Nirmala Sitharaman Press Conference LIVE Updates: Finance Minister Nirmala Sitharaman today said that Rs 1 lakh crore fund will be created for agriculture infrastructure projects. She is addressing the third of a series of press conferences meant to outline India's efforts to reboot its economy that has been hit hard due to the coronavirus pandemic. Sources said that new rules for agriculture marketing could be announced today.
Sitharaman has so far shared details of measures for small businesses, discoms, NBFCs and migrant workers. Today's press conference is likely to focus on the agriculture and fisheries sector, sources have said.
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May 15, 2020 4:35 pm (IST)
Rs 20,000 Cr for Fishermen Through Pradhan Mantri Matsya Sampada Yojana
- Govt will launch the PMMSY for integrated sustainable, inclusive development of marine and inland fisheries
- Rs 11,000 cr for activities in marine, inland fisheries and aquaculture
- Rs 9,000 crore for infrastructure: Fishing harbours, cold chains, markets etc
- Will lead to additional fish production of 70 lakh tonnes over 5 years
- Employment to over 55 lakh people, double exports to Rs 1,00,000 cr
Focus on islands, Himalayan states, north-east and aspirational districts
May 15, 2020 4:28 pm (IST)
Rs 10,000 Cr Scheme for Formalisation of Micro Food Enterprises
- Scheme promotes vision of PM: "Vocal for local with global outreach"
- Unorganised MFEs need technical upgradation to attain FSSAI food standards, build brands and marketing
- A scheme will be launched to help 2 lakh MFEs attain above goals
- Cluster based approach
- Expected outcomes: improved health and safety standards, integration with retail markets, improved incomes
- Will also help in reaching untapped export markets in view of improved health consciousness
- Focus will be on taking advantage of strong production areas of states
May 15, 2020 4:23 pm (IST)
The finance minister announces Rs 1 lakh crore for agri-infrastructure fund for farm-gate infrastructure for farmers. "Financing facility of Rs 1,00,000 crore will be provided for funding agriculture infrastructure projects at farm-gate and aggregation points. Impetus for development pf farm-gate and aggregation point, affordable and financially viable post-harvest management infrastructure."
May 15, 2020 4:19 pm (IST)
"During the lockdown period, the demand for milk reduced by 20-25%. A new scheme was announced to provide interest subvention at 2% per annum to dairy cooperatives for 2020-21. The scheme will unlock Rs 5000 cr additional liquidity, benefit to 2 cr farmers," says FM Sitharaman.
May 15, 2020 4:11 pm (IST)
"I will be announcing 11 measures today, of which 8 relates to strengthening capacity and infrastructure. The government will allocate money and we can quickly ramp up on these. The rest 3 will pertain to government and administrative reforms," says FM.
May 15, 2020 4:09 pm (IST)
Today's announcements will focus on agriculture and allied activities, says FM Sitharaman.
May 15, 2020 4:08 pm (IST)
LIVE | Listen to the finance minister's press conference LIVE on CNN-News18.
FM's Press Conference Begins | FM Sitharaman's press conference starts to announce the details of the third tranche of the economic package declared by Prime Minister Narendra Modi on Tuesday.
May 15, 2020 3:53 pm (IST)
The finance minister will address her third press conference shortly. Follow this space for LIVE Updates.
May 15, 2020 3:51 pm (IST)
The NFSA mandates free rations to targeted poor families but neither coverage under the act is complete nor is there an estimate of those additionally going hungry because of the current crisis. (2/2)
May 15, 2020 3:45 pm (IST)
Package for Migrants Inadequate Without Cash Transfers | How many Indians are going hungry because of the Covid-19 induced lockdown and how many of these are outside the ambit of the UPA-era National Food Security Act (NFSA)? In the times of a global pandemic, when the world’s harshest lockdown has rendered crores of migrant Indians homeless, jobless and hungry, the government doesn’t seem to have an accurate estimate of how many internal migrants are going hungry and whether all the poor intended to be covered under the NFSA are indeed being covered. (1/2) Read More
May 15, 2020 3:31 pm (IST)
Boost to Housing Sector | In her previous announcement, Finance Minister Nirmala Nitharaman had said -- "Rs 70,000 crore boost to housing sector and middle-income group through the extension of Credit Linked Subsidy Scheme (CLSS). The government will extend the CLSS scheme up to March 2021. At least 2.5 lakh middle income families will benefit during 2020-21."
May 15, 2020 3:27 pm (IST)
Chidambaram on MSME Loans | The Congress on Friday took a sarcastic dig at union ministers after different statements were issued on the MSME sector by Finanace Minister Nirmala Sitharman and Minister Nitin Gadkari.
Minister Gadkari says that governments and PSUs owe Rs 5 lakh crore as unpaid dues to MSMEs
Minister Sitharaman says she will offer collateral free loan of Rs 3 lakh crore to MSMEs (numbering 45 lakhs)
Left Groups Unimpressed by Package | Terming the economic package announced by Finance Minister Nirmala Sitharaman, a "hoax" and mere "political rhetoric", the Left parties on Thursday said the government has played a cruel joke on the poor of the country. Read more here.
May 15, 2020 3:17 pm (IST)
Amit Shah Had Praised Package Announcement | Union Home Minister Amit Shah on Thursday welcomed the special package announced by Finance Minister Nirmala Sitharaman for migrant labourers, the poor and farmers, saying the initiative is in consonance with the Modi government's policy of 'Sabka Saath, Sabka Vikas'.
