FM Nirmala Sitharaman Press Conference LATEST Updates: Nirmala Sitharaman announced an additional outlay of Rs 18,000 crore for PM Awaas Yojana- Urban, adding that the outlay is over and above the Rs 8,000 already allotted this year
Finance Minister Nirmala Sitharam announced measures to boost demand and revive the economy. ANI
With the aim of boosting real estate, the finance minister announced a relief on difference between circle rate and agreement value upto 20 percent vs 10 percent earlier for primary residential sales.
She added that a lot of clearance of inventory is expected through this move and people will also end up paying lesser.
Nirmala Sitharaman announced an additional outlay of Rs 18,000 crore for PM Awaas Yojana- Urban, adding that the outlay is over and above the Rs 8,000 already allotted this year.
"This extra budgetary resource being provided will help 12 lakh houses to be grounded and 18 Lakh houses will get completed as a result," she told reporters.
For the Construction and Infrastructure-Performance security on contract to be reduced to 3 percent instead of 5 percent. Earnest Money Deposit will not be required for tenders and will be replaced by Bid Security Declaration. Relaxations will be given till 31 December, 2021.
Credit Guarantee Support scheme launched for 26 stressed sectors
"We are launching credit support for stressed sectors as identified by the Kamath committee. The 26 entities identified in the Kamath committee report along with health care sector are eligible for this. Tenor of additional credit under this scheme would be 5 years, which includes a one-year moratorium of principal repayment:. There is no upper ceiling on turnover for meeting the eligibility for this scheme," says FM
FM announces Credit Guarantee Support scheme for 26 stressed sectors
"Scheme will cover 26 sectors identified by Kamath Committee, plus healthcare sector, with credit outstanding of Rs 50 crore - 500 crore," says FM.
Centre to contribute PF contribution for 2 years i.e.12% of employee & employer as well - total 24%, says finance ministry
Central govt will give subsidy for new employees for establishments upto 1000 employees; total 24% of the wage contribution will be borne by the govt - only EPF contribution of 12% for establishments with 1000 plus employees
Eligibility criteria for refurbished employment scheme:
8.6 crore beneficiaries are now lifting their foodgrains from any stores of their choice in any of those 28 States and UTs, claims FM
Nirmala Sitharaman highlights some of the previous announcements she made under Atma Nirbhar Bharat Abhiyan or Self Reliant India. "I call them ANBA 1.0 and ANBA 2.0," FM says.
As many as 68.6 crore beneficiaries are now lifting their foodgrains from any stores of their choice in any of those 28 States and UTs, from September 1. About 1.5 crore monthly transactions are happening using these [ration cards]. This was a progressive step to boost food security. Under the PM Street Vendors Scheme, 13.78 lakh loans cleared worth Rs 1373.33 crore cleared to various states and UTs, she says.
Credit boost has been achieved for 2.5 crore farmers through the Kisan Credit card. Total amount sanctioned and disbursed in two phases was Rs 1,43, 262 crore. So farmers were covered for their immediate agricultural activity based requirements.
FM to announce 12 measures as part of the AtmaNirbhar Bharat 3 and Stimulus 2.0
She starts with Atmanirbhar Bharat Rozgar Yojana. A new scheme “AtmaNirbhar Bharat Rozgar Yogana” is being launched, the FM said. For creation of new jobs: Every registered EPFO if it takes on new employees like those who didn’t take an EPFO no weekly or those who lost their jobs between a 30 March - 1 Sept.
FM shares Stimulus 1.0 data; over Rs 2 trillion sanctioned to 61 lakh borrowers
Market trades sharply lower as FM announces stimulus 2.0
Meanwhile, markets extended losses as the press conference of FM Nirmala Sitaraman began. The Sensex was trading over 350 points lower, while the Nifty fell around 12,650 levels mainly dragged by financials. The Nifty Bank and Nifty Fin Services fell 2 percent and 1.5 percent, respectively.
However, the auto, FMCG, and pharma sectors also pared gains but continued to trade in the green. Broader markets also outperformed the benchmarks with the Nifty Midcap and Nifty Smallcap indices up 0.3 percent and 1 percent, respectively.
IT refunds have gone in a big way to people; 1.32 lakh crore refunds given, says FM
Sitharaman also said that SBI Utsav Cards are being distributed.
FM Nirmala Sitharaman Press Conference LATEST Updates: Nirmala Sitharaman announced an additional outlay of Rs 18,000 crore for PM Awaas Yojana- Urban, adding that the outlay is over and above the Rs 8,000 already allotted this year.
The Finance Ministry announced what they referred to as Atmanirbhar Bharat 3.0. "You can call it Atmanirbhar 3.0," says FM Sitharaman. For organisations registered with EPFO, the new employees (who lost their jobs or is their first job) will get special benefits," says Sitharaman. The benefits haven't been announced yet.
Economy has staged a strong recovery with growth in GST collections, bank credit, FDI inflows along with other indicators, says the finance minister.
Finance Minister Nirmala Sitharaman on Thursday announced another stimulus package to boost the Indian economy amid the ongoing pandemic. The measures are aimed at sectors worst hit by the pandemic and lockdown, and will list out infrastructure projects which will be expedited to boost job creation.
Finance Minister Nirmala Sitharaman will address a press conference at 12.30 pm on Thursday, a day after the government approved a Rs 2 lakh crore production-linked incentive (PLI) package over five years for manufacturers in 10 sectors.
Sitharaman is expected to announce a third set of stimulus package to boost the -hit economy, according to a LiveMint report.
Equity benchmark Sensex dropped over 200 points in early trade, tracking losses in financial stocks ahead of her press conference. The 30-share BSE index was trading 226.79 points or 0.52 percent lower at 43,366.88, while the broader NSE Nifty slipped 60 points or 0.47 percent to 12,689.15.
Sitharam said that the Cabinet decided to create more PLIs to make sure job creation happens and India becomes part of the global value chain and becomes self-reliant.
"We are ensuring that India will be part of the global value chain and the critical sunrise sectors get the necessary support from the government so that we are able to build an India which is strong enough to service its own domestic market. We are also making sure that we are able to link up with the global value chains," she said.
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