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Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0

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Sitharaman briefing HIGHLIGHTS: Announcing a new set of stimulus measures dubbed as Stimulus 2.0, Finance Minister Nirmala Sitharaman on Thursday 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.

Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Govt to provide Rs 65,000 crore fertilizer subsidy to farmers, announces FM Sitharaman
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    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: FM announces Rs 18,000 cr additional outlay for urban housing scheme


    Finance Minister Nirmala Sitharaman on Thursday announced a Rs 18,000 crore additonal outlay for the urban housing scheme to help complete real estate projects that would create jobs and boost the economy. She said the Rs 18,000 crore would be provided over and above the Budget Estimates for 2020-21 for the Prime Minister Awas Yojana (Urban) through additional allocation and extra budgetary resources. This is over and above Rs 8,000 crore already provided this year. She said the move would help start work on 12 lakh houses as well as complete 18 lakh houses. This would create 78 lakh new jobs as well as demand for steel and cement.

  • Aatma Nirbhar Bharat 3.0: Government announces grant of Rs 900 crore for COVID-19 vaccine R&D


    Finance Minister Nirmala Sitharaman announced on Thursday that the government will provide Rs 900 crore for research and development activities related to COVID-19 vaccine to The Department of Biotechnology, Ministry of Science & Technology.

  • Nirmala Sitharaman Press Conference LIVE Updates: 

    Centre announces additional Rs 3,000 crore will be released to EXIM bank for promotion of project exports through lines of credit under IDEAS scheme.

  • Govt extends ECLGS till March 2021
    The Emergency Credit Loan Guarantee Scheme(ECLGS) has been extended till March 31, 2021, Union Finance Minister Nirmala Sitharaman said.Get latest Finance online at cnbctv18.com
    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: FM announces additional outlay of Rs 10,000 crore to be provided for PM Garib Kalyan Rozgar Yojana


    Rs 73,504 crore already spent from the approx current outlay of Rs 1 lakh crore; 251 cr person days of employment generated

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: So far key announcements in Stimulus 2.0 include:

    ECLGS scheme extended to units upto Rs 500 cr loans

    No income tax if home price is upto 20% lower than circle rate

    Govt to pay PF for additional employees where pay is Rs 15000 or less

  • Nirmala Sitharaman Press Conference LIVE Updates: FM to provide Rs 65,000 crore as fertiliser subsidy for farmers

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: NIIF, AIFL, IFL will raise Rs 95,000 crore debt from markets including project bonds

  • Nirmala Sitharaman Press Conference LIVE Updates: FM announces an infusion of Rs 6000 crore into NIIF debt platform

    Rs 1.10 lakh crore of funding to be provided by NIIF by 2025

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: FM announces income tax relief for developers and home buyers to boost real estate

    For primary residential sales, relief on difference between circle rate and agreement value upto 20% vs 10% earlier.

    FM says that we expect lot of clearance of inventory through this; will end up paying lesser.

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: FM announces launch of PM Awaas Yojana (PMAY) - Urban

    Additional Extra Budgetary Resources of Rs 18,000 crore to be provided to PMAY Urban

    For construction/infra sector - Performance security on contracts now 3% vs 5-10%; to be available for all dispute free projects

    Relief on performance security & earnest money for contractors applicable till Dec-31, 20201

    For ongoing contracts free of disputes ; will be extended to PSEs

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: Here's the list of 26 stressed sectors as identified by the Kamath Committee

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: FM announces Credit Guarantee Support scheme for 26 stressed sectors

    FM: Scheme will cover 26 sectors identified by Kamath Committee, plus healthcare sector, with credit outstanding of Rs 50 crore - 500 crore

    Original ECLGS had 1 yr of moratorium and 4 yr repayment ; new scheme will have 1 yr moratorium and 5 yr repayment

    No upper ceiling on annual turnover

    We are launching credit guarantee support scheme for healthcare sector and 26 sectors stressed due to the COVID-19. 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), said FM Sitharaman.

