Nirmala Sitharaman Press Conference LIVE Updates: Rs 2 Lakh Crore Credit Line for Farmers, Cash Aid for Street Vendors Likely in FM’s Package Today

News18.com | May 14, 2020, 2:35 PM IST

Event Highlights

FinMin to Hold Presser at 4pm Today

Nirmala Sitharaman Press Conference LIVE Updates: The finance Minister may offer loan guarantees of Rs 2 lakh crore to farmers today as she addresses her second press conference in two days at 4pm on Thursday to share details of the economic package announced by Prime Minister Narendra Modi to help revive the economy that has been devastated by coronavirus.

Sources told News18 that the second tranche of the relief package Sitharaman announces today would focus on farmers, labourers and workers in the unorganised sector, and could include direct bank transfers for street vendors.

May 14, 2020 2:35 pm (IST)

Measures announced yesterday were aimed at alleviating the stress in sectors such as micro, medium and small enterprises (MSMEs), power discoms and real estate. The government announced a Rs 90,000 crore liquidity infusion in electricity distribution companies to help them overcome the current financial stress.

May 14, 2020 2:35 pm (IST)

Regarding the Government of India's relief package, some economists said that although the measures outlined amounted to policy support of Rs 5.9 lakh crore, the fiscal impact on the government's budget would only be less than Rs 25,0000 crore.

May 14, 2020 2:26 pm (IST)

Finance Minister Nirmala Sitharaman had yesterday announced the first instalment of the relief package aimed at reviving the economy with 15 measures and extended guaranteed credit for small and medium businesses, non-financial banking companies and power distribution companies (discoms).

May 14, 2020 2:21 pm (IST)

Although the Prime Minister had pegged the overall package at Rs 20 lakh crore, or 10 per cent of India’s GDP, the finance minister had on Wednesday avoided giving any details as to how the stimulus would be paid for, or even how much actual money would be spent.

May 14, 2020 2:16 pm (IST)

Besides street vendors and farmers, workers and daily wagers in unorganised sector are likely to get some relief in today's set of announcements by Finance Minister Nirmala Sitharaman. Sources say that migrant labourers, too, may get relief.

May 14, 2020 2:06 pm (IST)

News18 sources privy to the development say that Finance Minister Nirmala Sitharam is likely to announce a Rs 2 lakh crore worth special credit for the farmers across the country.

May 14, 2020 1:59 pm (IST)

The Government of India aims at helping the local street vendors reestablish their business by transferring cash directly to their accounts, say sources.

May 14, 2020 1:53 pm (IST)

The Finance Minister, Nirmala Sitharaman, is expected to announce financial benefits for local street vendors , who are reeling from the economic blow ddue to the coronavirus lockdown.

May 14, 2020 1:50 pm (IST)

News18 sources in the Finance Ministry say that the government's second chunk of relief package is set to focus on major credit lines for farmers, daily wage earners and unorganised sector to help them combat the economic damage incurred due to the coronavirus pandemic.

May 14, 2020 1:48 pm (IST)

FinMin Nirmala Sitharaman to Hold Presser at 4pm Today | Union Finance Minister Nirmala Sitharaman will hold a press conference at 4.00 pm today to share more details on the COVID-19 economic relief package. Today's presser will be the second in a series of press conferences on relief packages. FM Nirmala Sitharaman announced the first chunk of the package’s details yesterday.

Nirmala Sitharaman Press Conference LIVE Updates: Rs 2 Lakh Crore Credit Line for Farmers, Cash Aid for Street Vendors Likely in FM’s Package Today

FM Nirmala Sitharaman addressed a press conference on the economic package on Wednesday. (Image: Amlan Paliwal)

The package may also include relief for the lakhs of migrant workers affected by the lockdown and declaration of special concession is possible for workers and labourers of unorganised sector.

Although the Prime Minister had pegged the overall package at Rs 20 lakh crore, or 10 per cent of India’s GDP, the finance minister had on Wednesday avoided giving any details as to how the stimulus would be paid for, or even how much actual money would be spent.

Sitharaman had on Wednesday announced the first instalment of the relief package aimed at reviving the economy with 15 measures and extended guaranteed credit for small and medium businesses, non-financial banking companies and power distribution companies (discoms).

Some economists said that although the measures outlined amounted to policy support of Rs 5.9 lakh crore, the fiscal impact on the government's budget would only be less than Rs 25,000 crore.

The finance minister said the government will provide Rs 3 lakh crore worth of collateral free- automatic loans for businesses, including SMEs, a move that will help 45 lakh businesses. She also said the government will provide Rs 90,000 crore for power distribution companies via state-run power finance companies.

Rs 30,000 crore special liquidity scheme has also been introduced for NBFCs under which investments will be made in both primary and secondary market transactions in investment-grade debt papers of these institutions. These securities will be fully guaranteed by the government.

Industry leaders were broadly supportive of the first trance. "The measures announced by the finance minister are very well-targeted and meet the immediate as well as longer-term requirements," top industry body the Confederation of Indian Industries (CII) said in a statement.

Sitharaman said the next wave of reforms with self-reliance as the guiding principle will focus on land, labour, liquidity and laws. “Essentially, this is to spur growth and to build a self-reliant India. That is why this initiative is called ‘Atmanirbhar Bharat Abhiyan’,” she said.