FM Nirmala Sitharaman Press Conference LIVE Updates
Finance Minister Nirmala Sitharaman began her press conference at 1 pm on Thursday at the National Media Center in New Delhi, the minister's office informed in a tweet.
All eyes are set on the press conference as the country awaits announcements on a much-needed fresh round of stimulus to aid growth in the economy.
The package would follow Wednesday's announcement of production-linked incentives (PLI) worth Rs 1.46 lakh crore over five years for manufacturers in 10 sectors.
28 states/UT bought under One Nation-One Ration Card
The inter-state portability now covers 68.6 crore beneficiaries who can get their food grains from any state or UT.
FM provides progress updates on Atmanirbhar Bharat 1.0 announcements
Calling the stimulus announcements made in March and May as "Atmanirbhar Bharat 1.0" FM Sitharaman provided an update on progress so far.
Economy making strong recovery: FM
FM Sitharaman said that a decline in active COVID-19 cases from over 10 lakh to 4.89 lakh active cases, positive composite PMI data for October, increased energy consumption, higher GST collection, improved bank credit and higher FDI inflows, are all pointing at a strong recovery in the Indian economy.
FM Sitharaman begins press conference
Finance Minister Sitharaman provided an update on the economy, says the government will announce a few measures related to the stimulus.
Sensex, Nifty Decline Ahead of FM Sitharaman's Press Conference
At the start of the afternoon session, benchmark indices continue to trade with losses. Nifty 50 was down 0.6% at 12,674 and Sensex down 0.7% at 43,292. Meanwhile, broader market indexes outperformed with Nifty Midcap index up 0.4% and Nifty Smallcap index trading higher by 1.1%.
PLI Scheme for 10 sectors
On Wednesday, the Union Cabinet gave its approval to introduce the Production-Linked Incentive (PLI) Scheme for 10 key sectors to "Enhancing India’s Manufacturing Capabilities and Enhancing Exports" as part of the government's Atmanirbhar Bharat mission. The 10 sectors chosen were: Advance Chemistry Cell (ACC) Battery, Electronic/Technology Products, Automobiles & Auto Components, Pharmaceuticals drugs, Telecom & Networking Products, Textile Products: MMF segment and technical textiles, Food Products, High Efficiency Solar PV Modules, White Goods (ACs & LED) and Speciality Steel.
Stimulus for stressed sectors expected
According to a Reuters report citing government officials, the stimulus will total about billion. It further said that Prime Minister Narendra Modi, FM Sitharaman and other top officials will finalise the plan on Thursday. Without providing details of the package, the sources said that it would be targeted towards stressed sectors with a focus on generating employment.
Will the fiscal deficit rise?
Benchmark indices were lower after three days of hitting historic highs. One will have to wait and see if the stimulus could have an impact on the fiscal deficit.