulus package by the finance minister.
12.33 pm: Nirmala Sitharaman press conference: Focus on generating demand
The stimulus package likely to be announced today, may not comprise a cash transfer to any groups including senior citizens, farmers, or women. The reason for this hesitation on the government's part to go in for a direct cash benefit scheme is because the economy is in an urgent need for greater demand generation.
12.26 pm: Finance Minister Nirmala Sitharaman presser: Direct cash support unlikely
FM Sitharaman's fresh stimulus announcement may not comprise any direct cash support. A senior finance ministry official has said that the package is not likely to involve any cash support to individuals despite timing it hours ahead of Diwali. The Centre has been in the process of reviewing the performance of the economic measures announced since May (2020).
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