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: FM announces extension of Emergency redit guarantee scheme until March-31, 2021

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: Centre to contribute PF contribution for 2 years i.e.12% of employee & employer as well - total 24%

    Central govt will give subsidy for new employees for establishments upto 1000 employees; total 24% of the wage contribution will be borne by the govt - only EPF contribution of 12% for establishments with 1000 plus employees

    Eligibility criteria for refurbished employment scheme:

    minimum 2 new employees upto 50 if reference base is 50 and less

    Minimum 5 new employees if reference base is above 50

    Scheme operational till June 2021

    Units with between 15-1000 employees to benefit from Rozgar scheme

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: FM to announce 12 measures as part of the AtmaNirbhar Bharat 3 and Stimulus 2.0

    She starts with Atmanirbhar Bharat Rozgar Yojana. A new scheme “AtmaNirbhar Bharat Rozgar Yogana” is being launched, the FM said.

    For creation of new jobs: Every registered EPFO if it takes on new employees like those who didn’t take an EPFO no weekly or those who lost their jobs between a March 30 - Sept 1.

    New scheme effective from Oct 1; Employees will be covered for next 2 years

    Drawing monthly wage of less than 15,000cr

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: IT refunds have gone in a big way to people; 1.32 lakh crore refunds given, says FM


    The FM also said that SBI Utsav Cards are being distributed.

    11 states have taken Rs 3621 crore.

    Rs 450 crore for Bihar.

    Rs 25,000 crore additional capex was given to Road Transport and Defence

  • Nirmala Sitharaman Press Conference LIVE Updates: Market trades sharply lower as FM announces stimulus 2.0

    Meanwhile, markets extended losses as the press conference of FM Nirmala Sitaraman began. The Sensex was trading over 350 points lower, while the Nifty fell around 12,650 levels mainly dragged by financials. The Nifty Bank and Nifty Fin Services fell 2 percent and 1.5 percent, respectively. However, the auto, FMCG, and pharma sectors also pared gains but continued to trade in the green. Broader markets also outperformed the benchmarks with the Nifty Midcap and Nifty Smallcap indices up 0.3 percent and 1 percent, respectively.

  • Nirmala Sitharaman Press Conference LIVE Updates: FM shares Stimulus 1.0 data; over Rs 2 trillion sanctioned to 61 lakh borrowers

    Rs 2.05 lakh crore sanctioned to 61 lakh borrowers; Rs 1.52 lakh crore disbursed

    PCGS: Approved purchase portfolio of Rs 26,889 crore

    Special Liquidity Scheme for NBFCs: Rs 7, 227 crore disbursed

    Liquidity injection for DISCOMS: Rs 118,273 lakh crore of loan sanctions, disbursement of Rs 31,136 crore to 11 states

  • Nirmala Sitharaman Press Conference LIVE Updates: 25,000 crore disbursed out of the special facility as additional emergency working capital for farmers through NABARAD, says FM

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: PM SVANidhi: Rs 1,373 crore worth of loans sanctioned in 30 states , 6 UTs, says FM

    She also added that so far 26.62 lakh applications have been received.

    Meanwhile, the work on portal for migrant workers is also on, said the FM.

  • Nirmala Sitharaman Press Conference LIVE Updates: Very good progress on One Nation One Ration Card in 28 states covering 68.8 cr beneficiaries, says FM

  • Nirmala Sitharaman Press Conference LIVE Updates: FM Nirmala Sitharaman announces the next set of stimulus measures to boost the economy

  • Nirmala Sitharaman Press Conference LIVE Updates: Forex reserves like never before, says FM; Govt is maintaining an unrelenting reform pitch

    FM Sitharaman said: Forex reserves like never before; RBI will now come out with a monthly report showing a strong growth; in Q3 itself we could be back to positive growth as per RBI against Q4 earlier.