May 15, 2020 3:05 pm (IST)
FM's 3rd Tranche Announcement in 1 Hour | Finance Minister Nirmala Sitharaman will be announcing the third tranche of her economic package today, and the focus is likely to be on the agriculture and fisheries sector.
#AatmanirbharBharat – Finance Minister Nirmala Sitharaman to announce the third tranche of mega economic package today
Sensex, Nifty Drop | Equity benchmark Sensex dropped over 200 points in opening session on Friday tracking losses in index heavyweights HDFC Bank, ICICI Bank and Reliance Industries amid weak domestic investor sentiment. Read more here.
May 15, 2020 2:52 pm (IST)
Limited Space for Stimulus: Report | There is very limited space for fiscal stimulus as the government's revised market borrowing of Rs 12 lakh crore, is expected to be used largely for meeting revenue shortfall, India Ratings & Research said on Friday. Read more here.
May 15, 2020 2:48 pm (IST)
WATCH | What are Kisan Credit Cards and How Can One Apply for It?
May 15, 2020 2:44 pm (IST)
Rs 10k Crore Spent Under MNREGS: FM | Finance Minister Nirmala Sitharaman on Thursday said Rs 10,000 crore has been spent in the last two months on creating 14.62 crore man-days of work under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS) to help migrant workers. Read more here.
May 15, 2020 2:31 pm (IST)
Markets Cool Off Post Package Announcements | The markets have cooled off post the announcement of a Rs 20-lakh-crore stimulus package was announced by Prime Minister Narendra Modi on May 12, Moneycontrol reports. "The Sensex jumped 2 percent the next day but erased all gains to settle almost 3 percent lower on May 14. On May 15, the 30-share pack fell over a percent in intraday trade," the report states.
May 15, 2020 2:25 pm (IST)
Where to Watch the Press Conference Live:
Finance Minister Smt.@nsitharaman to address a press conference today, 15th May, at 4PM in New Delhi.
— Ministry of Finance 🇮🇳 #StayHome #StaySafe (@FinMinIndia) May 15, 2020
May 15, 2020 2:23 pm (IST)
Centre's Package Inadequate Without Cash Transfers | The NFSA mandates free rations to targeted poor families but neither coverage under the act is complete nor is there an estimate of those additionally going hungry because of the current crisis. Read more here.
May 15, 2020 2:17 pm (IST)
WATCH | Finance Minister Nirmala Sitharaman To Hold Briefing On Economic Package
May 15, 2020 2:11 pm (IST)
Previous Tranche Announcments | Together with the Wednesday's Rs 5.94 lakh crore package that mostly comprised off-budget credit line and support to small businesses, shadow banks and electricity distribution companies, the government has unveiled over Rs 9 lakh crore plans out of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi to heal Asia's third-largest economy that was seen hurtling towards its first full-year contraction in four decades.
May 15, 2020 2:10 pm (IST)
Relief on Some Loans Under Mudra | Finance Minister Nirmala Sitharaman on Thursday announced a 2 per cent interest subvention on the smallest category of loans given under the MUDRA scheme.
May 15, 2020 2:07 pm (IST)
WATCH ↓ : Previously, FM Announced Free Food For Migrant Workers And Rs 30,000 Crore Additional Credit For Farmers
May 15, 2020 2:03 pm (IST)
Focus on Agriculture, Fisheries Sector | FM Sitharaman's third tranche announcement will be focussed on agriculture and fisheries sector, News18 reports.
May 15, 2020 2:02 pm (IST)
Tranche 3 of FM's Package Today | The third tranche of Finance Minister Nirmala Sitharaman's economic package amid the coronavirus epidemic, will be announced today in a press conference at 4pm.
Nirmala Sitharaman and Anurag Thakur addressing a press conference
On Thursday, she had announced the launch of ‘one nation one ration card’ scheme and said the Centre will also provide free food grains to those migrants who have no ration cards for the next two months as part of the second tranche of her economic package.
The government has been facing criticism for its handling of the migrant crisis as lakhs still continue to walk back hundreds of kilometres to their home states as their income dried up because of the lockdown.
"There is a legitimate concern about migrants returning to their home states. We are attending to migrants, we are not boasting," the minister said.
Experts have said that while the announcement of free grains is a positive step, two months of support is inadequate. They also questioned why there is no cash component in the package.
The minister had also announced Rs 30,000 crore as emergency funding credit for farmers through NABARD and Rs 2 lakh concessional credit for Kisan credit card holders.
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.
India Ratings & Research said on Friday that there is very limited space for fiscal stimulus as the government's revised market borrowing of Rs 12 lakh crore is expected to be used largely for meeting revenue shortfall.
According to India Ratings chief economist Devendra Kumar Pant, the enhanced gross borrowings of Rs 12 lakh crore will largely take care of the revenue shortfall, leaving little space for fiscal stimulus, "unless the Centre sharply cuts the budgeted capex and reprioritises expenditure".
"This leaves very limited fiscal space for the government as the revenue shortfall accounts for as much as 95.1 per cent of the increased borrowings, leaving as little as Rs 20,000 crore for the government to provide fiscal stimulus," India Ratings & Research said.
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