Nirmala Sitharaman Press Conference LIVE | Tranche III to focus on agriculture and allied sectors, says FM
This is the third day of the FM outlining a tranche of the contours of India’s massive Rs 20 lakh crore fiscal stimulus package
Finance Minister Nirmala Sitharaman will address the media at 4 pm on May 15. This is the second day of the FM outlining a tranche of the contours of India’s massive Rs 20 lakh crore fiscal stimulus announced by Prime Minister Narendra Modi.
FM Sitharaman said the announcements will be made in tranches. The announcements on May 13 included six measures for MSMEs, 2 for EPF, 2 for NBFCs and MFIs, 1 for discoms, 1 for contractors, 1 for real estate sector, and 3 tax measures.
The second tranche on May 14 focused on migrant workers, street vendors, small traders, self-employed people and small farmers.
The financial stimulus announced by PM Modi on May 12 is almost 10 percent of India’s gross domestic product (GDP) and comes as the country battles the economic effects of the coronavirus pandemic.
This Rs 20 lakh crore figure, however, includes the previous Rs 1.7 lakh crore stimulus package announced by Finance Minister Nirmala Sitharaman and steps taken by the Reserve Bank of India (RBI) since lockdown began on March 24 midnight. These earlier measures now together account to Rs 7.79 lakh crore of the complete package.
FM Sitharaman LIVE | Watch Press Conference by Finance Minister Nirmala Sitharaman here
FM Sitharaman LIVE | Fourth item is National Animal Disease Programme with total outlay of Rs 13,343 crore. Will ensure 100% vaccination for cattle, buffalo, sheep and pigs against foot and mouth disease (FMD): Sitharaman
FM Sitharaman LIVE | Logistics capacities under PMMSY for activities related to marine and inland fisheries. Provide employment to 55 lakh in the sector. Expected to contribute Rs 1 lakh crore to India's exports. Will help in better standards, new fishing vessels, harbours, insurance for person and boats. Will lead to additional 70 lakh tonnes over the next 5 years. It is to empower people to make a livelihood for themselves. Making sure India is helped to stand on its own. Rs 11,000 crore allocated for marine, inland fisheries and Rs 9,000 crore for infrastructure activities: Sitharaman
FM Sitharaman LIVE | Rs 10,000 crore fund for micro food enterprises (MFEs) in cluster-based approach. Vocal for global can build brands and therefore marketing them globally will be included. Branding, modernising and capacity ramp-up will be part. This will will benefit 2 lakh MFEs. Focus will be on women, ST/SCs. Will look at regional clusters: Sitharaman
FM Sitharaman LIVE | Rs 1 lakh crore 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 & aggregation points (Primary Agricultural Cooperative Societies, Farmers Producer Organisations. Agriculture entrepreneurs, Start ups, etc.) of farmgate & aggregation point. Impetus for development affordable and financially viable Post Harvest Management
infrastructure will be given: Sitharaman
FM Sitharaman | Additional Steps for Fisheries taken during COVID-19
FM Sitharaman | Additional Steps taken during COVID-19
FM Sitharaman | Additional Steps taken during COVID-19
FM Sitharaman LIVE | Today will announce a total of 11 measures. Of these 8 will be aimed at building better capacities and allocation for ramping up storage and logistics. The remaining 3 are governance and administrative reforms: Sitharaman
FM Sitharaman LIVE | During lockdown provisions were made to conclude Rabi crop harvest and some states have gone ahead largely with procurement process while observing social distancing. Agricultural work was supported during the two months of lockdown: Sitharaman