  • Nirmala Sitharaman Press Conference LIVE Updates: Bank credit growth is up 5.1%; markets are at a record high

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Updates: Quite a few indicators showing distinct recovery in the economy, says FM

    Sitharaman briefing HIGHLIGHTS: From credit guarantee to EPFO subsidy to tax relief for homebuyers, FM announces 12 measures in Stimulus 2.0
  • Nirmala Sitharaman Press Conference LIVE Update: Giving a picture of the economy as we stand now ; strong recovery seen in the economy, says FM

  • Nirmala Sitharaman Press Conference LIVE Update: FM starts briefing the media

    FM Sitharaman's media briefing begins; she says these are the next steps in the series of stimulus annoucements

  • Nirmala Sitharaman Press Conference LIVE Update: Sensex, Nifty trade in narrow range

    Markets continued to trade lower ahead of the FM Nirmala Sitaraman press conference. The Sensex was trading over 200 points lower while the Nifty remained below the 12,700 levels. The fall in the markets was mainly led by financials as the Street waited for the second set of economic stimulus from the government. The Nifty Bank and Nifty Fin Services fell 1.8 percent and 1.3 percent, respectively. However, the auto, FMCG, and pharma sectors were positive. Broader markets also outperformed the benchmarks with the Nifty Midcap and Nifty Smallcap indices up 0.5 percent and 1.3 percent, respectively.

Sitharaman briefing HIGHLIGHTS:
Announcing a new set of stimulus measures dubbed as Stimulus 2.0, Finance Minister Nirmala Sitharaman on Thursday 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. She noted that COVID-19 active cases have declined from over 10 lakh to 4.89 lakh with case fatality rate (CFR) at 1.47 percent.
Giving out details of recovery, she said composite purchasing managers index (PMI) rose to 58.9 percent in October versus 54.6 percent in the previous month, registering the strongest increase in output in close to nine years.
Energy consumption growth trended higher in October at 12 percent year-on-year, while Goods and Services Tax (GST) collections have grown 10 percent to over Rs 1.05 lakh crore.
Daily railway freight tonnage grew by an average 20 percent year-on-year versus 12 percent, she said adding bank credit has improved 5.1 percent.
Also, foreign direct investment (FDI) inflows in April-August at USD 35.37 billion has seen a 13 percent rise on a year-on-year basis.
RBI has predicted a strong likelihood of the 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.
Giving details of the progress made on the previous stimulus announcements under AatmanirbharBharat Abhiyaan, Sitharaman said 28 states/union territories (UTs) have been brought under the national portability of ration cards with effect from September 1.
This now covers 68.6 crore beneficiaries who now have an option to lift their food grains from any fair-price shops (FPS) of their choice in any of these 28 states/UTs, she said.
Intra-state portability is also enabled in these 28 states/UTs, she said adding 1.5 crore monthly transactions are happening.
Under PM Street Vendor's AtmaNirbhar Nidhi, 26.62 lakh loan applications were received out of which 13.78 lakh loans totaling Rs 1,373.33 crore were sanctioned.
The Finance Minister said a credit boost to 2.5 crore farmers has been achieved through Kisan Credit Cards (KCCs).
"So far 183.14 lakh applications have been received and have issued KCCs for 157.44 lakh eligible farmers and sanctioned a limit of Rs 1,43,262 crore in two phases," she said.
Under Pradhan Mantri Matsya Sampada Yojana (PMMSY), proposals worth Rs 1,682.32 crore from 21 states were sanctioned.
As much as Rs 25,000 crore has been disbursed to farmers under the additional emergency working capital fund, she said.
Sitharaman further said Rs 2.05 lakh crore was sanctioned to 61 lakh borrowers. Of this Rs 1.52 lakh crore has been disbursed.
As much as Rs 26,889 crore worth of portfolios have been bought by public sector banks (PSBs) under the partial credit guarantee scheme, she said adding Rs 7,227 crore was disbursed to Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs).
She said Rs 1,18,272 crore worth of loans have been sanctioned to 17 states/UTs for liquidity injections in electricity distribution companies. Of this, 11 states have received Rs 31,136 crore.
The Finance Minister said Rs 25,000 crore has been provided as additional capital expenditure to the Ministry of Road Transport and Ministry of Defence.
Also, 11 states have been sanctioned Rs 3,621 crore as interest-free loan towards capital expenditure, she said.
Further, Rs 1,32,800 crore of income tax refund has been made to 39.79 lakh assesses, she added.