FM Sitharaman's address comes a day after the government announced new production linked incentives under another Rs 2 lakh crore PLI scheme for 10 major manufacturing sectors.Finance Minister Nirmala Sitharaman LIVE: Finance Minister Nirmala Sitharaman is likely to announce the long-awaited stimulus package ahead of Diwali. FM Sitharaman is due to address a press conference today afternoon. The address comes a day after the government announced new production linked incentives under another Rs 2 lakh crore PLI scheme for 10 major manufacturing sectors. Further, it is expected that the Ministry of Finance will roll out sector-specific measures, particularly for the sectors worst affected by the pandemic. The government may also concentrate on announcing some fresh projects, aimed at boosting employment in the country. Earlier, the Centre had underlined that it is aware of the fact that sectors like hospitality, tourism and aviation have been the worst hit due to the COVID-19 pandemic.
Highlights
Employment in the country receded in the month of October, according to CMIE data. Today's announcement may also focus on new projects that could lift employment.
Earlier this year, the government had rolled out a landmark Atmanirbhar package worth Rs 21 lakh crore, which was aimed at catering the needs of almost all sections of societies and businesses.
The Cabinet has approved Continuation and Revamping of the Scheme for Financial Support to Public-Private Partnerships (PPPs) in Infrastructure Viability Gap Funding (VGF) Scheme till 2024-25, with a total outlay of Rs. 8,100 cr
Finance secretary Ajay Bhushan Pandey, earlier this month, hinted that the government is working on another stimulus package but he refrained from giving a timeframe.
Today's stimulus package is expected to focus on sectors that are majorly hit by the disruptions caused by the coronavirus pandemic.
The cabinet said that the PLI scheme across these 10 key specific sectors will make Indian manufacturers globally competitive, attract investment in the areas of core competency, and give cutting-edge technology.
The ten select areas are Advance Chemistry Cell Battery; Electronic/Technology Products; Automobiles & Auto Components; Pharmaceuticals drugs; Telecom & Networking Products; Textile Products; Food Products; High-Efficiency Solar PV Modules; White Goods (ACs & LED); and Speciality Steel.
Prime Minister Narendra Modi-led cabinet yesterday announced Rs 2 lakh crore of production linked incentives for 10 major manufacturing areas ahead of Diwali. The government said that the move will help increasing production, exports, and employment in the country, giving support to the Atmanirbhar Bharat. Read full story here
Finance Minister Nirmala SItharaman will address media at 12:30 pm today. It is expected that the government will roll out a fresh stimulus package today.