FM Nirmala Sitharaman to address press conference at 3 pm

Finance Minister Nirmala Sitharaman is scheduled to address a press conference at 3 pm today. The minister is likely to make some announcements regarding economic relief measures to tide over the economic distress caused by the second wave of COVID-19.

According to reports, the Finance Ministry might increase the Emergency Credit Line Guarantee Scheme (ECLGS) limit of Rs 4.5 lakh crore. It could also unveil a scheme for promotion of healthcare infrastructure in Tier 2 cities.

Calls for a fiscal stimulus have been growing in order to assist the economy from the impact of the second wave.

A high-level panel headed by the Cabinet Secretary held a meeting recently to weed out various regulatory and administrative issues related to the privatisation of two public sector banks. According to the 2021 Budget speech, NITI Aayog had suggested a couple of bank names for the privatisation to the Core Group of Secretaries on Disinvestment headed by Cabinet Secretary in April. Central Bank of India and Indian Overseas Bank are believed to be the probable candidates. An announcement regarding this could also be the focus of today’s press conference.